Top 10 Reasons Why Singapore is a Great Location as Your Fulfilment Centre If You’re Wanting to Distribute Your Products in Asia
ave you ever thought of the best place to do business? Well, probably, many countries would argue that theirs is the best platform to enter the business world. Nations have been constantly trying to maintain a rich milieu for businesses, because that’s what fuels many business firms to maneuver, without that, businesses will operate elsewhere.
To support many businesses in deciding where to expand internationally, specifically in Asia, we want to sell you Singapore. Here are the top 10 reasons why Singapore is the best fulfillment center if you’re planning to distribute your products in Asia
1. Attractive tax regulations
Personal tax laws in Singapore is undoubtedly high but that only applies to Singaporean resident. Singapore offers reasonable corporate tax rates specifically for international businesses. Moreover, for the first 3 years of chargeable revenue, non-resident companies are excused from taxes. The Singaporean government also presented “Double Taxation Avoidance Agreements,” which guards traders from amassing taxes on incomes through overseas. A law that is ideal for US companies too, since lesser taxes on merchandises correlates to lower costs for you.
2. Singapore’s court system is fast and reliable
Resolving business disputes in Singapore’s court system typically takes around 150 days, which is the shortest period worldwide. The cost of the same is 26% of the claim’s value, which is considerably low compared to the fellow Asian country like Myanmar who ranked 167 out of 189 economies, where it takes 3 years to resolve a dispute and the fees run more than fifty percent of the disputed value. However, in the United States, it takes 420 days to resolve such a dispute, and the price is more than thirty-one percent of the claim accordingly.
3. Singapore places 2nd Most Globalized Economy in the World
The Global Competitiveness Report of 2014 to 2015 named Singapore as the 2nd thriving economy worldwide. In addition, the World Bank considered Singapore as the easiest place to start, run, and do business as it continues to be the economy with the most business-friendly and secure environment worldwide.
4. Applying for a work or residential permit is very simple
Singapore’s population is at 5.6 million only. That’s why Singapore is seriously interested in welcoming new residence, skilled workers, and putting up of new businesses that will be of great help to support its growing economy. Request for a working permit is also made easier in Singapore compared to other countries.
5. Singapore is rated #1 as the best labor force in the world
Singapore is equipped with qualified and skilled laborers who can communicate in English fluently and conforms to universal standards that will be of great help to your business.
6. Complete political stability
The Singapore administration is very renowned for leading open and fair rule to constantly presenting tax relieves, new laws and regulations that will enhance the country’s business environment through the succeeding years.
7. The adaptation process is easy
If you’re also looking forward to residing in Singapore, the adaptation process is easy. Singapore is at 5.6 million population which is a well mix of Singaporean, British, Chinese, Indian, and Malay cultures. 42% of its people are non-nationals. English is their first language so rest assured that you won’t have to worry about the language barrier. Singaporeans are usually comfortable and hospitable to mixed immigrants.
8. No corruption and Minimal crime reports
Singapore is considered the safest country and the fifth least corrupted nation worldwide. Residing and being employed in Singapore will give you a peace of mind that your business is in good hands as well as not worrying about your stuff being stolen nor your life at risk. Nevertheless, putting up a business in Singapore doesn’t demand for any kind of “special networks” since everything undergoes legal and administrative dealings.
9. Earning millions is not impossible
New to the business world? Worried about bigger corporations? Not anymore. Statistics have shown earning millions is doable and realistic in Singapore. In fact, rich Singaporeans affirmed that they became millionaires within ten years.
10. Travel Hub
Work can be very stressful sometimes. However, residing in Singapore offers you many options to unwind and have a break with all work-related stress. Exotic travel havens like Indonesia, Malaysia, and Thailand are very accessible, too. The drawback of residing in such a great location? Well, probably, you’ll run out of annual leave!
CONCLUSION
Over the past few years, a small southeastern country has maintained the name of the “World’s Best Place to do Business”. Singapore consistently upholding this title for a decade now. According to many economists, Singapore is the perfect place for local and international businesses to operate.
Meanwhile, many businessmen all over the world are considering Singapore as their fulfillment center due to the ease of doing businesses here and being a profitable location with above average potential of growing and expanding their business.