Singapore is Asia’s business epicentre, straddling both East and West. In fact, it has been consistently hailed as “the land of opportunity” by many, including The Economist, urging businesses to relocate to Singapore because of key factors such as political stability, open business policies, a skillful workforce and advanced infrastructure.
In recent years, a number of high-profile investors, such as Australian coal billionaire Nathan Tinkler and Facebook co-founder Eduardo Saverin, moved their base of residence to the thriving Southeast Asian city-state. Similarly, a number of international corporations have made Singapore its base for operating in Asia via Singapore as it has solidified its position as the primary gateway to ASEAN. Moreover, highly qualified workers, executives, and managers continue to relocate to Singapore to take advantage of the myriad of opportunities it offers. Moreover, highly qualified workers, executives, and managers continue to relocate to Singapore to take advantage of the myriad of opportunities it offers. Indeed, for individuals, investors and global enterprises alike, relocating to Singapore is an ideal and desirable option.
Singapore company incorporation specialist InCorp enumerates the top 10 reasons to relocate to Singapore:
1. One of the Highest Quality of Life in Asia
Singapore has consistently topped Mercer’s Quality of Living Survey, a reputable survey that ranks the best global cities with the highest standards of living based on personal safety, security, political stability, and sustainable economic growth. For years, Singapore has maintained its top ranking in Mercer’s list. In the most recent survey, Singapore was once again ranked first in Asia.
2. Pro Business Environment
Singapore remains one of the best places globally to do business in 2024 , thanks to robust government initiatives such as the Jobs Transformation Maps and support for businesses to adapt to sectoral trends. Singapore’s international trade links, attractive tax structure, investor schemes, advanced infrastructure, competitive workforce, and robust economy make Singapore one of the best places in the world to do business.
3. Robust Economy
Singapore has one of the most successful and highly developed economies in Asia and around the world, with an open economy anchored strongly in trade, manufacturing and financial services. Singapore’s per capita GDP is higher than in most other developed countries.
Singapore’s GDP per capita stood at US$84,714 by December 2023 end which is among the highest globally, and economic growth in 2024 is projected to pick up modestly following global economic challenges in 2023, compared with 60,306.000 USD in Dec 2017.
4. Excellent Physical Infrastructure
The Singapore government continues to provide some of the world’s most cutting-edge infrastructures, from bustling international trade ports to comprehensive public transportation systems, to modern residential buildings, to innovative high-rise structures. Moreover, Singapore has one of the most advanced info-communications infrastructures in the world, making it a global telecommunications hub in Southeast Asia.
5. Stable Political Environment
Among its neighbors in the region, Singapore has one of the most stable political environments. In general, foreign investors are drawn to Singapore’s clean and corruption-free image, as well as its transparent and efficient bureaucracy.
6. Strong Legal System
The judicial system of Singapore has been recognised as one of the most efficient in Asia. Anti-corruption laws are strongly imposed, thus allowing investors to conduct business without fear of bureaucratic manipulation or malaise. Moreover, through its strict and impartial implementation of laws, Singapore enjoys a persistently low crime rate and high personal safety.
7. Highly Qualified Workforce
Singapore has a competitive and highly skilled workforce, with a remarkable literacy rate of over 97% and an increasing proportion of highly educated professionals. Foreign employers recognise Singapore as an Asian capital of global talent. Though the requirements for the Singapore work visa are more stringent and are set to tighten further, the demand for high-caliber professionals or gold-collar talent remains robust.
8. Attractive Tax Structure
Singapore is known worldwide for its attractive tax regime. Investors and entrepreneurs are consistently drawn to its attractive tax rates, tax relief measures, no capital gains tax policy and network of Avoidance of Double Tax Agreements (DTAs), among other ideal tax incentives.
9. Attractive Investor Schemes
Investors are attracted to Singapore’s pro-foreign investment policy, which encourages free enterprise and imposes no restrictions on foreign ownership. The estimated net inflow of Foreign Direct Investments (FDI) in Singapore is expected to be approximately S$37.7 billion (US$27.47 billion) in 2023 and S$27.7 billion (US$20.18 billion) in 2024. Moreover, through, the Global Investor Program (GIP) and the EntrePass program, foreign investors can easily choose to relocate to Singapore.
10. A Great Place to Live, Work and Play
Singapore is not only a great place to live, work and do business. It is also a great place to play. ECA International’s Location Ratings ranks Singapore as the top Asian city for expatriates, primarily due to its balanced lifestyle of work and play. In addition to career and business opportunities, this vibrant and dynamic city-state offers multiple options for recreation and leisure. Singapore is a multicultural mecca bustling with art festivals, theatre fares, sports attractions, tourist destinations, and a range of interesting activities for residents and visitors alike.
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