Struggling to push thru your business idea that shows potential – due to probable Singapore-based competitions? Find the guts to just do it. Keep on reading.
You might be in one of the most business-centered countries in the world, but it doesn’t mean that Singapore has no more room left for a startup venture with a promising business plan. A growing number of SMEs can attest that a small business in Singapore has the capability to advance competitively in the field. So, keep your head high – take note of these fascinating reasons to go forward and bring your entrepreneurial idea into existence.
- ‘No Red-Tape’ Government
Singapore is indeed a model nation in terms of governance. Its leadership has proven a track record on zero corruption since its founding leader, Lee Kuan Yew. This makes all government-related processes, including opening an enterprise, almost effortless and with very minimal costs. Most of your business fund allotted for government permits and other related papers can go elsewhere that will benefit your enterprise.
- Assured Startup Support
Aside from the painless business startup procedures, the state and the banks can also provide aid even in terms of your working capital. You can accessibly get assistance for business loans, whether government-assisted or bank-financed, depending on your need and capacity to pay. Your startup SME can begin instantly with a business loan Singapore can facilitate for you. Financial enterprise support is one less thing to worry about.
- Straightforward Incorporation Procedures
As mentioned earlier, Singapore is a ‘Zero Corruption’ nation. The state has taken out all the unnecessary steps to register a business. With that, its streamlined incorporation procedures will give you only less than a day to finish the whole process. You can begin your venture in no time!
- Allowed Foreign Ownership
In case you are a foreigner who sees great potential in the Lion City and therefore, decide to invest here, you are very much welcome. Singapore allows foreigners to own a company without restrictions on investment capital. You also have the liberty to distribute ownership, depending on the applicable assets.
Moreover, foreign currency movement is practically permissive, making business operations and flow of funds more accessible. So even if you have a store online or deliveries abroad, hassle-free transactions are guaranteed. With this, even buying and selling overseas for a locally based online business Singapore has made transactions less complicated.
- Guaranteed Power Economy
The Lion City is indeed a king in the urban jungle. Aside from its close-to-zero unemployment rate, Singapore also maintains low inflation and a growing GDP. In terms of exports, the country has almost S$500B worth of trade abroad annually. With its very strong and steady economy, it has the capacity to support the businesses within its borders during this pandemic.
Imagine all the opportunities that you can grab once you take the chance of making your business plan a reality in the Lion City. So, as you find the guts after reading this, push forward and begin your entrepreneurial journey in Singapore.
