Singapore has always been one of the most highly recommended cities for foreigners to live, work and set up a business in for many years. In fact, it became the first Asian city to make it to the Quality of Living City Ranking 2024 by Mercer, which ranks the top cities with the best living conditions.
So if you’re looking to branch out internationally and especially in Asia, Singapore is the most ideal location to kickstart your expansion. Here’s why:
Singapore’s economy is one of the strongest in Asia.
If you do a little digging, you’ll see that Singapore doesn’t only have one of the highest GDPs in Asia, but it also has the most consistent economy in this part of the world. Now if you’re trying to expand internationally, you’d want to do it in a city that has a strong economy because that gives you security knowing that there’s a better chance at success with your expansion there. Singapore has consistently maintained its economy through the years, even becoming a gateway and economic hub in Asia.
Singapore has very seamless business processes.
A lot of cities in Europe and the United States have stronger economies than Singapore, but not all of them have the most seamless business processes. Singapore has been consistent in that front that it’s been part of the top economies with Ease of Doing Business, which is an annual report by the World Bank. Expanding in Singapore is actually easier than you think, especially since there are companies that specialise in company formations that can guide you every step of the way. The country even has an electronic filing system where you can submit application forms and requirements without having to hop from one office to the other.
Singapore has favourable taxation policies.
Perhaps one of the biggest benefits of expanding a business in Singapore is its favourable taxation policies. In fact, it has one of the best policies in Southeast Asia, which is why the country has been favoured by foreign investors and businesses who want to expand in the region. If you do business in Singapore, you get to enjoy more than one hundred double taxation agreements (DTAs) that are not only applicable within the country but also include other ASEAN nations, including the Philippines, Brunei, Thailand, Vietnam, Myanmar, Cambodia, Malaysia, Laos, and Indonesia.
Singapore also has twenty-six free trade agreements (FTAs) with other Asian countries where its businesses can enjoy access to free trade areas within the region. So if you’re planning to expand in the country, having all these benefits will really give you a good head start in your expansion.
Of course, Singapore is one of the best cities to live in for its modern amenities, cleanliness and excellent quality of living that’s very favourable to foreigners. Aside from having one of the best airports in the world, Singapore also has all the modernities that can rival bigger cities like New York and Dubai.