Business friendly economy encourages establishment of Singapore office
04/01/2008
Singapore happens to be one of the four most advanced market based economies in Asia. The economy and market are highly export oriented. Huge exports are made with electronic goods, petroleum refining materials, engineering and biochemical products. The port is the busiest in the world in terms of tonnage handled by it. Since it is the 4th largest foreign exchange trade center in the world, you may have a wing in your Singapore office to deal with the foreign exchange trade. Another growing trade is tourism and tourists from all over the globe come to Singapore on various pursuits.
One of the top countries in terms of engaging foreigners at work, Singapore has been the place of job for thousands of foreigners. The best place to accommodate them is the Central Business District (CBD). The growth of GDP in the country is quite impressive at around 8% during 2007. Economic sector has seen rapid expansion over the last decade in Singapore and as a result the Singapore office space has become prized possession for many landlords who make substantial earnings by renting their available spaces.
You should know that apart from other expenses you incur for setting up your office at Singapore, you also pay a Goods and Services Tax. This causes a significant increase in your overall expenses for establishing and running the office with tax added to your Singapore office rental and other related expenses.