Business owners and corporates the world over consider Singapore as the easiest place to set up a new business, and not without reason. Several global business reports have placed Singapore at the top for ease of business, attracting local as well as global investors to partake in the country’s flourishing economy.
Small business owners who are unfamiliar with country’s entrepreneur-friendly legal and financial systems are often surprised to learn that it takes no more than four business days to start a new venture in Singapore. From formation and registration of your company to securing permissions and licenses to initiating operations—you can have your business up and running within a week’s time.
Here’s a quick lowdown on why setting up a business in Singapore is a breeze:
Single-window Application System
Operational since 1989, the single trade window process allows entrepreneurs to save valuable time and resources. The system enables applicants to submit all necessary documentation at a single place, which saves them the hassle of visiting numerous government departments, as is still the case in many countries in the east.
By obtaining all necessary permits at one place, businesses are free to begin operations quickly and efficiently. Moreover, entrepreneurs wanting to get into exports need submit only a total of three documents to get approval from customs, a department known for its customer-friendly and highly cooperative practices.
Singapore is a haven of technology-driven systems that expedite day-to-day government and commercial operations.
Moreover, the entire country is interconnected through a robust fiber-optic network, which has brought about a transnational communications revolution. This sound communication system has proven to be the backbone of Singapore’s thriving business economy, in particular the telecommunications sector. The internet speed enjoyed by people in Singapore is unlike any other in the region, which has a great impact on what businesses are able to achieve in day-to-day operations, say experts.
The technology and automation sector in Singapore is growing at an unprecedented rate, enabling existing and upcoming businesses to employ advanced tech-based solutions in manufacturing and other industries.
IT-enabled Legal System
Singapore achieved yet another global first when it introduced the electronic filing system (EFS), or paperless documentation, in courts across the country. In addition, taxes, audits and investigations can all be filed using the internet-based system, which helps expedite business operations and enables transparent legal and economic activities.
As the information is available for access by all stakeholders, business owners don’t need to worry about corruption and exploitation in running an enterprise. You can find more help on Singapore’s company formation system here.
A Great Place to Live
Whoever comes to Singapore for business takes back the image of a modern nation that thrives on the latest advances in information technology, but also deeply cares about the living conditions of its people, whether citizens or expats. Exceptional infrastructure, environment-friendliness and a citizen-centric governing system make Singapore a sought-after global destination for entrepreneurs and job seekers.
You will find some of the best global talent living and working in Singapore, which acts as yet incentive to set shop in the country.