The head-to-head battle between Singapore and Hong Kong when it comes to starting a business has been going for a long time.
Both cities have a very conducive environment for startups, owing to the fact that their governments are very supportive. They also have excellent access through world-class seaports, airports, and well-managed border entries.
However, Singapore has now won the hearts of many as she has even out shined the famous Silicon Valley in the USA when it comes to business startups.
If you are an entrepreneur who is looking for an excellent city to start a new business or subsidiary branch in Asia, Singapore is the place to consider. The reasons we will discuss below will compel you.
Business Incubation and Nurturing
Startups from both locals and foreign investors usually enjoy startup capital and advisory services given by many organisations around the country.
The government and non-governmental organisations are always on the front line to assist the startups. This is the main reason why Singapore has surpassed Silicon Valley and Hong Kong to become the best business hub.
Favourable Strategic Location
Singapore is located in the southeast of Asia, making it one of the most accessible states in the world by almost everyone around the world.
Both the East and West can get here without any challenges. Changi Airport, which has been voted as the best in the world, hosts numerous airlines.
This is an indication that people travelling from different parts of the world visit Singapore every month. Your business will also benefit from the accessible seaports in Singapore for easy movement of goods.
The Ease of Making Business Deals
Singapore has friendly people who are willing to make business deals without any stereotypes or corruption.
Whether you fly from America or Africa for the first time to strike a business deal in Singapore, you can rest assured that the welcome and treatments you get will be warm and friendly.
As long as you follow their business cultures, you are likely to have positive results. According to One Visa Experts, both the locals and expats are easy to get along with on business matters.
Favourable Taxation Procedures
Both local and foreign investors are subjected to affordable and fair taxation procedures. Singapore has signed numerous MoUs and bilateral trade agreements with various countries to eliminate double taxation.
Once you start your business here, all you need to do is to understand the taxation bracket and start the filing procedure.
A Big Pool of Skilled Local and Foreign Labour
For any business, getting skilled labour is one of the pillars of success. The good news is that Singapore has a lot of skilled labour from both locals and foreigners.
The government issues different types of work passes and permits to foreigners, which is a big plus for businesses. When your business is ready to start, you should check on the policy of employing locals and foreigners.
Starting a business in Singapore is now easier than ever. All of the points that we have listed above give more hope that it will be even better in the future. If you are looking for an excellent global location to start a business, look no further than Singapore. It is the perfect place.
Featured Image | Photo by Hu Chen on Unsplash
