When our intern Cathrine Hansen went to Singapore, she explored the options of starting a business in Singapore. She found some interesting facts about doing business and starting a business in Singapore and shared it with us.
Did you know that Singapore ranks 2nd worldwide in ease of doing business? Behind New Zealand, which is 1st in ease of doing business. The 2017 World Bank research has shown that several aspects of doing business in Singapore have improved since 2015, in areas such as:
- Starting a business
- Dealing with construction permits
- Registering property
- Paying taxes
Paying taxes has expanded to cover post-filing processes like tax refunds and administrative tax appeals. Moreover, Singapore ranks top, together with New Zealand, in protecting minority investors. It’s ranked second, behind South Korea, in enforcing contracts.
Singapore is simply a heaving of government reimbursements and grants for small businesses.
Overall, did you know that starting a business on average worldwide takes 21 days? But in Singapore it only takes 2,5 days. So, if you ever wondered how it would be for your company to expand to Singapore, then what are you waiting for?
That said, doing business worldwide is continuously becoming easier since governments increasingly take up key business reforms.