Doing business in Singapore Pros and Cons
Let`s find out what are advantages and disadvantages of one of the most popular cities for doing business.
Singapore is one of the world centers for refining. In addition to this sphere of the economy, Singapore features developed electronics manufacturing (company Flextronics), shipbuilding, financial services, computer equipment manufacturing and biotechnology.
We would like to mention that the port of Singapore, which is not only considered to be the largest port in the world, but also is ranked at first place by a number of other indicators.
Among the advantages of influencing the decision to start a business in Singapore for many entrepreneurs can be provided 10 basic.
- The favorable investment climate in Singapore.
- The leading place in the world rankings by the criterion of economic freedom.
- Highly competitive environment in Singapore.
- The high degree of local people.
- Discipline of local people.
- Lack of corruption in Singapore.
- Increasing level of welfare in Singapore.
- The political stability of Singapore.
- Excellent financial infrastructure of Singapore.
- The world-class legal system.
Also as an advantage you can consider convenient visa types and number of high quality visa agencies.
Unfortunately, there are shortcomings in the jurisdiction of the Singapore economy:
– Deficit of areas in Singapore.
– Shortage of specialists in Singapore.
– Imports of almost 90% of food.
– Imports of energy.
– Dependence on Malaysia’s water supply.
The tax system in Singapore aims to attract investors by offering a number of incentives:
– The possibility of duty-free transfer of profits.
– The possibility of repatriation of capital.
– Guarantees on investment.
– Granting exemption from withholding tax on interest on bank deposits for non-residents temporarily living in the country.
– Providing relief from double taxation.
Measures to support small and medium businesses in Singapore:
– The Government of Singapore is trying to make the jurisdiction of the local small and medium businesses a competitive at the international level.
– Created by agency Spring, carrying about a hundred different programs to assist entrepreneurs in Singapore. The agency consists of 5 units, each of which is engaged in the area: the development of entrepreneurial capacity in Singapore, provide services needed by Singaporean employers in the conduct of its activities, assisting managers of small and medium-sized enterprises, the problems of quality and standardization, helping to corporate development, including training and improving the structure.
Everyone has its own weaknesses…
….but with all the strengths you can understand why entrepreneurs and business people from all over the world choose Singapore.