Reasons for Setting up a Business in Singapore
Posted by cherylcocolee on July 6th, 2020
Half-a-century of political stability led to many economic milestones; with the city-state’s business environment and economic fundamentals including the labour policies, legislations and infrastructure, winning numerous accolades and has incorporated businesses over the years.
Most notable is the honour of being the best country in the world for doing business seven years in a row. (World Bank’s Doing Business reports)
Now, Singapore is one of the busiest ports in the world, leading oil refining and distribution centre, manufacturing hub for electronic components, and a vibrant financial and business incorporation hub in Asia.
Also, as the world enters a new era, the nation is upgrading investments in new growth industries such as interactive and digital media, biomedical sciences, and clean and green technology.
A Comprehensive Guide on the Benefits of Incorporating a Singapore Company
Singapore’s Ranking in Various Indices
Most notably, in technological innovation and intellectual rights protection, Singapore progress is noted by its seventh rank in the International Property Rights Index 2013, second rank in Asia in the Global Innovation Index 2013, and being the only Asian country to make the top 10 list of the World Economic Forum’s Global Competitiveness report 2013/2014.
The above is due to the Singapore’s Government emphasis on:
R&D – the spending on developing R&D will reach 3.5% of GDP by 2015. As of now, nearly 1% of the country’s workforce are scientists and engineers. Singapore has also established five research centres of excellence in local universities to nurture and encourage indigenous inquisitive minds.
IP protection – the country has ensured that IP and copyright laws are in synergy with the global laws on IP protection, as it grants increased public access to intellectual property.
Read more on the reasons why you should setup a business in Singapore at Singapore Company Incorporation.Also See: Singapore Company, Setting Up, Ip Protection, Index 2013, Singapore, Business, World
Turn Your Hobby Into A Business
Whether you want a full time income, or are just trying to supplement your income with a side hustle, now is your chance to turn your hobby into a business!