When it comes to doing business in Asia, it is highly likely that Singapore and Hong Kong will very often comes to mind. It is no surprise since both countries are eminently progressive and industrious.
This in turn brings us to the next point. We all know that Singapore and Hong Kong are rivals when it comes to the economy. Both countries are also one of the world’s leading financial centres. Both countries even made to Property Life’s first annual list of the most desirable cities in the world.
Hong Kong has a low taxation rate and and free trade. In addition, the Hong Kong dollar is the eighth most traded currency in the world as of 2010. Singapore is equally efficient, with the country being the most innovative and business-friendly. The World Bank reported that Singapore has been ranked the easiest place to do business in the world for seven times. The report also mentioned that the top three rankings for Singapore were in trading across borders; dealing with construction permits; and protecting investors.
Other countries include: Hong Kong, New Zealand, the United States of America, Denmark, Norway, the United Kingdom, the Republic of Korea, Georgia, and Australia. This was determined by 11 indicator sets to measure business regulation in 185 economies.
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Furthermore, the Singapore dollar is interchangeable with the Brunei dollar. Hence, in this article, we focuses on why should you choose Singapore over Hong Kong. Read on to find out.
Business opportunities in Singapore are generally high. And this is all because of Entrepass. It is for non-Singaporean entrepreneurs who are ready to start and operate a business in Singapore. Once clients have confirmed their eligibility, they may then visit the MOM Website for detailed application procedure and documents requirements. These procedures are mainly done via online, which makes it less tedious.
Singapore is an island city-state off the southern tip of the Malay Peninsula. This makes the country highly urbanised . Singapore consists of only one main island and it is the 19th smallest country in the world with a total land area of 682.7 square kilometres. While it’s true that Singapore is a small country, our Gross domestic product (GDP) makes up for it. With a GDP of $327.557 billion, it’s no bombshell to know that many entrepreneurs are highly interested in the multifarious business opportunities in Singapore.
Not to mention, Singapore’s port is one of the five busiest ports in the world. Out of the 5 million population, 40% of it belongs to foreigners, which is one of the highest cohorts in the world.
Due to the colossal number of business opportunities in Singapore, the country has the the world’s highest percentage of millionaires. This phenomenon is further explained with one out of every six households having at least one million US dollars in disposable wealth. According to the Singapore Business Review, it was recently reported that Singapore’s high net worth individuals are now worth a combined $489 billion. This is an increase of 11.5% as compared to last year. The report added that this extraordinary occurence was brought by strong performance in equity markets and marginal GDP growth.
Another reason for the high business opportunities in Singapore is that the country is a popular tax haven for the wealthy cohort. The low tax rate on personal income are the reason why Australian millionaire retailer Brett Blundy and multi-billionaire Facebook co-founder Eduardo Saverin have chose to settle in the country.
Contact Paul and Hype Page Co. for a FREE consultation on how you can start a business in Singapore.
We provide the following services:
Instant online company registration in Singapore
International tax planning and advice
Professional company secretary service at affordable price
Paul Hype Page & Co. is an ACRA-certified business adviser. Our team of seasoned professional can help you set up a company in Singapore very quickly and easily following all legal entities, and offer you sound advice on how to make it successful too.
In addition to business registration, we’ll also guide you how to:
Write a business plan – Learn how to write a compelling business plan by accessing our sample business plans, or other helpful market research information
Perform market research – Understand your business market, learn how it can enhance your business growth, and how to properly conduct a market research for your business
Legal issues for small business – If you are thinking about registration of company in Singapore, then you really need a lawyer. In addition, you will learn why legal counseling is very important part of any business.
Manage your finances – We’ll offer you FREE resources and information to help you fully understand all financial concepts and teach you how to perform basic accounting tasks like budgeting, bookkeeping, financial analysis, among others.