Did You Know Singapore’s Government Is Waiting On You and Your Business Venture?

First things first: Singapore has a foreigner-friendly business environment which means only positive things for those venturing out from their home country to seek personal success, financial gain and a booming economy. Singapore has a corrupt-free environment, skilled workforce and easily accessible location making it the ideal spot for a small business to conduct regional and international business affairs. As foreigners take up over 42% of their overall population, there’s not much room to doubt whether or not the country supports foreign business success. The question is, how? So that foreigners can maximize their small or midsized business, here is an easy to read, no-nonsense guide to the advantages of Singapore’s business environment for foreigners.

Whether you’re home country is the USA, England or Australia, there will be many cultural and legal aspects of conducting business for foreigners that have never before been applied. Secondly, you must prepare for the worst and expect the best. With a booming economy and supportive government, Singapore is a thriving environment for businesses as long as you first prepare the legal documents and register in due time. Thirdly, it’s important to invest some time in the nature of their culture. Once you have a firm understanding of their business environment, you have confidence that the Singapore environment is just what you need for your small or midsized business to succeed.

Singapore’s biggest industries of wealth and growth include chemicals, ship repairs, oil-drilling equipment and life sciences. There are eight airports in the country, a train service linking Singapore to Thailand and Malaysia and Singapore has the largest port in the world. The Singapore government is cooperative and encouraging to foreigners conducting business inside and outside of its country by offering lower tax rates and flexible five year renewable work visas. For those businesses conducting entrepreneur affairs from outside of Singapore, the corporate tax rate is a low 10% (as opposed to the higher rate of 17%). For business owners conducting business inside of Singapore, there is a reduced corporate tax rate of 10% as well. Most of all, Singapore’s government is encouraging and accepting to foreigners by instating a corrupt-free and open business culture, with plenty of opportunity to expand your sights and ambitions as far as they will go. When starting a business in a foreign country, the most important ingredient is how accepting their governing body will be, and by starting your foreign business in Singapore, they’ve got you covered.