Marcus Richards
Asia is a continent of attraction for business owners. Huge workforce and development opportunities are manipulating hundreds of entrepreneurs to expand their businesses in Asia.
Many countries will argue about being the best in the world regarding business, but they also need to possess a fertile environment for business.
For the last few years, one of the southeastern nations, Singapore, has been hovering as a supreme business hub.
According to the business environment rankings (BERs) of EIU, Singapore remains the best place in the world to do business for the next five years. So, it is natural for entrepreneurs to keep an interest in this place.
Additionally, Singapore is also the third most competitive economy on our planet. There is no comparison to Singapore adopting modern tactics of business. It is constantly improving its perspective regarding innovation and considering the top place for performing highly in the competitive market in Asia.
Here we will focus on the particular instances that make Singapore the best business destination in the world from many perspectives.
Reasons To Consider Singapore As The Best Place For Business
According to various economists and experts, Singapore is a proper place for domestic and international businesses.
But why?
Well, Singapore has become a prolific regional and financial trading centre in Asia.
What makes it an exciting business hub?
- Strategic location.
- Pro-business environment.
- Competitive workforce.
- Forward-looking economic policies.
Let’s consider the reasons below for selecting Singapore as a prime business hub in the world right now.
Familiar Mix Of East And West
The diverse population and unique colonial history testify to Singapore beating other places to provide a mixed business culture.
Between Asian, American and European cultures, it is a mix of east and west. As a past British colony, Singapore resembles the U.K. models regarding legal and administrative frameworks.
On the other hand, after its independence in 1959, it is trying to constantly upgrade its level with the western style. For instance, you can get business practices, languages and lifestyles related to the western style.
But it would be wrong to say that Singapore is copying the western culture as it possesses one of the proud Asian cultures. Unlike other places, this place is stuck with the business culture and processing that creates a balance between the east and west.
It is highly beneficial for an entrepreneur to get a mixture of cultures to deal with their perspectives prominently.
If you want to transfer your business to Singapore, you may consider MBiA to perform a smooth transition.
Prime Location
Foreign entrepreneurs are trying to build their headquarters in this place so they can easily access other prime locations in Asia, like India and China.
Place plays a big role in managing the business and profit of an organisation. When you have a suitable port in the middle from which you can access various places, it becomes easier to deal with business transportation.
It enhances transparency and flexibility in business. Being situated in Southeast Asia, it gives you access to almost three billion people.
Apart from that, it is the busiest port in the world and, thus, a place to admire entrepreneurs. It is one of the leading International Maritime Centers in the world.
Singapore is an attractive logistic hub due to its prominent location, which gives access to 20 million passengers every year through Changi International Airport.
Highly Qualified Workforce
To succeed in your business process, you need a positive and productive workforce. Singapore is rich in education and thus can provide you with a skilful workforce.
Well, we can place our business in any popular country, but we also need to understand the quality of the workforce. The more the quality, the less you have to suffer.
An unhealthy workforce might not take you to the prime position of a business, and entrepreneurs know that very well.
Singapore exposes a prominent education system which can compete with the best education destinations in the world. A company’s long-term viability depends on an affordable and productive workforce.
Attractive Tax Laws
One of the attractive parts of Singapore’s tax-related laws is that it provides a suitable personal and corporate tax rate.
For foreigners, it provides three years of taxable income, which will help you to be exempted from taxes. Apart from that, the government is also focused on Double Taxation Avoidance Agreements, which help lure profitable tax calculations for investors.
Business-Friendly Economy
The Singapore government is very friendly to summon international trade, and thus they consider the economic policies that help foreign investors a lot. Public legislation and a suitable legal framework are what you expect from a good business location.
Singapore will help you to consider a proper marketing plan according to their instances of economic conditions and work culture.
The micro and macroeconomics of Singapore consider both international and local traders. So, it’s time to fulfil your dream as an investor in Singapore.
