Singapore is the financial hub of Asia, located in both East and West. In fact, it has consistently been praised as a land of opportunity and a country certainly worth considering relocating as an expatriate. Between the beautiful weather year-round and the openness of Singaporeans to foreigners, along with the low unemployment rate, non-existent corruption (compared to other Asian countries) and attractive tax rates for individuals and businesses. Therefore, for individuals, investors and global businesses, moving to Singapore is an ideal and desirable option. Here are 5 reasons why Singapore is the perfect place for any foreigners who want to live and work abroad.
1. Singapore has a high quality of life in Asia
Singapore is continuing to improve the living standards of its residents with greater connectivity and resource sustainability. Indeed, Singapore has ranked first as the country with the highest quality of life in Asia, with the highest-ranking for personal safety. Following Singapore topped the list were Japan, Hong Kong, and Seoul according to Mercer’s 21st edition of the survey based on 39 factors that included political stability, healthcare, education, crime, recreation, and transport. These not only benefit Singaporeans but also make the city the most attractive destination for foreign talents.
Besides, Singapore has one of the best healthcare systems in the world, with advanced medical facilities and well-trained doctors. However, this comes with a high price and because health care in Singapore is very expensive, highly discouraging foreigners to obtain private health insurance.
2. Singapore provides a pro-business environment for expatriates
Singapore retained its place as the second easiest place to do business on the World Bank Doing Business Report, coming after New Zealand for the third consecutive year. Singapore’s international trade links, attractive tax structures, investor mechanisms, advanced infrastructure, a competitive workforce, and a strong economy make Singapore one of the best in the world to do business.
In addition, Singapore ranked first because of easy contract performance, with Korea ranked second. In terms of ease of tax payment, Singapore has risen one place to eighth since the 2018 survey. Singapore continues to hold the top ten positions in areas that investors are most interested in – protecting protect shareholders’ interests, enforce contracts and maintain a tax-friendly business environment.
Whether running your own business or looking for a job with an existing business, Singapore has a business environment that is a highly educated and motivated workforce, so finding Earning top talent to win is a problem. On top of that, moving your business has an extremely simple process.
Getting a work permit is as easy as filling out the online form and waiting a few days for your decision. Despite a very talented workforce, the population of Singapore has only 5 million people making them aspire to acquire foreign talent, which leads to a high acceptance rate in their work permits and high average wages.
3. Singapore is a safe country
Singapore, with a very low crime rate, remains one of the safest countries in the world. This is largely due to their strict penalties for bribery, drug offenses, cheating partners,… which can lead to years in jail. Traveling Singapore alone at any time of the year is considered safe, regardless of gender – this is also true for the safety of children, this is an attractive quality of Singapore for families.
Singapore has a strong legal system and comes with strict punishment. All individuals in Singapore must obey the laws of Singapore. Moreover, Singapore’s judicial system has been praised as one of the most effective systems in Asia. Anti-corruption laws are strongly imposed, thus allowing investors to conduct business without fear of bureaucracy or instability.
4. Singapore has a low tax rate and an attractive tax structure
Singapore is known worldwide for its attractive tax regime. Investors and entrepreneurs are always drawn to attractive tax rates, tax reduction measures, no capital raising tax policies and a network of Avoidance of Double Tax Agreements (DTAs), among other ideal tax incentives.
Also, Singapore’s personal tax system is very simple compared to most of the world and requires individuals to pay nominal tax rates compared to many other countries.
5. Singapore is a land of happiness lifestyle
In addition to career and business opportunities, Singapore offers multiple options for recreation and leisure. It is a multicultural mecca bustling with art festivals, theatre fares, sports attractions, tourist destinations and a range of interesting activities for residents and visitors alike.
Singapore’s geographic location is another asset. The city is ideally located between Malaysia and Indonesia and close to many other destinations such as Thailand, the Philippines or Cambodia. If you are fond of hiking on volcanos or relaxing on sandy beaches, you can travel to many countries, even when on a budget.
Traveling around by bus or the MRT is both very easy and very affordable, and cabs are another very affordable alternative for those who need to visit more remote locations. The country also serves as a hub for travel throughout Asia, with affordable flights regularly available for flying to Southeast Asia, especially for those who are willing to plan last-minute trips.