Singapore company registration specialists Rikvin is optimistic that Singapore will continue to attract more businesses and high-calibre professionals. The announcement comes on the back of the nation’s stellar performance in the most recent Economist Intelligence Unit’s (EIU) Hot spots: Benchmarking Global City Competitiveness report.
Singapore has emerged as Asia’s top city and third globally after the Big Apple New York City (1st) and the city of Big Ben, London (2nd), due to its ability to attract businesses, capital, talent and tourists. Long-time ‘nemesis’ Hong Kong emerged fourth in the Citigroup-commissioned report.
In the Hotspots report, cities were evaluated based on eight categories of competitiveness which consisted of 31 indicators. Singapore topped the list in the financial maturity and physical capital categories. It also made it to the top ten list in the global appeal (4th), institutional effectiveness (6th) and environment and natural hazards (8th) categories. Under the most weighted category, economic strength, Singapore came in at a notable 15th place.
Commenting on Singapore’s latest accolade, Mr. Satish Bakhda, Head of Rikvin’s Operations said, “This is not the first time that Singapore has attained top ranking. Singapore has top mindshare for having the best investment potential and being the easiest place to do business. EIU’s latest ranking is yet another testament to Singapore’s magnetic ability to not only score tourism dollars but capital and high-calibre talent that compels entrepreneurs to form a Singapore company.”
Analysis by Rikvin also shows that the track record of high performance and high rankings in international indexes create a positive cyclical effect. EIU’s latest report adds to that track record and affirms that Singapore is the place to start up a business.
Singapore continually updates its legislation to ensure that it remains an attractive business-friendly location to entrepreneurs and high-calibre professionals. For years, the Government has offered generous funding to key sectors and young entrepreneurs with fresh ideas.
“Furthermore, during the latest Budget, the Government has offered further tax enhancements or cash payouts to help firms move up the productivity and innovation value chain. Singapore corporate tax and income tax remains as one of the lowest in the world. The safety standards and credit ratings of Singapore’s banks are also well-ranked. These features are unlikely to go and will continually attract any discerning key decision maker to opt for a or consider the jurisdiction as the next location as part of his company’s expansion plans. We are confident that the latest ranking will play a part in evangelising Singapore’s strengths as a business setup location,” affirmed Mr. Bakhda.