Most Mind-Blowing Facts About Singapore

1. The Ease of Doing Business

Singapore is no stranger to ranking highly on the World Bank’s Ease of Making Business list. In fact, they have come in 2nd place out of 190 countries evaluated in the past.

The Ease of Making Business list evaluates countries based on a number of business-related factors, which help to paint a picture of how friendly or difficult the regulatory environment is to business operations as well as how well-protected enterprises are in terms of their rights.

By coming in at the top end of the list, it is clear that Singapore offers businesses a relatively easy time compared to other countries when it comes to setting up shop and getting things done!

When it comes to business-friendly environments, few countries top Singapore. This southeast Asian nation consistently ranks highly in worldwide surveys due in large part to its ease of doing business.

Aspects such as business registration services in Singapore, getting electricity, paying taxes, and cross-border trading are taken into account when making these evaluations, and Singapore has been at or near the top for many years.

This ranking is a strong indication of the country’s global outlook and why it is such an attractive destination for businesses, both large and small.

2. Protection & Tax Laws

Singapore provides comprehensive intellectual property (IP) protection to companies that have chosen it as their location of choice. The vigorous IP regime has inspired confidence in leading global companies, convincing them to set up their Asia headquarters on the island.

Singapore is a great place to invest for many reasons – one of them being the country’s favorable tax laws and incentives for foreign businesses. For example, resident taxpayers in Singapore only have to pay income tax on a progressive scale, with the highest rate being capped at 22%.

Additionally, Singapore has a relatively low corporate tax rate (a flat rate of 17%) and offers a number of tax breaks. Plus, capital gains are not taxed. With all of these benefits in place, it’s no wonder that Singapore continues to attract businesses from all over the world.

3. Leading Tech Hub

As a global city with ultra-modern infrastructure and a commitment to becoming eco-friendly, Singapore has been identified as one of the world’s leading innovation hubs outside of Silicon Valley.

In a KPMG survey of more than 800 global tech industry leaders, Singapore claimed the number 1 spot on the global rankings in 2020.

The respondents of the survey determined infrastructure as the most important factor in developing a technological innovation center. With its world-class infrastructure and commitment to sustainability, Singapore is poised to continue its role as a leading innovation hub in the years to come.

Singapore was given the top rating due to its modern infrastructure, ability to attract young professionals, and availability of investment funding.

4. Talent in Singapore

The World Economic Forum has released its 2019 Global Competitiveness index, and Singapore has come out on top, overtaking the United States. The Forum quantifies its statistics by analyzing factors that drive productivity, growth, and human development.

Singapore has a deep, highly skilled talent pool, which ranked first in the labor market section of the World Economic Forum’s index.

This, combined with the country’s strong infrastructure and efficient business environment, has resulted in Singapore being the most competitive country in the world.

Singapore is one of the most diverse and western-friendly countries in Asia, with advanced infrastructure and high standards of living. The country has no problem cultivating local talent or attracting foreign talent.

5. Free Trade Agreements

Singapore has a whopping 24 Free Trade Agreements (FTA), which is more than the United States (14) and China (11) combined.

The purpose of these agreements is to reduce trade barriers and make it easier for businesses to compete in the global marketplace. This aligns with Singapore’s goals of being more open and connected to the rest of the world.