What Makes Singapore The Best Place To Start A Business?

What Makes Singapore The Best Place To Start A Business?

 

There are many reasons why Singapore is becoming more and more prominent on the world map. Apart from being a first world oasis in a third world region, Singapore is also a thriving financial and trade hub.

 

In recent years, Singapore has become a sought-after Asian headquarters address for many major multinationals around the world. Here are several reasons why.

 

Singapore has a world-class airport.

Business travel is all about efficiency. Unlike tourists, business travelers don’t have the luxury of time in between flights. Even more, delayed flights mean money and billable hours lost. For some, flight delays can mean lost clients.

 

Having a world-class and highly efficient airport also contribute to Singapore’s thriving business scene. In 2015, Skytrax named Changi Airport as the World’s Best Airport for the third successive year. The results were based on nominations from 13.02 million customers in a survey that included 550 airports around the world.

 

Changi Airport outranked three other Asian airports namely, the Incheon International Airport in South Korea, the Hong Kong International Airport in Hong Kong, and the Tokyo International Airport (Haneda) in Japan.

 

“Changi Airport lives up to its reputation as the world’s Best Airport and rather than dwell on earlier success, the airport continues to innovate and concentrate on making the customer experience in the airport environment the most enjoyable,” said Skytrax CEO Edward Plaisted. “It is therefore no surprise to see it named again by global travelers as the world’s favorite airport. Changi Airport offers today’s airport customers real delights and surprises that are in many instances quite unique,” he added.

 

When you’re in an airport as beautiful as the Changi Airport, waiting can be such a breeze. People love Changi Airport so much that it has become an icon, and not just in Singapore, but also the rest of the world. Here are some of the things that make Changi Airport an airport that people love:

 

No queues. Just imagine, an airport when you don’t need to wait in line for anything. You can jump from one flight to another without waiting in queue at the immigration, customs and luggage retrieval. The Changi Airport is sufficiently manned with efficient, qualified personnel and designed to deliver utmost productivity.

 

Entertainment Haven. Have you ever wanted to play video games or watch a movie while waiting for your flight? At Changi Airport. Best of all, you don’t need to pay extra. There are movie theatres at Terminals 2 and 3 and an entertainment room with Xbox 360s and Kinect stations too!

 

All these add up to the ease of business travel to Singapore, and also for those who visit for leisure. Having a reliable and efficient airport adds to the Singapore’s ease of doing business. This ease of travel is also support by the country’s public transportation system.

 

Efficient Public Transportation System

Singapore’s 2014 Public Transport Customer Satisfaction Survey (PTCSS) showed a 91.3 percent satisfaction rating, an increase from the 88.5 percent in 2013. The improved rating could partly be traced to the addition of new trains and numbers of trips in 2014.

 

The country’s efficient public transportation system is also one of the top reasons why Singapore is a great place to open and operate a business. For instance, logistics is crucial to business operations, regardless of size and industry. Business owners also rely on a country’s transport infrastructure for the efficiency of their product and supply

 

The country’s well-organized transport infrastructure is one of the top reasons why Singapore company formation is a great vantage point.

Singapore is a compact city.

Singapore is essentially one big island with 62 islets. It’s easy to get from one area to another without spending hours on the road or in the air. Starting a business in Singapore suggests that you can, possibly, cater to the entire country. Customers can easily come from all parts of Singapore unlike in other countries where traveling can mean spending hours on the road. And with the country’s reliable transportation system, people can get to your place faster and easier.

 

Singapore has the safest streets.

According to the World Justice Project (WJP) Rule of Law Index 2014, Singapore is the second safest city in the world. Singapore placed second to Osaka, Japan in the 2014 list.

 

The low crime rate in Singapore enable businesses to reap the rewards of the Republic’s safe streets. For instance, patrons who visit F&B establishments can be assured that the streets are safe, especially at night.

 

“We are a city state on a small island with a high concentration of population per square meter. The fact we ranked so highly in this area is something we can and should be proud of, and continue to build on,” said TSMP Law Corporation‘s Stefanie Yuen Thio.

 

Singapore’s low corruption rate.

According to the Transparency International’s Corruption Perceptions Index 2012, Singapore is the 5th least corrupt government in the world. It is also the only Asian country in the top 10 ranking. The study analyzed 176 countries in the world.

 

Singapore invests a lot in education.

What Makes Singapore The Best Place To Start A Business?

The country knows the investment value of education that is why Singapore spends a huge chunk of its budget on education. According to the 2009 Organisation for Economic Co-operation and Development (OECD) survey, Singapore is one of the top-performing countries when it comes to reading literacy. Students in Singapore spend more hours on science and math than the OECD average. Students also work harder on these subjects.

 

This is good news for expat business owners who wish to or have already relocated to Singapore. The investment Singapore dedicates to education is one of the reasons why people from all over the world wish to do business here.

 

Singapore has an efficient startup ecosystem.

The country not only has tax exemptions for new businesses but also various grants and schemes for those who want to take the entrepreneurial route. But it doesn’t stop there, these new businesses also become part of a tightly packed startup ecosystem wherein they get help from accelerators and incubators all designed to help them reach their full potential.

 

With such focus on minting more entrepreneurs, it no wonder that Singapore is building up to be a ‘Land of Millionaires.’

 

In Singapore, one in 10 households has a millionaire. Now that’s a whole lot of millionaires in one community alone. A 2015 WealthInsight study found that millionaires, also called high net worth individuals (HNWIs), enjoy a faster growth rate in Singapore compared to Hong Kong. A growth increase of 18.3 percent versus 15.6 percent, respectively, is projected in the next five years.

 

The study found that one in every 35 Singaporeans is a millionaire. At the 18.3 percent projected increase, Singapore will have nearly 188,000 millionaires by year 2020. The WealthInsight study also found that in the past five years, the number of millionaires in Singapore surged by 17 percent.

 

“Though Hong Kong has a much higher millionaire population than Singapore (193,000 against Singapore’s 154,000), recent events such as the umbrella revolution may have turned migratory HNWIs away from the city,” said WealthInsight head Oliver Williams.

 

Setting up a company in Singapore in fast and easy. If you’re ready to join Singapore’s booming startup business scheme, visit us and we’ll help you get started.

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