Many foreign companies are expanding their business overseas nowadays. This process is known as the globalization and Singapore is one of the best places for doing business.
Currently, many companies are expanding their business in Singapore due to the country’s business environment, better tax system and business-friendly government policy that promotes privatization.
Singapore is a country with lots of customer base for diverse industries and also the country has a good standard of living for the people. So it is a perfect place for the entrepreneurs to set up or expand business with new ideas and innovation in Singapore.
ingapore is a country with lots of customer base for diverse industries and also the country has a good standard of living for the people. So it is a perfect place for the entrepreneurs to set up or expand business with new ideas and innovation in Singapore.
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Singapore is a small country with the land area of 715.8 square kilometers surrounded by Malaysia and according to the Fobes magazine, the country rank number three among the wealthiest country in the world. Singapore contains very small territory and the country has not many natural resources.
Although the benefits are that the country is located in the heart of Southeast Asia and any business located in Singapore can reach the market of 2.8 billions of people by only a few hours of flight.
Additionally, the country has a very good tax system for many business organizations. Individual tax rate for first $20000 is 0% and for next $10000 is 2% and for $320000 and above is 20%.
Another major benefit of doing business in Singapore is that the county has good political stability with the parliamentary democracy system. The legal system of the country is based on English common law.
According to the law, any person that reached the age of eighteen may apply to register for a company.
Based on the law, there are a few types of companies in Singapore and most common type is a private limited company In Singapore, the law allows providing tax benefits for the private limited company.
Singapore is one of the richest countries in the world based on GDP per capita income and the living standards of the country are high.
This is good for the potential businessman as the customer has more buying power.
Additionally, much overseas business personnel in Singapore brings their family with them and the quality of life, political stability of the country, social environment, economic development, culture, health system, quality of education, public sector services, transportation system, recreation facility, housing facilities etc are important to them.
There are few sectors of business that are expanding in Singapore. For example for the franchising business, there are no laws of government agencies that regulate or monitor the sale or offer for franchises.
The office provides the license for franchising business is the association of Singapore’s national franchising bodies and the mission of the office is to nurture and develop the franchising industry of the country.
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The licensing association for franchising business in Singapore welcomes any franchising business to enroll their name with the organization. Another expanding business in Singapore is the real estate business.
As the country has small land mass, the cost of home and structures and the price of business properties are getting high day by day.
The banking system of Singapore is very business friendly and they are imperative in compare to worldwide speculators.
The banks of Singapore provides customary loan and provide capacity for additional storage. These banks also help the customer to manage business accounts, provide funds budgetary warnings, fare, capital marketing and financial administration for the customers.
Additionally, Singapore is an excellent place for the tourist hub and population has multicultural ethnics and hospitality and warmth welcoming mentality. Singapore is renounced for safe tourist shelter and also a stash welcoming center for different shopping choice.
Every year around 14.4 millions of tourists visits in Singapore and that generates approx $23 billions of dollars.
The country has a good forex market, financial stability, free-market style economy, versatile robust legal system, efficient infrastructure, geographic advantage, skilled manpower and a system that is corruption free.
All these factors make very suitable investment hub for starting and running a business in Singapore. All major international corporate industries such as Apple, Google, Microsoft, DBS Bank et al are aware of the potentiality of Singapore and they already set up businesses that are running in Singapore.
The country has good information technology setup and there is a good option to set up a business that provides various IT services such as web development, WIFI provider, Social networking manager and other business that depends on internet technology.
The country got good cyber laws that monitor and do the necessary updates to regulate the IT networks.
Additionally, Singapore became one of the major hubs for starting a biotechnology-related business whether it is infrastructure development or research facility or any other technology.
The business-friendly government of Singapore leaves no stone unturned to enrich the established business or promote the business environment to potential investors.
Want to understand more how to setup a subsidiary company, Click on Singapore Company Incorporation Services for the detail.