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Why Singapore enjoys economic freedom in its best form?
The island nation of Singapore scores as one of the desired destinations for the super rich entrepreneurs of the globe, we discuss the top reasons why
Singapore scores over other nations in the following respects,
1. Business Freedom - Singapore enjoys very high business freedom where Singapore registered companies is well protected under Singapore’s regulatory framework. Company formation process takes shorter than most developed nations. As per the study, the world average is 34 days to set up a business whereas in Singapore it takes only an average of 3 days. Obtaining a business license to run your business also takes shorter time as per Singapore’s regulations. Dissolution and bankruptcy procedures are straightforward. With the help of Service providers like Servolve, these processes become easier and hazzle free.
3. Singapore provides almost equal treatment for both foreign and domestic businesses for compliance and mostly all industrial sectors in Singapore are open to foreign investment. Real estate is one area where foreign investment is restricted though it is possible for investors who are willing to invest money into the Singapore market to attain a Singapore Permanent Resident status through a special scheme allowed by the government. However there are no restrictions placed on foreign owning and operation of industrial and commercial properties.
5. Property protection offered in Singapore is amongst the best in the world with court protection available in case of disputes. Confiscation of property is unheard of and intellectual property rights are secure under the Singapore IP regime.
6. Singapore government has very strong anti-corruption laws in place and corruption is perceived as almost non-existent in the city state. The custom of bribes is not promoted and any known case of monetary or other inducement is severely punished under the Anti-Corruption laws of the land.
With a very stable political environment and pro-business policies, the city state has been a favourite destination for business and individual needs alike. This trend is likely to expand with ample opportunities offered by Singapore for new enterprises.
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