In this decade, there is no doubt that Singapore is the most modern, quiet, and safe business destination with a vibrant and multilingual culture to support its ecosystem. The country is considered the official financial capital of the world. No wonder it is the 3rd richest country in the world.
Therefore, there is a question common to all investors regarding the economic condition to keep the business running properly. In that sense, Singapore’s economic growth is much stronger – 15%, compared to 10% for China.
Besides, here are the top 10 reasons why investors should consider Singapore as their main investment destination.
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FREE TRADE AGREEMENT
A free trade agreement (FTA) is an agreement between two or more countries to eliminate trade barriers and facilitate the movement of goods and materials across borders between traders. Singapore signed the ASEAN free trade agreement in 1993. Singapore is ranked second in terms of business and investment freedom, after Hong Kong. Altogether, it has generated an extensive network of 22 deals.
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DIFFERENT ECONOMY
Investment-heavy industries like pharmaceuticals, BFSIs, and shipping are strong enough to wipe out any potential threats that could destroy their economic structures in the future. Singapore’s innovation-driven multinationals are the most sought-after in Singapore. Singapore’s policymakers have taken a substantial approach in their planning process on macro risk management, aiming to build capacity in areas such as Finance, Health, and Engineering. Creative Arts.
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LOW REAL ESTATE TAX RATE
Singapore offers its assets at a flat rate of 10%, significantly cheaper than most other developed countries. If you are planning to invest in commercial real estate in Singapore, you will get a higher return on your investment. If you own a residential property in Singapore, you will be more eligible for lower property tax rates in Singapore. In 2019, according to the Inland Revenue Authority in Singapore, residential board flat owners pay lower property taxes. For example, a 3-room apartment owner now only pays $18.40, previously $37.60; Owners of a four-room apartment now pay $52, compared with $119.20 before.
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NO CORRUPTION
Singapore is known for its integrity system. Singapore has been ranked 3rd in the annual ranking of the least corrupt countries in the world. Denis Tang from the Corruption Investigation Bureau (CPIB) said in a statement that “Working closely with all communities and stakeholders, CPIB remains committed and resolute in the fight against corruption. “.
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A SAFE PLACE TO LIVE
I once heard a friend of mine in Singapore say, “In Singapore, if the police commit a crime, they will receive the same sentence as any other person in Singapore”. Singapore is a very safe country to live in. It has CCTV surveillance everywhere and they are monitored 24/7. Compared to other countries, the risk of scams, taxi transport risks, terrorism, and risks for female travelers in Singapore is much less.
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MULTI-LANGUAGE CULTURE
The languages spoken in Singapore are Singlish (an English-based Creole), Chinese, Malay, Tamil, Eurasian, and Malayo-Polynesian. And it happens that all Singaporeans are bilingual because of their government’s policy to promote a bilingual learning system. English is their home language. And this practice has continued in their system since 1980. Their Singlish is a mix of Chinese and English dialects. Singaporeans are also fluent in German, Spanish, and Korean. The concept of multilingualism is ingrained in their blood as they do not hesitate to learn a new language.
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ECONOMIC CLIMATE
You can expect prices to drop even during a recession in Singapore. The manufacturing industry contributes about 5% of the country’s overall GDP, electronics about 29.2%, transportation 15.6%, pharmaceuticals 9%, medical technology 3.2%, and precision mechanics 12.6%. For many years, Singapore has been ranked among the top globally competitive business locations in the world.
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PROGRESSIVE POLICY OF THE GOVERNMENT
Singapore’s economic development strategy is controlled by the Minister of Trade and Industry (MTI). MTI Singapore may engage in property prices at any time to influence property prices in Singapore. They used a kind of step whenever there was an increase in property prices in Singapore.
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CONTROL SECURITY OF REAL ESTATE CAPITAL
The Singapore government does not offer fully owned land. They allocate land as full ownership or rental property.
Own real estate
Here, a person can have land for the rest of his life.
Real estate for rent
Here, a person can hold the land for 10 or 100 years, depending on the term set by the government.
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SOCIAL SECURITY
For entrepreneurs or self-employed, if earning from 6000 SGD to 60000 SGD, it must be deposited into a Medisave account. Temporary Singapore visa holders, Singapore work permit holders, or Singapore business visa holders can also plan their retirement independently.
Now that you understand the various business and investment opportunities that Singapore offers to people around the world, you can also start thinking about setting up an Offshore business in Singapore. At ICOS, we provide you with detailed information on all queries related to opening a company in Singapore.
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