Singapore Business Benefits: Understanding the Basics
You have probably already heard that the business in Singapore is extremely profitable. Among the main reasons, a favorable investment climate, humane taxation, state support programs for companies and easy access to sources of additional financing were probably mentioned.
But hearing is one thing, and starting a business in Singapore is another. You begin to search for additional information on the Internet, and gradually get lost in the flow of information, the reliability of which causes certain doubts. The pronounced commercial component on the websites of intermediaries is also haunting. As a result, the final decision is postponed until better times, which in most cases never come.
Meanwhile, the idea of starting a business in Singapore is really quite robust. We will not talk about the main stages of company registration and choosing a bank for continuous service. This topic deserves a separate thorough discussion, and we will try to disclose it in the following materials. But to discuss whether this jurisdiction is really so profitable is definitely worth it.
The results of the Singapore economic leap were truly amazing. This is probably why Li Kuan Yu is called nothing more than a benefactor father, and his funeral caused the announcement of a nationwide weekly (!) Mourning. And if so, the ruling party of popular action considered it impossible to take any steps that could adversely affect the pace of economic and social development.
As a result, we have what we have. The likelihood of any negative systemic changes in Singapore is extremely low. The tiny country has gradually acquired the status of Asian Switzerland, is friends with its neighbors, works in conjunction with financial regulators and has an active protectionist policy aimed at supporting business.
It was considered here that revolutions, interethnic, military or sectarian conflicts are too expensive. And we went the other way. That is why, choosing Singapore, you will not have to regret your decision, even in the long term.
Singapore – the state is very small, in fact – one big city. The territory is 724.2 km2, which is home to a little more than 5.5 million people. In sum, this gives an extremely high population density, which is fraught with serious national or religious conflicts. But the protest mood, familiar to the rest of the world, is almost impossible here.
There is no opposition of beliefs, races and traditions. The Chinese, Tamils, Malays, Malayalas, Punjabis and Bengalis peacefully coexist with each other and do not even think about going to war with their neighbor. The same can be said of beliefs.
The government in Singapore is a full-fledged market player with its duties and rights. There are no significant restrictions for business here, but there is only a set of clear and simple rules of the game that should be followed. Simply put, international business tied to the interests of the country has become almost a national, unifying idea.
The main consequences of this step:
All legislative acts are checked for “compatibility” with the interests of small, medium and large businesses.
The complete absence of the influence of “informal” relations based on the personal financial interest of officials.
An exceptional level of responsibility of all statesmen. Not least of all, this is explained by high salaries and severe control by the local “FBI” – the Corrupt Practices Investigation Bureau. Unless “his” Edgar Hoover is here. And if an official nevertheless breaks the law, he will face the most severe punishment.
In Singapore, everything is computerized. To get help, you only need an Internet connection. Communication with state regulatory authorities is also carried out through the network. No queues, long waiting for a free specialist or the right solution. Everything happens as quickly as possible, in 99% of cases – in real time.
How can one not recall the domestic realities, whose roots grow back from the old Soviet times. This approach can only be welcomed, because thanks to him, the business literally gained wings and took off the ground. It is not known for certain how his founding father Lee Kuan Yew saw modern Singapore, but, I think, he would have been pleased with the successes of his adult child.
First of all, we note that this jurisdiction cannot be called a tax haven. Business in Singapore 100% takes advantage of the midshore status, and for good reason. On the one hand, a completely tax-free territory is a potential target for financial regulators who have long been active in hostilities against classical offshore companies. As a result of this, in the near future they can generally move to the Red Book.