February 11, 2015 | Sharon Cheong
With an overall low tax rate of 14.2%, Singapore continues to offer entrepreneurs a wide range of financial advantages over other regions. The economy there is consistently ranked as highly pro-business and one of the most open economies in the world. Because of the stable political environment and appealing investment climate, large and small companies are drawn there each year to do business.
The Ministry of Trade and Industry (MTI) has forecast a 2% to 4% overall growth for the year of 2015 saying that the nation would continue to create solid job opportunities while building a more vibrant economy. A few of the nation's biggest companies, SingTel, MediaCorp, Singapore Airlines and ST Engineering are on track to experience hefty profits. The country is also expected to continue to be the hub of wealth management for a number of Asian countries. The nation has consistently ranked in the top ten for Scientific American Biotechnology, making it an important center for global biotechnology.
Import Export Business
Since Singapore has an excellent strategic seaport, the country has long experienced a high trade to GDP ratio and this trend should continue. The Port of Singapore is one of the busiest in the world, providing easy access to exporters and importers of all types of goods and products. There are currently no tariffs on imports. Both foreign and domestic companies are regulated equally. The central government's escalated education policy has successfully produced thousands of new, highly skilled workers. The latest figures for 2015 show that over 86% of the population has a secondary or higher education.
Investing in Singapore
Investors have traditionally found Singapore to be a profitable country for lucrative investments and it has long been known as the “Switzerland of Asia”. Singapore ranks as one of the easiest places in the world to do business according to the World Bank. It was recently revealed that the country has the densest population of millionaires as well. One of the major features that attract entrepreneurs is the simplicity of opening a new business there. It only takes three days and three simple steps to begin doing business in Singapore.
A Great Place to Live
The quality of life is above much of the Asian region with air quality being much better than other areas. There are many green spaces, ample housing and abundant shopping centers. A recent poll showed that 27% of American bankers would move to Singapore if circumstances would allow.
Preparing for the Future
Singapore has stepped up its measures to encourage entrepreneurs, attract new investors and promote greater innovation. The government takes a proactive approach to remaining competitive in the global economy. For 2015, investors and business owners are expected to move forward with expansion and growth. As one of the world's more prosperous countries, Singapore is a major hub for chemical and electronics manufacturing.
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