General Tips

Singapore economy facts – starting a company

The fact that Singapore is a multilingual nation, which is actually a paramount factor for the development of international affairs on its territory and also the fact that here employees are paid extremely well made people realise how much of a development happened in this place in the last fifty years. Singapore is a small location with only a few natural resources. However, over the last period of time it has become one of the world’s largest economic powers. To set up company in Singapore became one of the best possible ideas you could actually have at the moment.

Singapore economy facts - starting a company

The most comfortable place to do business

About half of the people living in Singapore have settled here temporarily, working for multinational companies that have one of the centres here. These businesses didn’t choose this location out of nowhere. Singapore is one of the largest producers of oil platforms and dominates the whole industry. It is one of the least corrupt countries in the world. In the present international corruption rankings, Singapore is part of the Top 5 on the list of least corrupt ones. Plus, taking a stroll in any residential car park in Singapore will leave you mesmerized with the luxurious lifestyle you will find there. Jaguars, Ferraris and Maseratis are there to please your eyes, indirectly telling something about the economical level of this location.

 

The government has a great role in maintaining the welfare of all the citizens. Taxes are always constant at the lowest level while the state collects money out of property taxes which are applied to wealthy houses. The rich can’t feel any weight on their shoulders regarding the manner of living here and they are constantly spending money in shops, restaurants and every other kind of entertainment location, contributing permanently to Singapore’s economic growth. In addition, starting a company here couldn’t be easier. Check out https://www.companyregistrationinsingapore.com.sg for more details on this topic and make sure you take all the necessary measurements to make your business work. If you know how to handle it, Singapore will be the place where you are going to reach the peak of your career, simply because it is so easy to start a business.

Why do businesses work here?

The answer is simple: the high-level of education. Although in Singapore people started from the very bottom, the inhabitants have succeeded to specialize themselves in the domains that have lately been active. The government invested massively in education and training, resulting in a better prepared workforce. Singapore has some of the best schools in the world and their government has recently imposed introducing topics such as design to boost the creativity of the students, besides emphasising the qualities they already have. Of course, with a high degree of education it is quite normal to be prepared into anything that the future might have planned for you. The business sector is one of the most highlighted one, especially in school when teachers talk about entrepreneurship and make a goal out of it for the future workers of Singapore.