Singapore is one of the world’s most established financial hubs, operating as a cultural gateway between the East and West. Despite being just a small city-state, Singapore has proven to be an economic giant. Additionally, Singapore is moving towards being a top technology, science and media hub in the region, and also holds one of the world’s busiest ports.Much has been spoken about the many benefits of opening a company in Singapore. We shall go through some of them here again.
Benefits of setting up an office in Singapore
- Singapore is the 2nd easiest place in the world to do business
Accordingly to World Bank’s annual report , Singapore is rated as the world’s 2nd easiest place to do business. It takes you just 10 minutes to set a business up online! That’s less that the amount of time you would take to walk down to your nearest coffee shop.
- Singapore is situated in an ideal location.
Located right in the heart of South East Asia, Singapore is situated near growing markets within the region such as Indonesia and the Philippines. It is also a mere few hours away from cities such as Beijing, Mumbai and Hong Kong.
- Singapore has a strong stance on corruption
Singapore’s strong anti-corruption policy makes it easier for business owners to conduct business, and also ensures a fairer environment of competition for all.
- Singapore has relatively low tax rates
The taxation system that is most widely used in Singapore for corporate tax is the one-tier corporate tax system. Under this, the tax paid by the company on its chargeable income is the final tax that is paid. This rate has been fixed at 17%, but the effective tax payable might even be lower if companies make full use of government incentives and subsidies.
5. Vibrant Startup eco system
Singapore’s small size allows for a close knit ecosystem where several co-working offices and startup communities offer fire side chats, meetups, networking, exchange of ideas, and support to budding entrepreneurs and startups.
6. Talent Availability
Being rated as the best place to work and live by expats, Singapore has no lack of foreign and local talent. Companies have ready access to a huge pool of talent. However it remains to tough to procure engineering and tech talent in the city state. However the Singapore government is putting in investment to train more local tech talent to boost up the startup eco-system.
If you are not convinced , please check out the following:
Factors to consider when setting up an office in Singapore
While Singapore is already highly connected by a robust public transport system consisting of the MRT train system and buses, it is still advisable to choose an office space that is nearby an MRT station for ease of transport. Peak hour crowds can make the travel experience uncomfortable and frustrating.
Most of the popular office locations in Singapore are located within or nearby the Central Business District (CBD), the main financial and commerce area in Singapore.
Often see as the Singaporean equivalent of Wall Street, Raffles Place is home to numerous financial giants, professional services firms and multinational corporations. It also has the highest concentration of Grade A office buildings in Singapore.
A prime office address, Shenton Way is almost on par in significance with Raffles Place. It is flanked by gleaming modern buildings and skyscrapers.
Tanjong Pagar consists of a variety of both newer and more mature buildings, which also house a large variety of companies and organisations, ranging from advertising agencies to government institutions.
Orchard Road is a popular tourist attraction, and is known for being a thriving shopping and entertainment district. It is also very well connected by bus and MRT.
Located right next to Sentosa, Singapore’s beach and casino playground, Harbourfront is surprisingly a popular location for many companies, due to it’s proximity to the CBD. It is also where Singapore Cruise Center is located, allowing workers to travel easily to neighbouring islands and countries if need be.
The cost of renting serviced offices in Singapore can vary, ranging SGD 1000 for a 1 – 2 person workspace, to SGD 10 000 for a 10 person workspace. This will also vary depending on the location, as well as the kind of amenities and services that are provided by the serviced office.
Contact Our Singapore Office
Speak with our Singapore office specialist at +65 67089349 or email us at email@example.com to receive a free consultation and quote for your office needs in Raffles Place, Tanjong Pagar, Orchard Road or Harbourfront in Singapore.