Why do Indians start their business in Singapore?

India is a country full of promise, it is the largest economy in the world; but surprisingly, many startups are looking for a business start up in singapore. Surprisingly, the previous trend involved startups integrating their businesses in Silicon Valley or Hong Kong. What precisely caused this change? Let us explore the reasons why Singapore has suddenly become the destination for all Indian businessmen.

• Infrastructure and Facilities: it has a well-connected route to India that allows you to reach this city-state in approximately 6 hours. Singapore is easier to get to than most places in India. In addition, the infrastructure of our country acts as an obstacle in the way of good business. The world is getting digitized by the second and the internet facilities available in India are less than satisfactory. On the other hand, Singapore boasts of the fastest broadband services in the world. In addition, it has a solid logistics transport system, which is an added advantage for the import and export sector.

• Tax Structure: Singapore also boasts of having one of the most ideal tax regimes for businesses. While the income tax rate is between 30 and 40% in India, in Singapore it is less than 20%. Also, Singapore does not charge taxes on dividends and capital gains. It is also the fifth easiest place to pay taxes. Where India not only charges a high tax but also makes it difficult to pay, Singapore seems like a lucrative opportunity then.

• FDI regulations and the best IP regime: Singapore is known for its political stability, which means that a business does not run according to the whims and fantasies of the controlling power. In a world where Intellectual Property is carefully guided, Singapore offers investors a sense of security while the same cannot be said for India. This freedom, coupled with some of the best intellectual property rights in the world, creates a sense of trust and certainty among business owners, who find it easier to invest their money in Singapore. In addition, it is also one of the places with the least corrupt economy. They are GAAP compliant, which is noted to be more user-friendly and transparent.

• Ease of Doing Business: It’s no mystery that Singapore has consistently ranked #1 for the easiest places to do business for over a decade. It takes the least amount of time to set up a business in Singapore, which is further simplified by the use of online registration procedures, which means no years of endless paperwork. Another advantage is that along with the registration one can also take care of the tax work at the same time. Whereas, in India, registration and tax procedure are two separate procedures. Singapore offers ideal conditions where entrepreneurs can focus on growing their business instead of getting bogged down in a confusing registration system.

If this wasn’t reason enough, Singapore is awash with talent, making recruiting skilled labor an effortless experience. Also, there are many agencies that support the growth of companies in Singapore; some of these include the Economic Development Board, the Standards, Productivity and Innovations Board, the Accounting and Corporate Regulation Authority and SMEPortal.