SOLUTION: Why Singapore Is the Best Place to be an Entrepreneur Discussion Paper

Attached. Please let me know if you have any questions or need revisions.Running Head: ECONOMICS QUESTIONWHY SINGAPORE IS THE BEST PLACE TO BE AN ENTREPRENEURStudent’s nameInstitutional affiliation1ECONOMICS QUESTION2Being an entrepreneur is a very dynamic aspect that is highly influenced by factorssuch as capital, location, and business type. However, the most critical element is thebusiness’s location; choosing the most strategic location that provides vast opportunities tothe company is very important. Singapore provides these opportunities for every entrepreneurand is one of the top business destinations in the world. Singapore is considered one of theAsian tigers and has witnessed a rising economy over the recent years making it a strategiclocation for an entrepreneur. Economic growth is forecasted to range between 1.5% and3.5%, with the manufacturing industry, service industry, tourism industry, and the financeand insurance industries being the key drivers to economic growth. Singapore provides one ofthe global most business-friendly regulatory environments for both local and internationalentrepreneurs making it to be ranked as a competitive economy (P, 2018). While manyfactors have contributed to Singapore’s success, there are vital factors that make Singapore anattractive investment destination for multinational companies and budding entrepreneurs.Many investors and entrepreneurs consider Singapore a tax haven as the governmentof Singapore has various tax measures aimed at cushioning an investor. Singapore has arelatively low corporate tax which is capped at 17%, with exemptions of about 75% to thefirst $10000 and 50% on the next $19000 being made on a company’s chargeable income(world bank). The government also provides tax exemptions to newly established businessesto encourage them to trade freely. Compared to other countries, Singapore makes no chargecapital gains on tax and offers no withholding tax on dividends. The country also does notcharge foreign-sourced income unless the income is deemed to have been obtained fromSingapore. The Singapore government also has tax incentives that exempt new startups fromtaxes. Singapore’s tax-friendly policies make it an ideal destination for any entrepreneur orinvestor to consider putting up a business.ECONOMICS QUESTION3Singapore has a diversified economy that presents entrepreneurs with a wide range ofindustries to choose to invest in. The country has invested heavily in critical sectors likeshipping, pharmaceuticals, and BFSI, which are strong enough to prevent any threat that candestroy their economic structure. The policymakers in the country have also deployed asubstantial approach in their planning process in terms of macro risk management, whichaims to improve the competence of sectors like innovative engineering, medicine, andfinance. Such diversification in the economy makes it an ideal location for entrepreneurs toinvest since they have a vast range that they can choose from.Singapore is considered a multilingual culture with the primary languages beingspoken ranging from English, Chinese, Eurasian, Singlish, and Malayo-Polynesian. Thegovernment of Singapore also advocates for a dual-language learning system making themajority of Singaporeans bilingual. The people in Singapore also have an excellentunderstanding of Spanish, German, and Korean languages as the concept of multilingualismis in their blood, making it easy for them to learn a new language. The key idea in anybusiness is the ability to communicate with both customers and investors. The multilingualnature of Singapore makes it to be a hotspot for entrepreneurship.The geographic location of Singapore makes it an outstanding destination for doingbusiness. Singapore is located in the heart of southeast Asia. It has proximity to India, Korea,and china which are emerging markets in Asia hence making it a top hub for key industries inthe world. Singapore’s port is the busiest globally, making it a major international maritimecenter (IMC). Furthermore, Changi International Airport connects 300 cities in 70 countriesand serves nearly 20 million passengers annually, benefiting both leading logistics firms andpassengers. Singapore also has a vast population which provides a ready market for goods.This makes it to be an ideal location for entrepreneurs to invest in.ECONOMICS QUESTION4Singapore has benefits to startups within the country. As a source of inspiration,Singapore offers lucrative grants and schemes to local startups. The government sets suchrequirements, and companies may qualify for charges depending on which group they fallunder. Mr. Koh Poh Koon, Minister of State for Trade and Industry, launched ‘Startup SG’ inMarch 2017. This program’s fundamental aim is to provide entrepreneurs with a launchpadthat will allow them to communicate with people worldwide and receive local support.Companies based in Singapore can also register for S$5,000 vouchers for specialistconsulting services, hardware, and engineering solutions through the Creativity and SkillVoucher (ICV) program.Singapore also boasts of a sizeable skilled population t…

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