Starting a Business in Singapore is Easy
- Posted by admin
- 21 November 2013
- Tips
The World Bank’s 2014 Doing Business Report indicates that Singapore is the easiest country in the world to do business; it retains this title for the 8 consecutive years. On an average, it does not take more than three working days to start a business in Singapore. This includes applying for company formation and registration, obtaining necessary licenses and permits, etc. There are several reasons why Singapore company incorporation is easy and quick;
a) Single trade window: Singapore introduced the single trade window system in 1989; it was one of the first countries in the world to do so. Rather than spending hours or days preparing and submitting information to various government offices, the single window system allows all documents processed through which information is shared and approval obtained. The customs department in Singapore offers preferential tariff, thereby offering customized solutions and reducing costs. Businesses in Singapore need not submit more than 3 documents to obtain export permission.
b) Transparency: Singapore was also the first country in the world to introduce nationwide paperless documentation in its courts. One can also file for various other processes like tax filing, auditing, investigation, etc. This ensures greater transparency. Unlike other countries where hidden costs and charges can be added, every cost is mentioned in detail on the internet. Small and medium businesses are not in for surprise costs.
c) Excellent Technology: The entire country of Singapore is networked through a complex fiber optic infrastructure. This has given a huge boost to internet telephony in the country, thereby making communication cheap and extremely fast. Reports from research agencies have indicated that this has allowed Singapore to increase its revenue from telecommunications to $5.1 billion in 2014 from $3.8 billion in 2009. High speed broadband are a given here; in fact it is common for private telecom operators to offer speed as high as one gigabit per second.
d) Technology Based Industries: The animation industry in Singapore may not be more than a decade old, but it is certainly one of the fastest growing in the world. Local startups like Sparky Animation, August Media Holdings etc. have signed multimillion dollar contracts with large US companies to produce animation shows for television.
e) Global Learning Network: Singapore is now the new hub for business management learning in Asia. Major business schools like Insead have set up campuses in Singapore.
f) Good Infrastructure and Clean Environment: Despite the fact that the urbanization rate in Singapore stands at 100%, this tiny island has more tree species than the 48 states of the US. While clean drinking water resources are shrinking around the world, Singapore is moving toward self sufficiency in water. In fact, the Singapore Public Utilities Board was the recipient of the Stockholm Industry Water Award in 2007.
By E-Sandhurst