When you start a business, the most important thing that will affect its future is its location. In the wake of the coronavirus pandemic and controversy over the Chinese Communist Party’s human rights record, Tokyo has lost some of its international appeal. Ditto Hong Kong, following China’s passing of maligned national security laws. This political turmoil has default positioned Singapore as Asia’s leading business destination.
Globalisation and advances in technology have enabled businesses to work together from all corners of the globe. This has been particularly beneficial for Asian countries, allowing them to expand and achieve what would have been a much more significant challenge not too long ago.
Singapore is a prime destination for corporate entities, business leaders, and investors. As a convergence of the East and West, it has a unique position in the global economy and a pivotal role as a business epicentre in the heart of Asia. The social fabric consists of a mix of Asian, European and American influence, making it attractive and friendly to the international business community.
Among many of the major pull factors that contribute to why foreign companies choose Singapore for business is that its container port, a major hub for the oil industry, is one of the largest in the world. In addition, since it is a former British colony, its legal and financial structures bear a close resemblance to the US and the UK.
Called the “Lion City” because of its strong currency and infrastructure, Singapore is consistently recognised as being one of the quickest and easiest places to register a company. The painless process takes only one day to complete given all the proper requirements are completed, and the application is duly submitted. Furthermore, a streamlined online system simplifies matters still.
Singapore has one of the most stable political environments in Asia, offering entrepreneurs and investors a strong sense of security. It has an extremely efficient judicial system, enforcing anti-corruption laws so that investors can conduct business without fear of bureaucratic malaise.
Moreover, through strict law enforcement, Singapore has a persistently low crime rate and offers residents a high degree of personal safety. In the event of cross-border disputes, businesses can rely on Singapore’s reputation as a world-class arbitration facility.
The city-state also boasts developed infrastructure, open business policies, a skilled workforce, the use of English as the primary working language and respect for intellectual property rights. This aside, you can benefit from Singapore’s vast network of trade agreements, ease of doing business, an attractive tax system, and sound intellectual property protection.
As a result, as many as 154,000 multinational small and medium enterprises have opted to set up their bases in Singapore with a view of tapping into other emerging markets in Asia.