With its pro-business policies and relative stability, Singapore stands above its South East Asian peers when it comes to setting up companies and growing a business. What exactly about the city-state makes it such a favorable option for investors and entrepreneurs?
Singapore in Numbers
Singapore is strategically positioned in South East Asia and is among the fastest-growing economies on the globe. Here are some crucial numbers and statistics about Singapore that you need to know:
- Singapore is the only Asian nation to achieve AAA credit rating from the big three, Fitch Group, Moody’s, and S&P Global Ratings.
- In Singapore, there are more than 7,000 foreign incorporations, from across the globe.
- The country boasts the highest percentage of millionaires on the globe. There is a millionaire in one out of every six households in the country.
- Singapore is ranked the world’s most expensive city.
- The country’s population is estimated at 5.7 million (2019 estimate).
- The nominal GDP of Singapore is $391.875 billion (2020 estimate).
The country ranks very well on key social indicators, such as quality of life, healthcare, education, housing, and personal safety. For example, the homeownership rate in Singapore is approximately 91%. Furthermore, Singaporeans have one of the lowest infant mortality rates and longest life expectancies.
Advantages of Taking Your Company to Singapore
Singapore is a Leading Financial Hub
Singapore is one of the top financial hubs on the globe. Some of the top financial services in the country are banking, bonds, equities, insurance, and asset management. This makes it a great pick for businesses that deal with related financial services. Being a financial hub also means that other businesses outside the financial niche can also easily access funding for product development, growth, and acquisitions.
Location in Asia
Taking your company to Singapore allows you to access not just the local market of 5.7 million people, but the entire Asian market. The country’s strategic location makes it a perfect point for businesses to reach the markets around it, including East and Southeast Asia, allowing for easy access and expansion to wider audiences.
Stable Political Atmosphere
Businesses thrive when there is a peaceful political environment. Singapore’s stable political environment facilitates good business planning, with pro-business policies and legal systems that help to protect and boost enterprises’ growth. For example, the country has very strong laws for intellectual property rights protection.
Straightforward Tax Regime
Most investors in the UK start by checking the tax regulations in the targeted jurisdictions before making the big decision about offshore investment.
Singapore’s corporate tax rate is 17% however companies can enjoy the partial tax exemption and tax exemption for new start-up companies in a progressive rate based on their chargeable income. More information can be found on IRAS page
Singapore has spent decades creating an attractive environment for businesses and any company that takes their business to Singapore will find a strong foundation upon which to grow and thrive.
Looking to incorporate in Singapore? Hawksford can help. With clients from 115 countries and an award-winning team recognised by peers and industry bodies, Hawksford promises impeccable client service to your corporate needs. Contact them here.