The island-based city-state of Singapore is ranked 2/190 for Ease of Doing Business, and it’s not hard to see why.
Singapore is the 5th largest recipient of FDI in the world, it’s main investors being USA, Cayman, BVI, and the Netherlands. Financial and insurance activities account for 53.4% of foreign investment, followed by wholesale / retail trade and manufacturing.
The government actively promotes the country as a R&D / innovation centre by offering tax incentives, research grants, and partnerships with domestic research institutions – and is working to maintain an attractive tax regime for business, offering tax reductions and facilitated loan conditions alongside other benefits.
Singapore has a solid banking system and financial infrastructure, telecoms and transport are both excellent, and its strategic location at a crossroads for shipping and air travel has made it a major trading hub.
But it’s not all good. Being a trading hub comes with a massive economic dependence on exports, making it vulnerable to economic downturns. Obtaining work permits is becoming increasingly difficult, though manpower is urgently required for Singapore’s tech sectors. Add a lack of tariff protection, high excise levies on cars and petroleum products, limited freedom of speech, and some key sector monopolies – it’s not all easy on the island.
On the plus side, though, Singapore’s workforce is one of the best qualified in the world. It’s diverse, flexible and open to international business. The workforce includes many ex-pats, so much so that the government has recently introduced programs to partially subsidize the cost of recruiting, hiring, and training local Singaporean staff.
AUXADI can become your ideal investment partner in Singapore. From our office, located in Singapore, we offer a One Stop Shop value added Outsourcing services in the areas of Accounting and Reporting, Tax Compliance, Payroll Management and Representation services, among others.