We live in an age of global thinking and global business. But for companies just starting to expand internationally, it can be a challenge to know where to start. We’ve done some research and are ready to show you why Singapore could be the best country in Asia for you do to business.
Expanding your business to the global market is an intimidating thought. Regardless of the industry, questions arise about where to do business; what part of the world will be easy, profitable, and pleasurable to work with? According to the latest Doing Business rankings from the World Bank Group, Singapore is the number one easiest country in the world to do business. Here is a quick breakdown of why.
It is easy to start a business and register property in Singapore
According to Doing Business, it takes less than three days, and three easy steps to create a new business entity in Singapore. Registering new property takes very little time, as well, and most steps can be completed online.
Taxes are significantly lower in Singapore
In the UK, taxes will cost a business approximately 32% of their annual profit. In most East Asian countries, it’s about the same, with an average of 33%. In Singapore, though, that number drops dramatically – business owners will pay a tax rate of just 18.4% of annual profits. That’s a huge benefit of doing business in Singapore!
Trading across borders is easy
Singapore has 14 different Free Trade Agreements in place, which helps cut costs and time spent on importing and exporting goods. The paperwork alone would save a whole roll of red tape; document compliance takes approximately an hour’s worth of work, according to Doing Business, whereas in the rest of East Asia, it can take 70 hours!
Cultural and language barriers are easy to cross, too
One thing some companies dread when expanding internationally is the work involved in adapting to a new language and culture. Because it is a very young country (it became independent from the UK in 1963), Singapore is very diverse in culture and language. It has four national languages – English, Mandarin Chinese, Malay (Malaysian), and Tamil. 80% of Singaporeans speak English, although only about 1/3 speak English at home.
The majority of Singapore speaks Mandarin as a first language, and so doing business in Singapore is aided greatly by being able to translate documents, presentations, and meetings into Chinese.
Voice over agencies and translation companies are able to provide useful foreign language voice over services, as well as audio and video translation, to make doing business in Singapore even easier. Look for an agencies that provides multilingual services. In Singapore you will need promotional material translated in Mandarin Chinese, as well as Malaysian and Tamil, so your business will be able to cover all its bases.
Doing business in Singapore is a smart decision
With all the benefits mentioned above, it is clear to see why Doing Business named Singapore the easiest country in the world to do business. If your company has been considering expanding to a foreign market, Singapore is a smart way to go. Get a free personalised quote on translation services, and start planning for a more global business today.