Singapore is a sovereign island city-state in maritime Southeast Asia, with a highly developed market economy and the highest GDP per capita out of Hong Kong, South Korea, and Taiwan; indeed, Singapore enjoys the seventh highest GDP per capita in the world. Singapore enjoys an AAA credit rating from S&P, Moody’s, and the Fitch Group, with the 2015 Index of Economic Freedom ranking Singapore as the second freest economy in the world, with Singapore ranking as the easiest place to do business for the past decade.
The unemployment rate is low, with a wide range of skilled personnel employed with the myriad businesses located in Singapore. The prevalent industries are financial services, manufacturing, and oil refining. Its diversified economic sectors ensure Singapore’s economic stability and positive long- term outlook. Moreover, Singapore enjoys a very stable political climate.
Singapore enjoys one of the best logistical infrastructures in the world, with an efficient public transport system and the top-ranked airport in the world; its national airline, Singapore Airlines, is also ranked as one of the best Asian airlines. Further cementing the international spirit of the jurisdiction is the fact that English is one of the official languages and serves as the country’s lingua franca.
The blockchain & crypto ecosystem in Singapore
- One of the largest hubs for crypto and blockchain companies in the world, with various top exchanges established in Singapore
- Exchanges are regulated under the Payment Services Act
- Various monetary incentives for fintech companies establishing themselves in Singapore
- Singaporean Central Bank exploring the use of a CBDC
- Crypto-friendly banking system
Tax and Operational Regime
- Enjoys an international pool of highly-skilled workers supported by world-class infrastructure
- Flat corporate tax rate of 17%
- Low personal income tax rate
- Fast track approval of up to ten Employment Passes for qualifying applicants
- Digitised economy providing full support to local businesses
- Key Asian hub for Private Equity and Venture Capital activity with more than $13.4 billion of venture funding in 2019
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