This beautiful island is regarded by many as one of the fastest developing nations in the world. Singapore’s outstanding trade and financial sectors, foreign investment transparency, and relatively low tax tariffs are well-known to investors from around the world.
Singapore attracts business owners because of its cultural diversity, skilled workforce, excellent infrastructure, and taxation and regulatory structures. Beyond that, the fact that this amazing Asian island attracts millions of tourists from around the world also makes it attractive to business owners.
In this post, we will take a quick look at the benefits of investing in the economy of Singapore.
WHY IS SINGAPORE ATTRACTIVE TO BUSINESS OWNERS?
Here are a few reasons why Singapore is attractive to business owners:
- Singapore has an economy that is strong and diversified.
- The processes of registering and starting a business are efficient.
- Singapore’s proximity to China makes it a strategic business location.
- Profit repatriation and capital import freedom.
- Strict compliance with business laws.
- Stable economic and political climate.
- Low corruption level.
SINGAPORE’S ECONOMIC ADVANTAGES
Let’s take a detailed look at a few benefits of investing in the economy of Singapore.
- RELIABLE AND DIVERSIFIED ECONOMY: One of the reasons why Singapore is great for investors is its free-market economy. The economy of this island is grounded in industrialization, finance, and trade. About 75 percent of the GDP of this country is gotten from 80 percent of the nation’s workforce and services. This amazing island maintains low levels of inflation and a low rate of unemployment. Click here to investigate the economy of Singapore further.
The economy of Singapore grew by 2.8 percent in 2014. Experts estimated the nation’s per capita GDP to be over $80,000 in 2015. The general gross savings of this amazing island is estimated to be close to 50 percent of its economy. The best part for investors is the $500 billion annual value of exports accredited to Singapore. This is remarkable considering that there are just 5.25 million people on this island.
- SOLID TAX REGIME: One of the reasons why investors love this nation is its rational and simple tax regime. Corporate and personal taxes on this island are run on a tiered tax regime. Startup businesses are granted tax relief for 3 years after startup. This relief sees that startup businesses are not taxed on their first $100,000 of revenue. The maximum tax percentage for corporate organizations is 17 percent. Likewise, individuals also receive tax relief that sees them taxed gradually from 0% to 20 percent on earnings above $320,000.
- STARTUP BUSINESS SUPPORT: The economic policies adopted by the Singaporean government are friendly to both innovation and growth. Hence, startup businesses enjoy tax incentives, several grants, and support schemes. Labor costs are also subsidized by the government to encourage additional business startups in preferred sectors. Both international and local investors have access to this support. Singapore is seen as the leading location for scheme funds in Asia. Hence, business owners can easily access several funding schemes by simply investing in this country.
BOTTOM LINE
The reliability and diversity of the economy of Singapore make it a thriving hub for both international and local investors.
