There are many advantages of choosing Singapore for business which do not exist in many other countries of the Asia-Pacific region. Singapore is known to be the best location in Asia for the conducting of business activities. According to the latest statistics released by the World Bank, Singapore ranks second in the world and in the Asia-Pacific region in the Ease of Doing Business rankings. It outranks other regional economic powerhouses such as Japan, South Korea, Taiwan, and Australia, among others. These statistics prove that Singapore is home to one of the world’s most conducive environments for business activities.
Singapore is also a suitable location in which small and medium enterprises (SMEs) can operate. Among the reasons that SMEs often choose to set up business operations in Singapore are the extremely low tax rates which exist there as well as the fact that the business laws of Singapore provide ample protection to smaller businesses, thus allowing them to thrive and grow. Many other countries in the region have tax rates which would impose too great a tax burden for the owners of many an SME, while others do not adequately provide due protection for the rights of SMEs and their owners in the same way that Singapore does.
The geographical location and accessibility of Singapore, as well as its high level of international connectivity, also provides business and their owners with many advantages, in particular those who plan to expand business operations to other countries. Singapore’s Changi Airport is arguably the finest in the world. It provides anyone with access to major cities in every region of the world. Singapore is also home to one of the world’s busiest ports. Many international trade activities are conducted at the Port of Singapore. These trade activities serve to boost the economy of Singapore as well as its connectivity by sea to the rest of the world. having the most extensive international port connections makes Singapore the top docking destination for trade. Although Singapore may be an island, it even has a railway as well as two bridges which allow one to travel from Singapore to Malaysia overland. Such levels of international connectivity and accessibility are not present in most of the other countries in the region.
As has already been mentioned, Singapore has among the lowest tax rates in the world. This fact holds true for individuals and companies alike. The highest tax rate at which individuals are taxed in Singapore is 22%. The corporate tax rate is just 17%, and the amount of tax paid by companies may be lowered even more through the use of any of the many tax exemptions provided by the Singaporean government. The low tax rates have served as compelling factors which have drawn many a business owner to Singapore and thus perpetuated the vibrant business climate of the country.
One final advantage which exists for business owners in Singapore is that of access to high-quality infrastructure. The infrastructural standards in Singapore today are arguably the finest in the entire Asia-Pacific region. Furthermore, the Singaporean government has also done much to maintain these high standards while also ensuring that anyone who sets up a business in Singapore will be able to access the infrastructure and use it for the benefit of the company in question.