India is a nation that is full of potential, and it has the world’s biggest economy; however, many new businesses are seeking a business establishment in Singapore. It is surprising that the previous trend was for start-ups to integrate their operations in Silicon Valley or Hong Kong. What is the reason behind this change? Let’s look at the causes as to the reasons Singapore has become Indian entrepreneurs’ go-to spot?
* Infrastructure and Facilities:
Singapore has an excellent connection to India, which allows us to get to the city-state in just 6 hours. Singapore is much easier to get to than many other cities in India in and of itself. In addition, the infrastructure in Singapore is an obstacle to the growth of a successful business. The world is becoming digital every second, and the internet connectivity options that are available in India are not up to par. However, Singapore boasts of the fastest broadband in the world. Additionally, it is a well-organized logistic transport system that is an additional benefit to the export and import industries.
The tax structure is:
Singapore also boasts of one of the best tax structures for business. In India, the tax rate on profits is 30-40 percent in India and the United States; in Singapore, it is less than 20 percent. Furthermore, Singapore does not charge taxes on dividends or capital gains. Also, it is the fifth-most convenient tax-paying country. In a country where India is not just the most expensive place to pay taxes that are high but is also difficult for you to make it pay, Singapore appears to be an attractive investment opportunity.
* Regulations for FDI and the most influential IP regulation:
Singapore is known for its stability in the political arena that means that a company doesn’t have to be governed by the dictates of the person in charge. In an environment in which Intellectual Property is guided with the utmost attention, Singapore offers investors assurance of security, while it is not the case in India. This freedom, coupled with one of the most prestigious Intellectual property rights around, gives a sense of confidence and confidence among business owners who feel it is easy to put their money into Singapore. Furthermore, Singapore is one of the nations that have the lowest corruption rate. They adhere to GAAP that is deemed to be more user-friendly as well as open.
Easy to do business:
It’s no surprise that Singapore has been consistently in the top position as the most accessible place to do business for more than a decade. It takes the shortest amount of time to start the business in Singapore, which can be further simplified through the use of online registration procedures that means there is no need for lengthy paperwork. Another advantage is that with registration, you can also handle tax obligations simultaneously. While in India, the registration process and tax process are two separate processes. Singapore has the perfect conditions in which entrepreneurs can concentrate on expanding their business, not get caught up in the hazy registration procedures.
If this weren’t enough of a reason, Singapore is influx with talent, which makes acquiring the right workforce an easy experience. In addition, there are a number of organizations that help to boost the growth of companies in Singapore. Some of them are Economic Development Board, Standards, Productivity, and Innovations Board, Accounting and Corporate Regulatory Authority, and SMEPortal.