An ideal location for a global entrepreneur?
Singapore consistently ranks as one of the top most competitive and profitable places for business investors. Singapore today is a reputable financial centre, a key regional trading centre, the world’s busiest port, and a top location for investments and doing business.
A further testimonial to Singapore’s pro-business approach is the latest introduction of further tax cuts and tax benefits that will be available from YA 2008.
Singapore’s safe, pro-business environment is supported by a well-respected government with transparent and consistent policies that protect companies’ physical and IP investments.
| Ranking Category | Singapore Ranking | Source |
| World’s most cost-competitive place for doing business | 1 | KPMG Competitive Alternatives Study, 2006 |
| World’s easiest place to do business | 1 | World Bank report: “Doing Business 2007: How to Reform” |
| Minimum bureaucracy and red tape in Asia | 1 | Political and Economic Risk Consultancy, June 2006 |
| World’s top globalized nations | 1 | A.T. Kearney/FOREIGN POLICY Magazine Globalization Index 2006 |
| World’s freest economies | 2 | The Heritage Foundation, Index of Economic Freedom 2007 |
| Best labour force | 1 | BERI’s 2005 Labour Force Ranking |
| Corporate governance standards | 1 | Political and Economic Risk Consultancy, June 2006 |
| Asia’s highest integrity government | 1 | Political and Economic Risk Consultancy, March 2006 |
| Top countries for investment potential worldwide | 2 | BERI Report August 2005 |
| Top 20 business environments worldwide | 6 | The Economist Intelligence Unit, in its Business Environment Ranking (2006-2010) |
| Quality of air and transportation | 1 | World Competitiveness Yearbook 2006 |
| Most ‘Network Ready’ country worldwide | 2 | Global Information Technology Report 2005/06, World Economic Forum |
| E-readiness rankings worldwide | 13 | Economist Intelligence Unit, 2006 |
| Most technologically ready nation worldwide | 11 | Global Competitiveness Report 2006-2007 |
| Countries with the least restrictive immigration laws for employing foreign workforce | 4 | IMD World Competitiveness Yearbook 2006 |
| Most attractive environment for highly-skilled foreigners | 2 | IMD World Competitiveness Yearbook 2005 |
| Most vital international air travel hubs | 4 | National Academy of Science, May 2005 |
| Overall competitiveness | 3 | IMD World Competitiveness Yearbook 2006 |
| Worldwide Nightlife/Dining | 2 | Global Country Brand Index, 2006 |
| Asia’s best place to live, work, and play | 1 | Mercer Human Resource Consulting, 2005-2006 |
Related Topic: How to incorporate a Singapore company
Related Topic: EntrePass for foreign entrepreneurs
Small and medium size enterprises (SMEs) are critical to Singapore’s economic success. There are more than 100,000 SMEs in Singapore, accounting for about 35% of the economy’s value added and more than 50% of the employment.
Singapore economy is based on free enterprise, with no restrictions on foreign ownership of business. The repatriation of profits and the import of capital are freely allowed. Singapore has low corporate tax rate compared to other leading economies in the world. A company is taxed at a flat rate on its chargeable income. With effect from year 2005, the corporate tax rate has been reduced from 22% to 20%. Capital gains are not taxable.
There is minimum red-tape for doing business in Singapore. The country is one of the top five least corrupt countries in the world and least corrupt nation in Asia. Singapore has been consistently ranked as one of the most competitive nations and best places for business in the world.
Singapore has a well-developed infrastructure that meets all the needs of business industry. Singapore is ranked as one one of the top three countries in the world for its infrastructure capabilities.
Singapore has signed free trade agreements (FTAs) with many of the world leading economies including USA, Australia, EU, India, and New Zealand. Such agreements help to improve market access and create greater business and investment opportunities. They help to build a network of strategic links for Singapore with different parts of world.
Singapore has one of the highest literacy rates in Asia, at above 94%. English is the most widely used language in Singapore. All schools use English as the primary medium of instruction. There are more than 30 schools catering to the educational needs of expatriate communities.
Singapore is a major international air hub served by more than 70 international airlines. Singapore’s international airport (Changi Airport) is considered one of the best in the world.
Singapore is one of Asia’s safest cities and offers residents and visitors a wide range of entertainment, cultural and lifestyle options. It’s hard to beat Singapore for a lifestyle that’s both vibrant and comfortable. Everything works, and when something does break down, it’s fixed quickly. The people are friendly, helpful, and focused on achievement.
