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Singapore financial matters rule the World

16 Oct Posted in Business

 

The state of Singapore which is known as a very quiet region has seen a large-scale development with ensembles of megalopolis that attracted the most famous brands in the world. For years, the abundant shopping centre of Singapore has been known as a sleepy region in Asia, a place to live and work without all the glitz of the biggest financial capitals such as Hong Kong, London or New York. But this image was about to change: Singapore slowly became a state that no one can longer ignore. Their central business sector went through the biggest possible improvement of this generation. The business field in Singapore is constantly growing and offers its potential participants a great variety of options when it comes to starting a new business. The best idea you can have right now is to incorporate company in Singapore. Even though it might sound scary to take your life from the beginning and build something in a foreign country, here is why it is totally worth it:

  Singapore financial matters rule the World

Opening a new business takes no more than a few days

According to the World Bank, Singapore is the number one country for starting a new business from scratch. Opening your own business is done mostly online, and the registration costs no more than $ 65. Moreover, ACRA (Accounting and Corporate Regulatory Authority) offers a vast list of agencies and suppliers to handle your business registration needs – from the definition of the business concept to the preparation of all documents for calculating annual earnings. If you’d like to learn about this topic, call us to find out more.

Crime and corruption is basically inexistent

After overcoming a long session of reforms, Singapore has become one of the countries where corruption is almost inexistent. As early as 1952, the Investigation Office harshly prosecuted cases of corruption, illegality punished by long-term imprisonment or huge fines of up to $ 100,000. The same sanctions also apply to any minor offense happening around. Security is very strict on this island, so neither tourists nor residents should worry about theft or other things that might be immoral. Annually, Singapore attracts over 10 million visitors. In addition, thanks to the online system implied, you can obtain your papers in no time and just a few clicks.

You can become a millionaire in less than ten years

Sounds tempting, doesn’t it? According to a recent report by the Boston Consulting Group, more than a half of the Singapore population has accumulated impressive amounts of money in less than ten years. Currently, this state has the highest density of millionaires in the world, with 8.8% of the population owning over one million dollars at a time. The phenomenon is explained by the ease of starting businesses in Singapore, plus the advantageous location including easy access to the booming markets of India, Indonesia and Malaysia, as well as the progressive technologies implemented in this country.