As an international financial centre, Singapore offers Company a pro-business environment, excellent infrastructure, cost-competitiveness, a highly skilled and cosmopolitan labour force, and is strategically located in a region of opportunities.
Strategic Location in a Region of Opportunities
Singapore is strategically located in a region of opportunities. Located at the heart of Southeast Asia, Singapore is well placed to serve the fast-growing markets of the Asia-Pacific region. Financial institutions in Singapore also trade around-the-clock with Asia-Pacific centres, as well as European and American centres, making Singapore a significant hub for 24-hour trading in foreign exchange and securities. International travel is equally convenient. Singapore has grown to be a strategic link and important gateway for global investors.
Singapore seeks to ensure its relevance and connectivity to growth markets, not just in Asia but also beyond. As part of this initiative, Singapore has concluded Free Trade Agreements (FTAs) with major economies, including the United States, China, Japan, India, Korea, Australia, New Zealand, Switzerland and Jordan. There are ongoing FTA talks with other countries. These FTAs provide privileged access to the markets of partner countries. Beyond the immediate region, Singapore is also building linkages with countries further a-field including the Middle East, capitalising on the growing trade and investment interests between these two regions.
We offer company a competitive tax rate environment. Singapore's corporate tax rate of 17% is one of the lowest in Asia-Pacific. Singapore also offers the advantage of having a comprehensive network of Double Tax Agreements with more than 60 countries. Singapore also continues to be cost competitive compared with other major cities. Corporate Income Tax (CIT) Rebate / SME Cash Grant and tax incentives / exemptions are granted to all companies (ie resident and non-resident) in Singapore subject to meeting the prescribed conditions. More supports are given to SMEs for technology innovation. These initiatives will further expand SMEs' innovation capacity, and increase their competitiveness and profit potential.
Clean Government and Stable Political Environment
Singapore is ranked 5th in the world and 1st in Asia for having the least corruption in its economy. Singapore is ranked the most transparent country in the world and Asia. A stable political structure with parliamentary democracy, a well-established judicial system, and the presence of strong domestic institutions with good corporate governance practices, have made the Singapore business environment even more attractive to global investors. Investors have also come to appreciate the high levels of transparency and reliability in business, economic and regulatory affairs in Singapore.
Singapore is the one of the Asian country with a "AAA" rating sovereign credit rating with a stable outlook despite the recent economic recession and the eurozone debt crisis.
Conducive Business Environment
Singapore has long been recognised as one of the best cities for business. In the Swiss-based international Institution for Management Development's 2010 Competitiveness Year Book, Singapore has been ranked as the most competitive country in the world. This is what a World Bank report had to say about doing business in Singapore "It takes an entrepreneur just over 6 working days to get a new business going in Singapore, with low start-up costs. Overall, taking into account other factors, including business licensing, taxes, credit legal rights and investor protection, Singapore has about the most business-friendly regulation in the world.
Singapore's unique location and sophisticated telecommunications network allow financial institutions here to transact business with any part of the world within the same working day. International travel out of Singapore is equally convenient, with more than 84 international airlines operating scheduled services through Singapore to more than 180 cities in 57 countries worldwide. We have a robust and efficient legal and judicial framework and a well-regulated international financial sector.
Skilled Workforce And Attraction of Talents
We also have a skilled workforce to meet industry demand. In addition to grooming the local workforce meet the demand of the industry, Singapore also has an open door policy to international talent and expertise. Washington-based risk consultancy agency, Business Environment Risk Intelligence (BERI), has rated Singapore's workforce as the world's best workers since 1980. According to the IMD World Competitiveness Yearbook 2010, Singapore's labour regulations are also the most business conducive in Asia.
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