Singapore Facts Foreign Companies Appreciate The Most

There are several emerging nations where there is an increased activity by entrepreneurs

due to the number of business opportunities available in those nations. However, even though there are quite a few countries that have fast developing economies, most foreign companies seem to prefer Singapore the most amongst all nations. This is because Singapore offers them a business environment that is unmatched anywhere else in Asia or beyond. Some of the aspects foreign companies appreciate the most about Singapore are as follows:

1) Common Laws: Most governments from across the world have seen to it that there are different set of rules for foreign owned companies and local owned companies. However, in Singapore the ownership of a company does not matter. The laws are common and intellectual property rights are the same for each and every business organization. Even the company formation laws are same and there are no special permissions required. Business licensing requirements are the same and as long as a company is seen as a resident company regardless of ownership, all business incentives and tax breaks are available for all companies.

2) No corruption: Singapore was one of the first nations to achieve a zero corruption status in government agencies. Dealing with any government body is extremely transparent in the country and companies do not have to face unnecessary delays or uncomfortable situations due to corruption. There are also no delays in projects due to red tape or bureaucracy. This is one of the biggest advantages Singapore has over most other Asian nations.

3) Straightforward laws: This is another important advantage of doing business in Singapore over other nations especially in Asia. Foreign companies really appreciate the fact that laws are extremely straightforward and easy to understand. There are no complexities or ambiguities in the company laws and they are simple to interpret. Laws are not open to their own conclusions and hence every company is usually quite clear about the rules and regulations they need to follow and their own rights in the country.

4) Excellent Judicial System: Foreign companies in Singapore feel the judicial system in the country is quite exceptional and all legal cases are handled quickly and efficiently. There are no favoritism complaints by foreign companies and since laws are clear and precise in Singapore, it is easier to give judgment on most cases.

5) Long-term vision: Government of Singapore is known for its long-term vision. Even during the heights of the global economic recession or other financial crisis in the past, Singapore was able to withstand each of the situations and post a strong economic comeback. This is mainly attributed to the pragmatic laws in the country that take into account challenges for future growth and acts accordingly.

by: Bryan Wong

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