Coming to Singapore to incorporate a business? You’ve come to the right place. As the world’s third wealthiest country, Singapore has the highest Gross Domestic Product (GDP) in the region. According to the Ministry of Trade and Industry, the country’s GDP grew by 2.2 per cent in the second quarter of 2016.
GDP growth is a measure of an economy’s productivity over a period of time. Doing business in a country with high GDP is attractive because it means that people living in that country have higher standard of living and better purchasing power.
Singapore Government support individuals seeking to incorporate a business
With a strong and stable government, Singapore enforces an effective regulatory system to support its pro-business and pro-trade policy.
It is the easiest place in the world to incorporate and do business, according to World Bank.
Incorporating a business in Singapore does not entail cumbersome processes. Provided the legal requirements are complete and accurate, as mandated by the Accounting and Corporate Regulatory Authority (ACRA), it only takes a few hours to incorporate a business and with very minimal processing fees required.
Openness to Global trade and efficient logistics
Another key advantage of setting up a business in Singapore is its openness to global trade.
According to the Ernst and Young 2012 Globalisation Index, Singapore is the second most globalised economy, next to Hong Kong.
James S. Turley, former Chairman and CEO for Ernst and Young (2001-2013), on introducing the 2012 Globalisation Index, explains that globalisation continues to define the business landscape, increasing the level of cross-border trade, capital and labour integration.
Doing business in a highly globalised economy like Singapore sets your products and services on a global trade platform where you can reach wider markets. Taking advantage of a global economy also enables you to harness capital flows, technology and ideas exchanges and integration, and tap the global labour market.
Aligned with this, Singapore is also first in Asia and fifth in the world for best logistics and supply chain performance, according to the Logistics Performance Index developed by the World Bank.
Efficient customs and clearance, the ease of arranging shipments, the competence and quality of logistics services, the timeliness and price competitiveness of delivery services are factors that affect logistics performance.
For you, this means having the support you’ll need to move your products from country to country fast and efficiently.
Topnotch labour force to support your business
Finally, Singapore has a wealth of highly skilled and highly educated workers for your business.
According to the Business Environment Risk Intelligence (BERI) Report 2014, Singapore has the best labour force in the world. Workers are highly productive and bring a positive attitude to work, not to mention, labour cost is relatively cheap when viewed against the value of goods and services it delivers to businesses.
These advantages present opportunities for you to grow your local business into a globally competitive one.
Get help to incorporate your business in Singapore the right and most cost-efficient way that assures regulatory compliance from the very beginning. Contact Corporate Services Singapore at +65 6602 8286 and incorporate your business today.