Singapore the commercial hub:
Singapore is the commercial hub of Asia. ASEAN (Association of Southeast Asian Nations) has ranked Singapore as the best commercial region in Asia. It is the fourth leading financial centre in the world. There are several reasons why Singapore has attained this height when it comes to business growth and commercial prosperity. One major reason is their market oriented economy that has rapidly grown and developed in the past few decades. Another major reason is the stable government in Singapore. With a stable government and no political turmoil, one would feel safe to start his or her business in Singapore. The government in Singapore is the seventh least corrupted one in the world. This is indeed a great feat for Singapore. Finally, the last but in no way the least, reason for the business growth in Singapore is their tax policy. A robust tax policy has made Singapore have the highest per capita income.
The highly urbanised society of Singapore is very conducive for business to grow. It is true that infrastructural costs are a bit high in Singapore but with ERP software like SAP Business One in Singapore costs can be greatly reduced. One can have all the departments’ data stored in one platform and not worry about having a big office with many departments and hiring many employees to perform various tasks. Thus a compact software suite like SAP Business One in Singapore is indeed like a great boon.
Entrepreneurs in Singapore:
As Singapore is suitable for business, it attracts many entrepreneurs and Being a sap partner can make one more competitive in terms of infrastructure. Both MNCs and small and medium sized businesses open their offices in Singapore. Currently some of the sectors that are thriving and attracting new businesses in Singapore are food business, electronics manufacturing and retailing business, transportation business, biotechnology business, digital marketing and advertising business, financial services business and even content writing business.
But there are a few guidelines that entrepreneurs must follow in order to have a hassle free beginning in Singapore, followed by a smooth running of their business in the future. First and foremost before starting any kind of work in Singapore, ensure you apply for an employment pass at the Ministry of Manpower. Also for you to apply for EntrPass, some of the guidelines to be followed are that the business must not be illegal and the company should be a Private Limited Company.