Why Singapore is the Best Place for Foreigners for Starting a Business in 2020

Posted by InCorp Global on February 11th, 2020

Have you heard of the tiny red dot? Being a really small country on the map, Singapore is often mistaken for China; but believe it or not, it is a country on its own. Ranked as the 2nd best country for ease of doing business after New Zealand in 2020 by the World Bank Group, Singapore 

Lying somewhere near the equator, Singapore is an island encircled by neighboring countries such as Malaysia, Thailand and Indonesia. With a unique multi-racial cultured environment, here are some reasons that will make you want to pack up your bags spontaneously and move to Singapore:  

1. Vibrant & Resilient City

Singapore is renowned for having impeccable infrastructures. From having the world’s best airport to outstanding orderly systems, Singapore has produced an ideal home for locals and many foreigners. 

In its effort to provide a stable economy, Singapore has resiliently overcome financial crises and continues to perform remarkably well with low unemployment rates. The implementation of friendly business policies have also garnered a lot of attention and brought in many foreigners to start up business in Singapore. 

2. Safe & Secure 

One of the best advantages of living in Singapore is the ability to roam the streets and head out at night without having to worry about being unsafe. With one of the lowest crime rates in the world, Singapore continues to implement measures to keep both our local and international residents protected. 

Surrounded by many friendly neighbors, communities and security in every district, one can be assured that being isolated is rare. 

3. Grants availability for Singapore startups 

Incorporating a business in Singapore and applying for grants is quite easy. Singapore has grants for startups (startup SG founder, startup SG Tech), for Local companies and for partners 

4. Hiring Locals or Foreigners for business 

Singapore welcomes an abundant pool of foreigners to relocate to Singapore, providing simple and easily retrieved Singapore employment visas. Almost one-third of its population is formed by foreign talent, thus creating a very dynamic and inclusive international community. There are also many opportunities presented for internationals to interact such as events and festivals that cater to the diverse cultures. 

Besides, do you know that you can hire employees in Singapore without having to set up a local company? Services such as Professional Employer Organisation (PEO) and Employer of Record (EOR) are available to assist you in HR matters - recruitment, payroll etc. This will help entrepreneurs focus on expanding their businesses. Here, you can find the benefits of engaging such seamless services. 

5. Language or Slang-uage? 

As English is one of the national languages frequently used in Singapore, the language barrier is not an issue and many entrepreneurs have the ease of communicating and carrying out business deals. 

Engaging with local Singaporeans is not that difficult, as long as you are able to understand the “Singlish”-Singaporean English slang. Commonly spoken and heard in every imaginable location, from hawker centres to public transports and to office settings, it will not take long for foreigners to adapt to the slang. 

Be prepared to add “lahs”, “mehs” and “lors” in every possible sentence structure. Nehmind - fret not aka never mind, there are online guides available.  

6. Quality of Life 

Singapore has formed high standards of living with constant provision of daily necessities and amenities. 

Though the cost of living may be high in Singapore in terms of housing, cars and healthcare, the convenience catered for residents is a huge plus. There are shopping malls, supermarkets, movie theaters, gyms and more shopping malls in every neighborhood. 

Residents do not need to travel far to get what they need, be it entertainment or a restaurant to hang out at for supper. Most foreigners are utterly in disbelief when they find out about the prices of cars in Singapore, however, there are train (MRT) stations located in every neighborhood making it super accessible and cheap for residents to travel to and fro. 

For those looking to make an international change, Singapore is a destination where you would not have to worry about losing your lifestyle or sanity. 

Don’t wait till it's too late, get started with your next business move. You can speak with us to find out more.