5 reasons to headquarter in Singapore to reach out to South East Asia – Singapore is a great place to grow up and live in. Singapore has one of the highest education literacy rates, lowest crime rates and also one of the best place to make money.
Being the central position of the whole South East Asia region, Singapore sits on a very unique position not just for the region but for the world. Being one of the turning points for the main sea trade routes, Singapore has grown over the year into one of the major financial headquarters of the world. Singapore has taken advantage of this and turn the nation into a strong finance hub for people who are trading in the region but also at the same time for players in the region.
So we shall now explore what are the 5 reasons to headquarter in Singapore to reach out to South East Asia:
Reason 1: Singapore is one of the top financial hubs in the world
Singapore is one of the top financial hubs after that of New York, London and Hong Kong. Being one of the core nations in South East Asia, most of the funds of the area are parked in Singapore. Business owners take advantage of the closeness of all the financial services in Singapore to manage their funds for their personal investments and corporate investments.
Having the status of a financial hub also means that you can get your currency exchanged done quite easy and with good rates in Singapore because most of the funds are in Singapore. Singapore is also able to handle your financial work close to 24/7 with a strong and never sleeping financial sector that is in place for the wealthy and powerful to grow their money at a constant rate.
Singapore is also continuously named as one of the top countries where it is easiest to do business. The time i takes to set up a company in Singapore and also subsequently a bank account is one of the fastest in the world.
Reason 2: Singapore has a strong rule of law and court system
Rule of law is what is lacking in the region. There is still rampant corruption in most countries in the region and this is something that many business owners are worried about. It is well known that contracts for transactions in other countries are signed in Singapore. Since both companies can set up base in Singapore, they can sign their contracts in Singapore for execution in the home country. In such situation, if one of the members decide to go against their word, the victim company can use the laws of Singapore to take the other party to court and recover some losses.
Being a country that places a lot of focus on the execution of the law and strictly going by the book, business owners can be assured that they will also face a fair trial if they have to appear in court.
This fair system allows both parties to have a better chance as compared to money politics and money law that can be in place in other countries in the region.
Reason 3: Singapore has a very well educated employee pool
Head quartering a company means you need to have strong executive and also administrative team in that country. Singapore has the best educated pool of employees in the world. Being ranked one of the top for education, Singapore is able to handle the needs of most demanding companies that might need someone who is good in accounting, economics or finance to manage their businesses remotely.
Hiring is also easy for most companies, you will be able to find a local who will be happy to travel around the region for work. You will also be able to bring in employees from the region to work full time here, after you have fulfilled quota requirements.
With new technologies coming up, Singapore has started its push into what we call a Smart Nation initiative to ensure our competitive edge against other countries by making sure everyone is trained with future skills so that the Singapore economy will be relevant in the years to come.
The Smart Nation initiative also ensures the older batch of workers are not left behind by retraining them for other roles in the economy so that the economy continuously grinds forward towards the future.
Reasons 4: Singapore has a strong and stable currency
Currency can mean profits or loss depending on which side you are. This is also one of the worst fears of the businessman in the region. There are economies where the fluctuation of the currency can be 10% , you will be safe to have your hands on the Singapore dollar. One of the most stable in the world and controlled closely by the MAS, the Singapore dollar is a great way to hedge against losses in currency exchanges.
Singapore needs to maintain a strong currency structure because it is highly dependent on trade and this is something that you can be assured to not change for a long time. You would also be safe to hold your cash in Singapore for your savings and investment as Singapore is also one of the best countries in terms of security.
Being a big importer of goods, Singapore has to maintain a strong and stable currency and therefore it is a good place to trade in terms of Singapore Dollars and to hold the SGD for a long periods of time without fear of it losing its value.
Reason 5: Singapore is position right in the middle, traveling in the region is mostly within 2 to 4 hours
Travel can be a big headache if you are on the far end of the area.
Singapore is right smack in the middle and Singapore Changi Airport is also one of the biggest aviation hubs of the world. You can get to most parts of the South East Asian region within 2 to 4 hours and most business owners fly to have their meetings and return within the day which makes business doing in the region very easy and smooth. Coordination with them over time zones is also easier because since you are in the middle, you are not distracted too much by the extremes of time zones.
Singapore is also aligned to the time zones of Hong Kong and Shanghai which makes doing business with this major business hubs easier since you can make phone calls and having meetings with them easily.
K Cloud Accounting is a Singapore based management services company. We closely assist local and regional entrepreneurs to manage their government submissions and requirements. We also work closely to help our customers maximize their profits in this challenging business environment.