Singapore Business Hub
- Posted by admin
- 30 July 2013
Singapore Hailed as Leading Business Hub for Entrepreneurship
According to a news article on CNN.com, Singapore is considered to be the “best business center” in the Asia pacific and the entrepreneurial capital of the world. It is easy to see why. Amongst the many expatriates residing in Singapore, the metropolis is described as “comfortably diverse”, easy on taxes and a cutting edge business community.
The corporate tax rate for private limited companies that profit till $S300,000 is below 9% in the country. The government has also adopted a more broad based consumption tax, GST (Goods and Services Tax) in a bid to make the economy even more competitive and to relieve its dependency on taxes.
The fact that the country's close proximity to major markets, reasonable corporate laws and proactive tax benefits for foreign firms is a magnet to international entrepreneurs is another reason why Singapore is considered to be a hotbed for corporate ventures.
Not only is the country considered to be one of the fastest growing economies in the world it also enjoys a third highest GDP per capita in Asia after Hong Kong and Japan. Other aspects that attract entrepreneurs to the country include the following aspects -
- Amongst 60 of the world's largest economies released by the Ernst and Young Globalization index 2011, Singapore is ranked third.
- Singapore is rated number 1 as the most politically stable country in the world
- The country doesn't have any dividend or capital gains tax
- It is rated number 1 in Asia for quality of life
According to Gautam Banarjee, Executive Chairman of PwC Singapore, "Singapore remains a leading business hub in Asia...The business environment in Singapore is really open and very vibrant, and that is what makes Singapore very attractive.”
Since the country is considered to be the easiest place to start and retain a business it is capable of attracting a sizable number of foreign investments. According to a news report on BBC.com, maintaining a business in Singapore is a marvel of efficiency especially since it only takes a businessperson four documents to import and export goods. The fact that the country also leads the pack in protecting investor and shareholder interests is another reason why the country is considered to be a hub for foreign entrepreneurs.
With a highly qualified work force, lax tax laws and low crime rate, it’s no wonder why Singapore enjoys a position as a favorite destination for foreign trade.