Top 5 Reasons for Outsourcing to Singapore
One of the most critical considerations companies checks when outsourcing is where the outsourced team is. Location, especially in outsourcing, plays a big part in how effective the outsourcing process will be. In this, companies often look for global cities that are stable, have good infrastructure, and are globally competitive – and the country of Singapore ticks all the right boxes.
Singapore is a known global hub that continually aims to develop and evolve into a leading force on the world stage. It’s a country that has a strong economic performance and this is shown through strong international trade and investment and labor market measures. As a top country, Singapore is one of the prime locations any company would love to outsource to.
Read more below about why you should choose Singapore when outsourcing.
1. High-Profile Global City
As previously mentioned above, Singapore is an affluent global city. But what does this exactly mean? Global cities are places that serve as a hub within a globalized economy. It brings economic stability, creates opportunities, and encourages new activities for development. Singapore is one of these cities that are changing the world. It serves as a template for foreign investments, supportive policies, and a stable administration that helps anchor the global economy.
2. Strong Trade Relations
Singapore is a significant player in the trade performance between the East and West. The county has taken advantage of intermediary trade and entrepôt trade and has exported raw materials that are refined in local areas. Their non-oil exports (NODX) increased to 18.4% proving their continuous growth. As it stands, Singapore is ranked 14 in export and 17th in imports globally.
3. Supportive Government
Singapore intends to support the industry of manufacturing and financial services – two critical industries within the Singapore economy. To do this, they are crafting business policies and simplifying requirements to give foreign companies an easier time investing. The country also has financial assistance programs funded by the government and cash grants to ensure that companies are given adequate support. In addition, companies are given access to the latest technological developments so that they can efficiently run their businesses.
4. Great Tax System
Companies will be sure to enjoy their tax benefits if they outsource to Singapore. The country’s corporate tax rate is 17% – one of the lowest in the world. Their tax system is also always being revised to stimulate the growth of local businesses and foreign investors. Companies may also apply for tax incentives, deductions, and relief.
5. Growing IT Industry
Considered one of the top outsourcing destinations in the world, Singapore has invested in its IT industry and is continuing to push for its growth. They are slowly ensuring that Singapore will be a global leader in IT as a part of their economic strategy. This comes with updated infrastructures, wider area networks, and growth in IoT.
Outsourcing to Singapore
Singapore is a premier global destination for outsourcing. Aside from having easy business policies, they are also catered to foreign investors. Their government is also supportive of such businesses and is even proving funding and cash grants to keep businesses successful. Singapore also has a stable economy that will ensure your business’s safety. Their tax system is also a great reason why you should consider outsourcing to Singapore.
As an outstanding country, Singapore doesn’t need much introduction on how great of a location it is for your business. But if you want to begin your journey in outsourcing to Singapore, we are happy to facilitate this.
Book a free business consultation with Outsource Asia today.