Singapore has always been one of the best global cities for expats to work in. If you’ve never considered this potential expat destination, read on to discover why it could potentially be an appealing choice for you.
Firstly, Singapore is an easy place to live. It’s often remarked that expats in Hong Kong (Asia’s answer to New York) remain there only until they’re ready to have children and settle down, and then they move to Singapore for the quality of life.
However, the pros and incentives for living in Singapore extend to more than just families. Many expats actively choose to create their permanent homes and businesses in Singapore because it manages to combine a great quality of life with excellent tax benefits – making it potentially an unbeatable destination.
Singapore is an accessible destination for expats to adapt to: it has a stable government, cutting-edge infrastructure, thoughtfully planned urban design, it’s a city boasting one of the lowest crime rates in the world and it has easily accessible modern public transit and transportation – even the taxis in Singapore are in abundance and fares are cheap!
Schools locally provide the opportunity of combining accredited Western curriculums with Chinese language courses from an early age, granting students an advantageous head start as Mandarin is one of the most popular language to learn among Western business people nowadays. The tropical climate is enjoyable year-round, and travel to some of the world’s most exotic and interesting locations is merely a short flight away.
Setting a Company in Singapore
Singapore is already home to an English-speaking, well-educated population that produces a highly skilful and efficient workforce – this explains why this island nation is so popular for businesses to set up shop in. Foreign business owners are allowed 100% ownership in Singapore too, and income earned outside of Singapore is completely tax-free.
Residential visas can be obtained with ease alongside Singapore company incorporation. Additionally, it is a multicultural, multilingual crossroads of Asia and Pacific, Europe, U.S., and the Middle East – creating access to a majority of locally represented global markets, cultures, and travel opportunities.
Singapore is home to the busiest container port and the busiest cargo airport in the world. The South East Asian location is in important proximity to the developing markets of Asia, as well as to the established markets in Australia and New Zealand.
At the crossroads for all of South East Asia, Singapore’s location means it’s merely a short flight away from China, Australia, India, Hong Kong and most other Asian countries. Plus, as an international hub, it is the connecting point for travel and cargo moving from East to West.
Singapore is therefore unbeatable as a location for conducting business from in Asia – and for those who want to connect to and tap in to investment in developing economies.
Unemployment locally is very low due to the government’s continued infrastructure investment and general economic prosperity. Note: Singapore was a leader in economic recovery following the recent global fiscal downturn, with 17% economic growth in 2010. While it’s overall GDP is services dominant, the manufacturing and construction sectors have shown strong growth in recent quarters.
Positive recognition of the destination from leading international business surveys also helps promote the appeal of Singapore. Direct support for Singapore company registration can be seen from these examples:
- Doing Business Survey by the World Bank – 1st
- Index of Economic Freedom by The Heritage Organisation – 2nd
- Global competitiveness report by the World Economic Forum – 3rd
When combined with the direct incentives that a Singapore company provides, it is easy to see the appeal of incorporating in Singapore for international entrepreneurs and businesses. These advantages include:
- Leading low corporate tax rates of comparative international business hubs
- Tax exemptions for the first 3 years of a business’ incorporation
- Tax exemptions on income sourced from outside Singapore
- Various incentive programs run by government agencies to attract foreign investment and start-ups
- World-class infrastructure and transport logistics facilities
- A high quality of living in a tropical climate that appeals to foreign executives from all over the world
Singapore attracts people with an entrepreneurial spirit, skilled expats who want to live and work overseas, businesses involved in exporting and importing, and anyone seeking the buzz of a high quality of life in a fabulous urban setting.
All of these benefits are offered within a location that also benefits from high levels of safety and security, the amenities of any big Western city and a unique blend of multiculturalism. This blend is what makes Singapore an ideally diverse business environment and society.
There are more growth opportunities in Singapore and South East Asian markets than in many Western countries currently. It is a competitive work environment, and experience working in Asia Pacific markets is appealing to many skilled professionals.
Thanks to its position as a crossroads to international markets, Singapore is a popular choice for global businesses to set up a company there which can easily be turned into a regional or international business hub.
A Singapore company is an efficient corporate structure through which to conduct business and Singapore has a quality of life that appeals to many executives.