Technology has revolutionized our way of doing business and also changed the norms of our daily living. A few years back, the technological advancements that we achieved so far were unimaginable.
And now it’s quite obvious that as time passes we’ll come face to face with some new technological marvels that we cannot imagine right now. With the advent of new technology, the sector that will progress the most is information technology.
Especially, in business hubs like Singapore, IT companies will have the potential to thrive globally. Right now, Singapore is on an upward track towards success, and to enhance this track even further, many big business giants like Alibaba are planning to open their offices in this business hub.
On the one hand, these giants can hurt the operations of small setups while on the other hand, they promote healthy competition and learning opportunities for them.
Furthermore, more and more startups are popping up in this competitive arena just because of the ease of doing business in this small business hub. With all that, where do you think Singapore IT companies will stand in the future? Well, since technology is now the backbone of any business operation, the future of IT companies in Singapore looks bright.
However, it’s not just the technological advancements that are helping them progress and stand out from the crowd. Many other factors are aiding this upward path, so let’s overview some of them.
Note: This is just a general perspective on the whole future aspect of this business, we are only using the data we have today to present our point of view.
Ease of Doing Business in Singapore
As mentioned before, opening and operating a business in Singapore is relatively easy. Recently, Singapore managed to climb to the number two spot in Asia for ease of doing business, and also scored 18th rank worldwide.
This impressive ranking was the result of ease of filing tax and the tax ratio of 17% as well contributed to this achievement. The e-filing process that Singapore offers is very simple to understand and use. So you don’t need to hire expensive tax consultants for this job.
Moreover, Singapore is not your average Asian country, it houses influence from America, Asia, and Europe. The overall influence of these cultures makes it a very friendly nation especially when it comes to business operations.
Any foreigner, as well as local entities, can establish a business in Singapore with ease. All they need to do is fulfill all the requirements and they can have a business up and running in just one day. Yes, it’s that easy to open a business in this country.
A Safe Haven for Business Owners.
In Singapore, you also don’t need to worry about legalities. Since it offers an amazing legal framework with strict rules and compliance. Singapore’s judicial system is rated as the best and is considered the most efficient system in Asia. So, Singapore has everything to offer for a new business owner from personal safety to professional safety and smooth business dealings.
Moreover, if you set up your headquarter directly in Singapore, you also get a lot of incentives, especially in taxes. For example, if you set up your regional headquarter in Singapore, you only need to pay a tax rate of 15%, and for an International headquarter the rates are even better and stand at around 10%.
The reason for these exemptions is to attract the business giants towards Singapore and in in-turn boost the overall business economy and competitive business environment of the country.
Moreover, since Singapore is a friendly country to do business with, they often sign many trade agreements with most countries to enhance their economy. These agreements can help business owners in supply-chain management without worrying about limitations from importing or exporting.
Future of IT Companies in Singapore
It’s quite obvious that currently Singapore can be classified as one of the top business hubs in the world. With many incentives, security, and most importantly innovative technologies that are coming are coming out of Singapore, it’s on the path towards success.
Of course, as of now, there are no IT business market leaders that have emerged from Singapore like Alibaba, Apple, Microsoft, etc, However, with all these impressive offerings from Singapore, soon there will be some leaders in the market.
In Singapore, the fastest-growing companies are those that are tech-enabled and offer innovative solutions. It’s is rumored that big giants like Tencent and Alibaba are also planning to open regional hubs in Singapore as well.
While Singapore is no stranger to such tech giants since companies like Facebook, Amazon, Google, etc are already operating in this hub but with the arrival of more tough contenders, Singapore’s IT firms are in healthy competition.
Not only will they learn from these giants, but they’ll also incorporate top-of-the-line strategies from the get-go. This means startups will increase in quality rather than quantity. With quality being increased, the chances of emerging market leaders from this business hub are higher.
So, by analyzing the data till today, and considering the steady upward progress of Singapore’s business world. We can safely say that IT companies in Singapore are on their way to becoming the market leader in this world.
The Bottom Line:
Singapore has always been a country that adapted to change and progressed at a very high speed. Only a few decades back, Singapore was in the same boat as many other British colonies but now, it can be considered as a booming economy.
The reason for that is the ease of doing business and adaptation to change. And technology is now deeply rooted in economies like Singapore. So the past data and the innovative practices from this country suggest that sooner rather than later we will be able to see IT business giants directly emerging from Singapore.