Why is Singapore a good location for starting your life over?

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Nine out of ten Singaporean workers are happy, according to a recent study in this field. Being ranked as the best country for opening up a business here, Singapore received a lot of prizes for the overall quality of life existent here. Their high quality education standards and the efficient medical system they lately implemented are just the initial factors that will make you want to visit this country in an instant. Singapore ranks as the second most globalized economy in the world.

Reports have shown that this country is the world’s most prosperous economy compared with any other location you may think of. The competitiveness in Singapore, especially in the business field, is the one that determines the level of productivity in this area. The process of registration of company in Singapore is very easy and efficient, making people eager to find out more about owning a business and being your own boss. Here are some other facts that will definitely make you want to start a life here:

Top salaries

Singapore’s economy is steadily increasing encouraging companies to hire as many highly qualified specialists as possible, regardless of their origin, attracting them with top salaries and profitable benefit packages. Of course, it is the same situation when it comes to encouraging people to start new businesses in different sectors. First of all, Singapore has a friendly set-up process for new companies, so it shouldn’t be complicated at all to understand what you have to do. If you are still in doubt, try reading more about any Singapore register company and see what you need in order to start your very own company.

Progressive tax system

Calculation and payment of taxes can be made online and takes about 30 seconds to file a tax refund request. Once you have obtained the residence permit, personal taxes are calculated from 0% if you have an annual income of less than $ 22,000 and up to 20% for revenue over $ 320,000. At the same time, non-residents pay a fixed rate of 15% of all earnings earned on Singapore’s territory, and if they gain an income from other countries, they are not subject to any tax.

Highest density of millionaires

With 8.8% of the population having over one million dollars, Singapore has the highest density of millionaires. Residence and work permits are obtained easily.With a population of only 5 million and worrying birth rates, Singapore is always interested in attracting new residents, new labour force to boost the country’s economy. If you have a job offer, you only need one click on the government website to get your residence permit. No rows, no bureaucracy. For business owners who want to move their business to Singapore or start-up entrepreneurs, it’s even simpler: the document is offered without any extra questions. If you’d like to find out more about this topic, don’t hesitate to visit the government’s website.


June 2022