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Electronic accounting Tax payers must upload monthly trial Balance to the tax administration office
Why Start Or Expand In Singapore?
Singapore has become the richest country in South East Asia and one of the most developed countries in the world. It is no surprise then that Singapore has attracted various organisations
Singapore Company Incorporation Specialist, Rikvin, gives you the top-five reasons...
Singapore is well known around the world as a multicultural, multi religious and multi racial harmonious island food paradise. Starting as a quiet, laid back fishing village, Singapore has grown exponentially to become of the most densely populated country in the world with a population of 4.8million living closely together in a land area of 224.5 square miles.
Singapore has also become the richest country in South East Asia and one of the most developed countries in the world. It is no surprise then that Singapore has attracted various organisations ranging from the Fortune 500 companies, small and medium enterprises, educational institutions to news bureaus to form their place in Singapores business landscape. So why follow the footsteps of those who have established successful businesses? Why set up your business in Singapore? Why Singapore?
Here are Rikvins top-five reason why Singapore is a great place to set up your business:
A Favourable Business Climate
According to the Ministry of Trade & Industry (MTI), there is an estimated 6,000 Multi National Corporations (MNCs) in Singapore. Many of these MNCs have chosen Singapore as the prime location of their Asia Pacific headquarters due to its positive business climate. For example, the World Banks Doing Business 2009 Report ranked Singapore as the worlds easiest place to do business, ahead of New Zealand, United States and Singapores closest competitor, Hong Kong. The EIU Country Forecast published in February 2008 also rated Singapore as having the best business environment in Asia Pacific and third in the world. These rankings by independent bodies are reflective of the Singapore Governments efforts in providing efficient public sector services that support the private sector growth.
World Class Transportation System
Singapores Changi International Airport has three heavily used terminals serving over 80 international airlines flying to more than 190 cities in 160 countries. Changi International Airport also handles more than 4,500 arrivals and departures weekly, 37.7 million passengers and 1.85million tonnes of air freight in 2008.
With the high cost of owning private transportation, public transportation is efficient, frequent and spans every far reaching corner of the island. Singaporeans flock to the 70 railway stations of the Singapores Mass Rapid Transit (MRT) system which has a daily ridership of 1.564 million. The two public bus companies with a fleet of 3,600 single and double decker air-conditioned buses transport nearly 3.12 million daily passenger trips safely to 295 routes islandwide.
Highly Educated Workforce
Singapore boasts one of the most educated workforces in the world. Literacy rate stands at a formidable 96%. 89.6% of resident non students aged 25-39 have secondary or higher qualifications. A further significant testament to the huge importance placed on education, the Singapore Government invested S$7,298.1 million in education in 2008. This comes up to 25.5% of total government operating expenditure, making education the second highest expenditure after security and defense. In addition, Singapores two long established universities, the National University of Singapore (NUS) and Nanyang Technological University (NTU) also rank favourably on various university ranking surveys. For example, based on the respectable The Times Higher Education World University Rankings of 2008, NUS achieved the 30th spot while NTU is ranked 77.
Therein, businesses have a population of strongly qualified human resources they can count on to advance their companies to greater heights of excellence.
Extensive Support for Budding and Established Entrepreneurs
Singapore is a nation birthed from the blood, sweat and tears of pioneer entrepreneurs. Entrepreneurship is promoted in Singapore by the government rather passionately. In fact, there is even an elected Minister of Entrepreneurship, Mr Lee Yi Shyan. The Singapore government has provided various support systems for entrepreneurs such as lower tax rates, tax exemptions and numerous schemes to encourage individual business formation. There are also many non profit organisations such as the Spirit of Enterprise that is committed to honouring entrepreneurs, providing a network of support and organising events where likeminded individuals can meet and share ideas.
Clean and Efficient Public Sector
The public sector in Singapore has a reputation for being very supportive of private sector initiatives and growth. Numerous policies in various government agencies are created to ensure the private sector is not stifled by bureaucratic practices. In fact, Singapore was ranked as the least bureaucratic place for doing business in Asia by the respectable Political and Economic Risk Consultancy (PERC) agency. The IMD World Competitiveness Report 2008 also ranked Singapore 3rd in the world and 1st in Asia for having the least corruption in its economy. Corrupt practices by public officers are investigated by the Corrupt Practices Investigation Bureau (CPIB). Any malpractice identified is heavily subjected with disciplinary action, public attention in the media, fines and/or jail sentence.
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