Are you looking to open up a business in an international location that promises growth, potential, and excitement? It can be a difficult search as there are plenty of great contenders all around the globe, but time and time again, it’s Singapore that tops the list as one of the best places for thriving businesses to put down roots. Often referred to as Southeast Asia's ‘economic powerhouse, Singapore is a massive financial capital. It has become a high-tech business center appealing to a wide array of industries.

So, let’s take a closer look at the many benefits of setting up a business in Singapore, as well as some tips and guidance on how to ensure your business succeeds.

Take Advantage of the Tax Benefits

Because you want your business's profits to be as healthy as possible, finding a location that offers incredibly tax benefits can be very appealing. This is a box that Singapore definitely checks off, as the corporate tax rate is 17%. That is among the lowest corporate tax rate in the entire world. Add to that the many tax exemptions businesses can take advantage of and suddenly, the profits can become a lot healthier.

If you plan to also live in Singapore to operate your business, you'll be able to enjoy low personal tax rates as well. Obviously, they are based on your income bracket and range from 0%-22%. Compare that to the United States, which has seven tax brackets for the 2019 filing year that range from 10%-37% - it is a massive difference.

Consistently Deemed an "Easy Place to Do Business"

Singapore has made quite a reputation for itself in the business world, and because of that, it is known as a very easy place to do business. In fact, the World Bank ranks it number one for the easiest place in the entire world to do business.

Enjoy a Modern and High-Tech Lifestyle

Singapore itself features some of the most beautiful architecture and intriguing history, but there has been a real shift in the past couple of decades. Today, you'll find a lovely mix of the past and the modern future, with skyscrapers and busy metropolis streets.

It Can Act as a Gateway to Asia

If you’ve been wanting to break into the Asian market but are feeling hesitant or overwhelmed with just how different the market will function, Singapore can act as a welcoming gateway. So much of what happens in Singapore will feel familiar to those living in the United States or Europe. You can thank the legal framework for this point, which, of course, uses the British system since Singapore is a former colony.

Tap Into Impressive Talent

And let’s face it, Asia has some of the most talented people in the world, and what better way to tap into that talent than by setting up shop in the destination itself. The talent you find can help to shape the direction of your company, help it to stay competitive, and truly take over the marketplace/industry in which it resides.

It should be noted that there is a strong emphasis on tech talent here, so if you occupy a space in this industry, Singapore features fabulous opportunities.

Impressive IP Protection

For those who worry about intellectual property protection, again, Singapore can be a safe haven. This can be attributed to the strong legal framework and the fact IP is protected by the World Economic Forum.

Tips for Setting Up a Successful Business

If you’re convinced Singapore is the place to set up your business, the next step is to create a plan. Ideally, you want to be in one of the markets that are experiencing growth at the moment; these include industries like biotechnology, agriculture, electronics, freight, and courier services, sustainable or clean energy, digital marketing, and aerospace and aviation.

From there, it’s time to find the top talent in the industry to ensure your business can achieve its goals. One option that can alleviate the need to set up your own subsidiary in Singapore is to use GlobalPEO, globalpeo.com, a Singapore PEO. GlobalPEO offers employer of record services for businesses that want to be able to recruit, hire, and operate payroll without actually having to set up a subsidiary.

This Singapore Employer of Record or Singapore EOR will look after all of the hiring, being sure to follow the labor laws that apply locally and, of course, any cultural customs in that area. Once employees are hired, they will report and communicate to you, yet GlobalPEO will continue to act as the in-country HR department. This can be ideal if you don't plan on moving to Singapore.

Singapore Continues to be a Global Player

So, if you’re looking to break into the Asia market and aren’t sure of where to start, consider Singapore as that ideal destination.