5 reasons why Singapore is attractive for businesses in 2020

In a competitive global economy, Singapore has stepped up its competitive edge yearly and is ranked as one of the top 5 countries in the world to do businesses in 2020 according to The World Bank. Having earned many accolades for implementing straight-forward business policies, Singapore continues to encourage and attract many foreigners into its booming economy filled with many opportunities. Below, you can find some reassuring reasons for you to incorporate your business in Singapore:

Strategic location

Although known for being the smallest country in the world- in the core of South-East Asia, Singapore is one of the most attractive destinations for businesses to venture into. Changi International Airport is renowned for being the world’s best and most popular airport, and it has many flights that connect you conveniently to various major cities around the world.

With an amazing infrastructure, Singapore has made it favorable for businesses to have access via air, land and sea. In a few short hours, it is absolutely easy to travel back and forth to other business capitals such as China, Hong Kong and India.

Seamless company registration & low taxes!

If you are a foreigner intending to set-up your business in Singapore, fret no more! Singapore has one of the world’s most effective and red-tape free regulatory frameworks. In most instances, the process of setting up your company could be completed within 24 hours or less with the assistance of a professional incorporation firm like Rikvin.

TAXES – everyone shudders at the thought of paying taxes. However with a stable economy in Singapore, corporate taxes as low as 17% are imposed, making it rather attractive and convincing for many foreigners to expand or set up a business here.

An extra perk: foreigners have a 100% shareholding in their businesses.

Variable Capital Company

In Jan 2020, the Variable Capital Company (VCC) investment vehicle - a new legal entity framework for Singapore’s investment funds, was officially launched by ACRA and MAS. With a framework that provides flexibility and stability, the launch of the VCC has enticed investors from all over the globe.

Apart from the VCC being easily incorporated, there are other benefits in the framework which have surfaced many exciting opportunities for investors in Singapore.

Government support for start-up companies

Though being a really small country, a trending business culture in Singapore continues to inspire many startups to kick off every year with access to a diversified pool of investment funds, venture capitalists and angel investor’s networks.

The Singapore government is also very supportive and inclusive of foreign talents. There are a variety of schemes available to support your business ventures. One of the popular initiatives by the Government is the Startup SG which is a platform available for both local and foreign entrepreneurs. In the last 10 years or so, Singapore has also grown its venture funds and has now become the hotspot in Asia for entrepreneurs to have access to these funds.

Corruption-free practice

Are you tired of having to deal with corruption and under table practices in a particular country? If so, you should consider setting up your business in Singapore as it is corruption-free.

In a politically stable country, where transparency is highly regarded, strict guidelines and laws have been implemented for any official irregularities. Good and ethical practices are adopted in corporate companies and government agencies to ensure authentic work is produced throughout.

No shortcuts. No bribes. Not get-out-of-jail-free card.

Besides, a legal framework has been set in place to protect companies and their investments.

I am Sarah Lee, a freelance business content writer since 2005. I have worked with several publications such as The Business Times and Channel News Asia.