Despite the ongoing pandemic, businesses are still looking for ways to prosper with many implementing methods to sustain themselves while others look to capitalise on the increase in demand for niche products and services. Singapore has seen an increase in new businesses establishing their roots here. Besides Singapore being ranked the top 2 in the World Bank “Doing Business 2020” report, Singapore has also been one of the most efficient countries in handling and containing the pandemic. With all these taken into consideration, let us venture deeper into why you should start a business in Singapore in 2021.

Setting up a base in Singapore is highly ideal for new businesses due to these reasons:

1) Excellent Tax Benefits

Singapore has one of the lowest corporate tax rates in the world which is a huge incentive for businesses. With tax exemptions of up to $125,000 for the first 3 years, many businesses can save costs and allocate these resources to grow their business further.

2) Strong Government Support and political stability

The Singapore Government has multiple incentives for new and small businesses. These include grants and platforms to assist businesses to scale, innovate and internationalise.

Recently, the government funded $200 million dollars for tech startups despite the pandemic slowdown. This is to help these startups to sustain and adapt through the economic slowdown.

3) World-class infrastructure

One of the main reasons to start a business in Singapore especially in 2021 would be due to the country’s world-class infrastructure. Their focus centralises on spurring socio-economic growth. Growing the country economically involves supporting businesses along with implementing efficient delivery of information, goods and service. Social growth is also crucial by increasing the country’s standard of living and improving its education system. Singapore is also known for its healthcare and leading transport system – boosting business productivity overall.

With reference to the recent COVID-19 pandemic, Singapore has proven itself to be an exemplary model of a country that’s highly adaptable to global crises, thanks to the country’s efficient and quick allocation of necessary resources, infrastructure and leadership.

4) Strong labour force

Due to the lack of natural resources, a tiny country like Singapore could only invest in its people. This brought about a meritocratic education system that is compulsory – providing everyone with equal access and opportunities in gaining an education.

With a highly trained and educated population, this gives businesses access to more talents locally. The government also provides funds and training programs to assist local workers in upgrading themselves thus adding value to businesses.

5) Diverse and high technology adoption population

Still having doubts about starting a business in Singapore? Well, in a recent report by IMG to rank countries based on technological strength – Singapore was ranked 2nd just under the United States. This report takes into account the internet, smartphone and LTE penetration in the population. They’re also weighed against their overall tech knowledge, the future readiness to adopt new technologies and the ability to innovate.

With a high adoption rate for new technologies, businesses can better digitalise and accurately measure the performance of their campaigns, services and products in an emerging market.

 In part of the efforts to digitalise, the government is also providing grants of up to 80% for small and startup businesses to adopt tech solutions to improve their business processes. This ranges from e-commerce, ERP systems, HR solutions and many more.

6) Ease of access to other neighbouring countries in the SEA region

Due to its strategic location, Singapore is one of the busiest seaports in the world. Deemed the Maritime Gateway to important Asian markets, Singapore provides connectivity and accessibility to businesses looking to expand in neighbouring ASEAN countries. With low risk of natural disasters, world-class infrastructure and the top airport in the world for 8 consecutive years makes Singapore an ideal location for many different businesses; both local and international.

Now that we’ve taken a look at the benefits of setting up base in Singapore, the next step would be using these benefits to your advantage! To start growing your business, you would require hiring the right people as well as implement systems to manage, motivate and retain these talents. With so many processes, it may be daunting to manage all these single-handedly.

At Talentspot, we help you manage your HR systems and employees. Our service ranges from implementing HR policies, compensation, motivation, hiring, onboarding and retention. We provide personalised services to businesses depending on their HR needs – giving businesses the time and space to focus on core business processes while we manage the rest.

So now that we’ve told you reasons on why you should be setting up a base in Singapore, it is your turn to ask who you should start it with! Get in touch with us to learn more on how Talentspot can help grow your business!