Setting up a Business in Singapore

About singapore - Overview

Singapore is considered as one of the best place to set up business. At the heart of Singapore's thriving business ecosystem is a unique blend of competitive strengths that makes Singapore the location of choice for global enterprises. This distinctive combination of CORE competencies, coupled with Singapore's physical and metaphorical location between Western sophistication and Eastern growth potential, confers a host of benefits to the businesses that invest and reside here.

A cosmopolitan society, Singapore is an ideal platform for the meeting of global talents, ideas, funds and businesses. The government is highly attuned to the needs of business, and the workforce is an efficient and technology-savvy lot.

Connectivity
Singapore's extensive network of Free Trade Agreements, Avoidance of Double Taxation Agreements and Investment Guarantee Agreements, as well as its comprehensive air, sea and IT infrastructures, provides for the seamless flow of goods and services to markets around the world.

Openness
Singapore's willing acceptance of globalisation, and its corresponding foreign cultural and economic infusion, has a circuitous effect on the national ethos through the engendering of cosmopolitanism, which in turn stimulates openness. With a foreigner-local ratio of 1:4 and university enrolment of foreign students at 20% of yearly intake, Singapore has demonstrated its favorable reception of differing cultures, thus explaining its ranking as the best place to live in Asia (ECA International 2005).

Reliability
Singapore's safe, pro-business environment is supported by a well-respected government with transparent and consistent policies that protect companies' physicaland IP investments.

Enterprise
Home to a concentration of international enterprises, headquarters operations and startups, Singapore has a vibrant enterprise ecosystem that fuels interaction and growth.

Economy

Singapore is the cheapest place to do business among industrialised countries in the world, according to a new study by consultants KPMG. This is based on the measurement of 27 cost components which include labour, benefits, business facilities, taxes and utilities. The biggest cost component is labour costs, followed by facility costs and taxes.