Singapore has been widely known for its multi-culturalism, its thriving economy as well as its healthcare and education system. Despite being a ‘small red dot’, Singapore has found ways to put herself on the map for investors who are looking to set up a company, professionals looking for employment opportunities, and individuals who wish to migrate to the city-state!
Singapore As a Business Hub
Singapore is the one of the top business epicentres in the heart of Asia. Some of the reasons why Singapore is acknowledged as a global business hub is because to its developed infrastructures, political stability, efficient workforce, and the use of English as the main working language.
Over the years, Singapore has peaked in multiple international surveys and some of them include:
#1 Best business environment in the Asia Pacific and the world: Business Environment Rankings
#1 in the Asia Pacific and #5 in the world for Best global innovation
#1 in achieving human capital (knowledge, skills, and health) in the world
#1 in Asia for effective governance and enforcement of rule of law
#2 in the world for the easiest place to do business
#4 in the world for the least corrupt economy
Why Live & Work in Singapore
There are various reasons as to why Singapore is one of the most appealing country to live and work.
Apart from ‘Small Red Dot’, Singapore is also known as the gateway to Asia. Located in the central of Asia’s market and a short plane ride away from Southeast Asian countries, there are plenty of opportunities to do business with these countries.
Ease of company in corporation
Tired of constantly having to do paperwork and procedures just to set up a business? In Singapore, there are no frills and it’s a straightforward process when it comes to incorporating a company.
FUN FACT: Singapore is ranked 2nd when it comes to ease of starting and managing a business. According to the World Bank, the incorporation process only rakes one day when all documents are provided.
Complete company ownership
Do you want to have full control over your own company? Any foreigner in Singapore can set up their very own company without a Singapore partner! This way, you can decide on the capital structure that best suits the business.
Low corporate tax & Personal Income Tax
Nobody likes to be taxed at exorbitant rates and hence, Singapore has capped its corporate tax rate at 17% which acts as an extremely attractive proposition for any business owners!
For personal income tax, it is dependent on your tax residency status and your chargeable income. If you are a foreigner who stayed/ worked in Singapore for more than 183 days, you will be treated as a tax resident in Singapore for a particular year and the highest personal income tax rate will be placed at 22%.
Communication is an extremely important factor when it comes to doing business with customers. With a diverse mix of races and religions in Singapore, adapting to the city-state should be seamless.
TIP: Before setting up your company as a foreigner in Singapore, you must attain a visa – such as an Employment Pass, EntrePass, or Tech.Pass. Check out the differences in our article!
The Singapore Culture
Home to a wide range of cultures, ethnicities and religions, Singapore harness diversity that is unique. Today, Singapore’s residents comprise of the Chinese, Malays, Indians, Eurasians, and Peranakan communities.
FUN FACT: The term ‘Singlish’ has been formed by mixing all languages and it has since became another main language that every local citizens use with friends, family and co-workers!
In Singapore, it does not matter what festival it is, all ethnicities and religions that call our cities home celebrate together as one Singapore. These festivals as such includes Chinese New Year, Hari Raya Aidilfitri, Vesak Day or Christmas – learn more about these festivals here!
Singapore Education System
Another reason why Singapore is such a popular country is because of its world-class education system. Some of the reasons why Singapore has a strong reputation in the education field are:
Transmission of conventional knowledge Worksheets, textbooks, mastery, and understanding of processes and procedures are well emphasized on in all Singapore schools.
Emotional and social support In every Singapore school, there will be at least a school counsellor that works closely with the management of the school to ensure the wellbeing of students. Counsellors are able to identify students who are at high risk in emotional and social areas and provide the necessary support.
Well-trained and best-in-class teachers Every teacher in Singapore has to be trained in the National Institute of Education (NIE) before being qualified as a teacher. Trainings in the NIE are specially provided for the specific subjects that the individual wishes to go for and it emphasizes on the mastery of that subject’s content.
Singapore Healthcare System
Singapore has one of the best healthcare services and facilities in the world. Healthcare services are also easily accessible island-wide. The government has strategically located various health facilities around Singapore. Some of them include:
For the full list of all the types of health facilities available in Singapore and their location, you may head over to the Ministry of Health website.
Following the government guidelines closely, there are only three types of medications in Singapore, which include:
These medicines require a doctor’s or professional’s prescriptions before the issuing of them, otherwise it would be considered illegal.
These medications are available only at certain drug stores and can be sold only by qualified pharmacists.
General Sales Medication
These medications can be seen/bought everywhere including retail stores such as ‘Watsons’ or ‘Guardians’
When it comes to moving to Singapore, whether to live, for work, or even set up a business in Singapore, there are many considerations before making the right decision. Let us help make the transition seamless for you!
Yes, one of Singapore’s most well-known tax policies is that of the lack of taxation on capital gains. This policy was put in place to encourage the undertaking of business ventures in Singapore. Thus, it has contributed to the country’s economic development.
Can I bring medicine on the plane in a cabin baggage to Singapore?Tommy2021-09-15T11:45:10+08:00