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Why Singapore is an Economic Hub and International Financial Centre
Singapore provides the most conducive and business-friendly environment for companies looking to expand in the Singapore region, with benefits ranging from low corporate taxation, high productivity, rule of law, robust IP protection, availability of skilled manpower, and good connectivity. So when multinational companies head-quarters its Asian operations in the city-state, it enjoys:
Excellent connectivity and a strategic geographical location
Singapore’s Changi International Airport serves over 80 airlines connecting more than 330 cities; its sea-port infrastructure has been Asia’s best for the past few decades, and the container ports offer 200 shipping lines with links to over 600 ports in 123 countries.
Start-up friendly business ecosystem
Singapore consistently tops (along with New Zealand) World Bank’s ease of doing business rankings due to its hassle-free business set-up and post-incorporation processes; offers the best IP protection, infrastructure and incentives in Asia, as per the World Economic Forum’s Global Competitiveness reports; and ranks as the best-performing Asian country in terms of innovation performance according to the Global Innovation Index. The city-state is rated as a triple-A rated economy, hosting over 128 commercial banks, 31 merchant banks and 604 capital markets services license holders. It has the world’s third-largest forex trading centre – Singapore Exchange (SGX) and is also the hub for wealth management and investments in Asia. The Government has also put in place a new initiative called Startup SG – a launchpad for entrepreneurs providing access to local support initiatives and global entrepreneurial network.
Attractive tax framework and extensive trade agreements
Singapore has signed over 21 free trade agreements, and 76 comprehensive avoidance of double tax agreements (DTAs). It also offers one of the most attractive corporate tax structures in the world with the corporate tax rate at just 17%.
Access to the highly skilled local talent pool
Based on the Business Environment Risk Intelligence (BERI) reports and Global Competitiveness Report 2018 – 2019, Singapore enjoys good working conditions, high rates of productivity, amicable and corporative employer-employee relations, as well as English-speaking, and highly-skilled local labour force.
Thus, Singapore – being Asia’s business epicentre – enjoys a unique position in the global economy, and we, at InCorp Group, are best placed to help entrepreneurs and foreign companies who are opting to start a business in Singapore.