Many of our clients, from small businesses to a sole proprietorship, have asked why we are so bullish on Singapore. They ask what makes Singapore so attractive to so many types of businesses from a start-up to a C corporation.
This blog post is an attempt at providing a high level overview of why, if you want to start a business, Singapore should be on your radar.
It does not matter if you are a high tech start-up looking for funding, an online business, a small business owner, a sole proprietor, or limited liability company LLC, Singapore has a something for anyone wishing to create a business.
Some History
History suggests that Singapore has been a significant trading port since the 3rd century. It became a British hub in 1819 and now acts a gateway to the fastest growing economies of the world such as China, India, and the 10 ASEAN tigers.
In fact, here is a funny tweet highlighting how significant Singapore has become to the Indian startup ecosystem.
Together, these 12 countries represent nearly half the population of the world and a GDP of $25 trillion - which happens to be larger than the GDP of the United States.
Knowledge driven economy
Trading aside, recent government initiatives have made Singapore a knowledge driven economy and a test bed for new ideas and innovations which are first dry-run here and then scaled in the biggest markets of the world.
Local research labs and development centers, in partnership with other labs globally, have helped Singapore become an innovation hub and a future ready economy. These labs enjoy strong industry relationships and follow a co-creation model of innovation.
So, if your business needs a strong, educated workforce, Singapore has that too.
Location, Location, Location
With its strong heritage of trade, Singapore is very welcoming to visitors - both tourist and business - providing a neutral venue where both the East and West can meet.
Due to its proximity, it is a cost effective and convenient platform for Asian businesses and startups looking for Western partners and for Western companies looking to engage with their Asian counterparts in a world class business environment.
Ease of Doing Business
Singapore takes ease of doing business very seriously and has made starting a new business trivial.
For as little as SGD 1 in startup capital, young entrepreneurs can register a business in Singapore in less than 2 days with a tax holiday of up to 3 years or SGD 3 Million in revenue whichever happens first.
Growing your business is also easier here.
For example, until your business is up and running, you will find banks in Singapore far more accommodating than those in Hong Kong and Dubai which, despite being dynamic trading hub destinations in their own right, are nowhere comparable with Singapore.
Transshipment
Not just startups, any type of business can benefit from Singapore's business climate.
Singapore's excellent network of Free Trade Zones with ready warehousing facilities for Air and Sea shipments make it a fantastic transshipment hub.
This is especially useful to small, low volume, or multi-source businesses which can use Singapore to consolidate shipments from multiple origins for redistribution across Asia. Businesses interested in exporting to South Asia can benefit for this option.
Conclusion
A typical small business has a myriad concerns which can slow down their momentum and stunt their growth. Similarly, an entrepreneur looking to quickly start a new business or venture may have their plans blocked because of some little regulatory roadblock in their home country.
For such enterprises, we believe Singapore gives great peace of mind due to the ease of doing business here.
Robust laws and a strong legacy of trade allow businesses to flourish in a transparent and open way thereby mitigating a lot of risks attached to running global business.
Lastly, Singapore is melting pot with influences from China, South East Asia, India, and Eurasia. Like different streams of water, differences cultures, languages, people, and food have come together here to form a society which can support the dreams of each individual which in today's polarized world is a breath of fresh air.
Within it's 710 sq. km., you will find every ethnicity and target market represented in significant numbers making it very easy to start your business on the path to growth.
So, if you are ready to start a business, Singapore is ready for you.
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