In the years 2017 and 2018, Singapore ranked the second-best country in the world for promoting economic opportunities, individual empowerment, and prosperity, racking a score of 88.8 on the World Index of Economic Freedom. These statistics alone, published by the Heritage Organization, put the country on the frontline as a promising business hub for potential investors.
If you envision establishing an enterprise in the highly-developed free market economy, you are therefore privy to one of the world’s best business centers. 5 bonuses as to why you should be a business owner in one of the world’s most prosperous nations include:
Access to a wide range of investment opportunities
Despite being recognized as one of the world’s leading opening to travel and tourism investors, Singapore presents a wide range of other investment opportunities to potential business owners among them being farming, biotechnology, transportation, fashion retail, education, IT, telecommunications, among other both small and large business openings. As a business owner, you are therefore spoilt for choices on the type of business opportunity you would like to invest your cash.
Access to a transparent legal framework
The long-term sustainable growth of any business entity is dependent on a country’s institutions, among them being the legal framework on which the country operates. Singapore boasts an efficient and independent legal system out to protect the interests of investors. As a business owner, your efforts to progressively escalate your enterprise from one milestone to the next will therefore not be frustrated by multiple government policies governing the business environment regardless of whether you are a local or foreign investor. The country proffers a seamless business registration processes from reputable entities such as singapore-company-registration.net, as well as other platforms that ensure the welfare of already existing businesses.
Incredibly open and corruption-free business environment
Corruption perpetuated at any level may it be within or without an organization has far-reaching consequences as the finances meant for business development are often channeled to satisfying other courses while plunging an organization into financial losses. Singapore not only enjoys one of the most stable political environments but is also detailed by a society strongly intolerant to graft. As a business owner, you are therefore assured of excellent business connectivity without the need to grease any palms in the process; and enjoy a significant degree of security and comfort.
Access to highly skilled and affordable local pool of expertise
In addition to being spearheaded by an anti-graft society, Singapore is home to a wide range of skilled, semi-skilled, and unskilled labor, all with a positive attitude towards achieving productivity. In fact, the region has consistently ranked high in terms of both labor productivity and working conditions, promising you as an investor access to a reliable pool of labor for the successful business path you would like to pursue.
Favorable monetary and fiscal policies
Finally, the tax implications bore by business enterprises can either frustrate or promote its growth over time. Singapore has been consistently hailed for implementing attractive taxation frameworks, capped at or slightly above 20% for all types of businesses, and aimed at eliminating trade barriers both locally and internationally. Furthermore, as an investor in the country, you can further tap into various tax reliefs to ease your burden thereby lowering your tax obligations while maximizing profits.
