The Choice Destination for Business

Singapore is known to be one of the top financial hubs in Asia. We have a strategic location, a competitive and talented workforce of varied backgrounds, and a pro-business environment for both local and foreign investments. It is easy to see why Singapore is your choice destination for businesses.

What the rest of the world says?

Based on the latest Doing Business 2020 report, Singapore is placed 2^nd as the easiest economy to conduct your business in 2019, just closely behind New Zealand. Hong Kong follows at 3^rd on this ranking. A closer look at the criteria shows that Singapore comes in first on “Enforcing Contracts”. This established strong confidence in entering into contracts of various purposes, from business contracts, employment contracts and leasing contracts. Any breach of a contract allows non-defaulting parties to carry out recourse in a lawful manner. Some of the other criteria that rank Singapore high on the list include ease of starting a company, dealing with construction permits, protecting minority investors and paying taxes.

Any tax exemptions?

Singapore has one of the most attractive tax structures among developed economies. From Year of Assessment 2020 onwards for the first 3 years for new start-up companies, there will be

• a 75% exemption on the first $100,000 of normal chargeable income and
• a further 50% exemption on the next $100,000 of normal chargeable income.

To qualify for this exemption, the company must

• incorporate in Singapore
• be a tax resident in Singapore for that YA
• have its share capital beneficially held by up to 20 shareholders throughout that YA

How is life in Singapore?

In Mercer’s global Quality of Living Survey released in March 2019, Singapore remains 1^st in position in Asia-Pacific, with Tokyo and Kobe in 2^nd and 3^rd position respectively. This survey compares 230 cities worldwide across multiple factors such as political and social environment, consumer goods availability, housing, public services and transport, medical and healthcare, natural environment, education and recreation.

How risky is Singapore?

In another 2019 survey done by Euromoney, Singapore is the least risky country for investment in Asia. On the global scale, it ranks 2^nd just behind Switzerland. This survey is conducted over 174 countries, among several hundred economists and risk experts across 23 political, economic and structural sub-factors. Some of these factors include access to capital markets and bank finance, debt indicators, credit ratings and political environment.

How safe is Singapore?

How about safety? In a 2019 Safe Cities Index report by The Economist Intelligence Unit, Singapore is 2^nd safest city in the world. This report is based on 60 major cities across 57 indicators that cover personal security, health security, digital security and infrastructure security. Not only that, but Singapore also ranks 1^st in both personal security and infrastructure security.

Is Singapore creative?

According to the Global Innovation Index 2019, Singapore is the leading innovation hub in Asia. This index compares 120 countries using indicators such as political environment, education, infrastructure, and business sophistication as its basis. We retain the top spot as Asia-Pacific’s most innovative nation for the seventh consecutive year.

2020 has been a turbulent year for the world, including Singapore. Many businesses have undergone a transformation in this new business landscape. We continue to strive to be the leading destination for businesses to flourish. If you like to find out more about doing business in Singapore, talk to us today.

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