According to the Singapore Economic Development Board or SEDB, Singapore has struck a balance of competitive strengths that makes it the location of choice for global enterprises. The SEDB also says that the country’s extensive network of double taxation agreements, free trade agreements, and investment guarantee agreements, along with its comprehensive transportation and technology infrastructures, allows for an open flow of goods and services.
Singapore is also open to globalization, fosters a safe, pro-business environment, has transparent and consistent policies. Government. The Singaporean government takes a “pro-business approach” and has been supportive of local businesses’ needs. The government has mandated a charter to transform the country into a “high value-add, knowledge-based economy” The SEDB adds that economic crises in Singapore are followed by extensive reviews of its policies and programs, with reforms being implemented as soon as possible.Setting Up a Business in Singapore. To set-up a business in Singapore, the SEDB says that one would have to register with the Accounting and Corporate Regulatory Authority .
A branch of a foreign-owned business like the Singapore Disneyland will need to appoint two local agents to act in its behalf. Tax. SEDB’s Investor Guide also says that Singapore’s tax rates are kept low to attract foreign investment, foster business development, encourage entrepreneurship, and shield risk-taking.A 5% (currently proposed to change to 7%) goods and service tax is payable on the supply of goods and services, except for financial services and real estate. The tax is also applicable to imported goods.
According to International Enterprise Singapore, corporate taxes in Singapore will be at 18%, reduced by 2 percentage points, to follow reductions in corporate taxes seen by European countries. Government Agencies. Singapore also has a couple of government agencies that assist investors.The Economic Development Board provides a menu of assistance schemes to support global entrepreneurs, startups and encourage investors “to grow their business in Singapore,” while the International Enterprise Singapore helps companies grow and globalized successfully. Legal Environment.
Singapore is widely-recognized as a leading legal hub in Asia, and its legal system has received numerous international accolades for its efficiency and integrity. Singapore law continues to revise the common law. It also adopts best practices from other mature legal systems.Competition in the Market Singapore is home to a lot of tourist attractions, in fact its tourist attractions are credited for to be part of its success as a leading business and pleasure destination.
Tourist destinations in Singapore includes a variety of activities ranging from spas, to a bustling nightlife, to family destinations, and destinations involving sports. Theme parks are a plenty in Singapore, featuring different aspects of nature, wildlife, and cultural themes. Most are open daily, and charges from around $10 for adults and half-price for kids under 12.It is important to note, however, that aside from the Universal Studios Singapore , which is set to open in 2010, and boasts of 24 rides and attractions divided into six themed zones, there are no other amusement park in Singapore that could rival the planned Disneyland. Focusing on the existing theme parks, an amusement park of this scale will be much more expensive, but the attractions would be different. What would set it apart from the others is that it will feature rides and attractions that are not statues and animals.
It will be a sort-of escape fantasy land, where children could live their fantasies, mingle with Mickey Mouse and other characters they are familiar with. This is perhaps our most important advantage – familiarity. Kids know who Snow White is. They have Minnie Mouse toys and Donald Duck dolls.
Unlike other theme parks, the children would know what they are looking at, and would be looking forward to. While other theme parks are aimed at educating the kids on this animal, or this ecosystem, or this culture, Singapore Disneyland would be more focused on fun. Fun learning, that is.