Singapore is one of the best countries in Asia to conduct business and has become one of the richest countries in Asia with a GDP per capita of $65,233. Home to major industries such as electronics, petrochemical, and petroleum; Singapore is now an economic powerhouse in Southeast Asia. Due to the nature and size of the local market, the economy of Singapore is extremely export-oriented. Being a developed business hub in Asia, Singapore is an excellent starting point for those looking to do business with the rapidly growing Asian market but are uncertain of where to start. As English is one of the official languages of the country and is the most commonly used language across the island nation, you will be able to live and do business easily even without knowing another Asian language. As a multiracial country, Singaporeans are also extremely welcoming of people of different cultures, races and backgrounds. Therefore, you will not have to worry about facing discrimination or systematic prejudice should you move here. The benefits of moving to Singapore are endless and this article highlights the main reasons why you should consider moving to Singapore permanently.
Here are 10 reasons why you want to consider moving to Singapore;
- Economic Prosperity
A report by the Ministry of Trade and Industry (MTI) stated that Singapore’s economy expanded by 7.6% since 2021. MTI also stated that the forecasted GDP growth in 2022 will maintain between 3.0% and 5.0% in the coming years.
The consistent economic growth and conducive business environment have earned Singapore the titles of the most open economy in the world, the 3rd-least corrupt and the most pro-business place in World Economic Forum’s latest report. With one of the most stable economies in the world with no foreign debt, high national revenue and a consistent budget surplus, Singapore has seen an influx of foreigners. The number of foreigners working in Singapore has been steadily increasing from 1.37 million in 2017 to 1.43 million in 2019 before the pandemic. Although the numbers have plummeted due to travel restrictions across the globe, with restrictions easing across the globe and more easy travel into Singapore, this number is expected to increase soon.
- Efficient Healthcare system
The Singapore healthcare system is supervised by the Ministry of Health (MOH). Singapore provides universal healthcare coverage through a variety of financing systems, these systems include Medisave, Medishield Life and Medifund. Besides government-funded sections of the healthcare system, the private healthcare sector also plays an important role in Singapore. In 2014, Singapore was ranked the most efficient country in the world among 163 countries by Bloomberg. This high efficiency of Singapore equipped Singapore with the ability to smoothly run its healthcare system well. Singapore is also ranked as the 4th healthiest country in the world and the most healthy in Asia. In the ranking by the World Health Organisation in 2000, Singapore ranked 6th. With all the financial support and programs, it is no surprise that Singapore is now the best healthcare destination in Southeast Asia.
- Ease to start a business
If you want to start a business, Singapore is the perfect place for you. Many business owners regard Singapore as the perfect gateway to other emerging economies in Southeast Asia; mostly due to Singapore’s reputation as a financial and regional trading center with a highly-skilled and competitive workforce, pro-business environment (especially for start-ups), and enterprising economic policies. This is true even if you are not currently located in Singapore, though it will definitely be better if you are staying in Singapore to run your business locally. The process of starting a business in Singapore is efficient and convenient, often only taking a few days to complete the process of incorporation.
Safety will always be the most important factor for consideration. If you choose to relocate to Singapore, you will not have to worry about safety here as Singapore is one of the safest countries in the world. The low rate of corruption and crime level are the results of strict laws and rule of law in the country since its independence. The well-trained police force constantly patrolling public areas no doubt also contributes significantly to the building of the safety of Singapore.
- Career Opportunities
If you are looking for opportunities to advance your career in any profession, Singapore is a great place to begin. The myriad of industries and sectors in Singapore provides an abundance of career opportunities for anyone in any field. For example, if you are a medical student, Singapore offers substantial training and courses that are of world-class standards. Medical students can receive training in all-around spectrums of services from primary to organ transplants with a great package of salary.
- Cultural diversity
Singapore is an extremely diverse country with people from all parts of the world. Living in Singapore provides one with many platforms to meet people from different backgrounds and cultures. It will be an extremely interesting and eye-opening experience learning more about the different cultures and traditions. The great variety of cultural groups in Singapore also means more holidays! In Singapore, not only do we celebrate Chinese New Year, Hari Raya, Deepavali and Christmas, but if you have friends from other cultures, you may get the chance to celebrate other interesting festivals you may not know about previously!
- Great Infrastructure and Technology
Anyone who has visited Singapore before will most likely be amazed by the country’s efficient transport and network infrastructure. Not only is the public transport system extremely efficient with arrival time accurate to the minutes, but one can also expect to find free WIFI in most public areas from train stations to public libraries. Singapore’s Changi Airport is also consistently ranked among the best airports globally for the past decade further highlighting the fact that Singapore places great importance on its transport infrastructure.
- Low Tax Rates
The low tax rates in Singapore not only attract global investment and businesses but also leave one with more disposable income. This higher disposable income provides one with more financial means to buy products one desires. The tax system in Singapore is very attractive to both employees and employers as it is a progressive tax system. The maximum payable corporate tax is capped at 17%. Low personal and corporate tax rates in Singapore along with the ease of doing business in Singapore unquestionably make Singapore an appealing place to move to or start a business.
- World-class Education
The well-structured education system has enabled Singapore to consistently produce students that outperform their peers from other places around the world. The Singapore government has always recognised the importance of education. Public schools that make up the majority of schools in Singapore are heavily subsidised allowing every child to be able to afford school. The meritocratic grading system also provides students from all walks of life and background an equal opportunity for a better future. Furthermore, the well-designed curriculum allows students with different talents and interests to explore their areas of interest while ensuring students have the necessary skill sets should they choose other education pathways. The corrupt-free and transparent education system and highly skilled workforce have also the public universities in Singapore to continuously rank highly among world-renowned universities globally.
- High Standard of Living
The great tax rates, healthcare, infrastructure, education systems and other factors mentioned earlier all add up to create the high standard of living in Singapore. Although Singapore is small in size, you can find almost anything from around the world in Singapore from global cuisines and cultural experiences to a healthy lifestyle.
So what are you waiting for? Instead of just travelling to Singapore for a holiday, why not consider making Singapore your home!
– Written by: Patricia Shareleen and Fang Wenting, Cayman Management Consultants
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