Although the qualifying educational and salary requirements for the Singapore employment pass has been enhanced this year, Singapore asserts that it will not shut out foreign talent and that a diversity of talent will broaden Singapore’s economic pie.
Singapore (PRWEB) September 21, 2011
GuideMeSingapore.com, a leading Singapore-focused business information portal has published two research reports titled Doing Business in Singapore vs. Austria and Doing Business in Singapore vs. France. The three countries are compared based on eight indicators that include overall business environment, taxes, intellectual property protection, global competitiveness, openness to trade, bureaucracy, labor force and living environment. The sources of information used to compare each country’s performance are a variety of business surveys and reports issued by institutions such as the World Economic Forum, World Bank, IMD, Forbes and Gallup.
Ms. Jacqueline Low, the Director of Singapore company incorporation agency Janus Corporate Solutions - the parent of GuideMeSingapore.com site said, “Choosing the right business location is crucial to the success of one’s business, especially when starting-up a small enterprise. A careful analysis of the strengths, weaknesses, opportunities and risks associated with setting up a business in a given market must be the first step for any entrepreneur. Janus understands how time-consuming it is to consolidate information and make a sound assessment because of the amount of information available in business studies, reports and surveys is expanding exponentially every year. Hence, research reports on business environments are useful tools that give entrepreneurs a bird’s eye view when comparing business locations.”
Data from the reports show that Singapore has the most conducive business environment among the three countries. Both World Bank’s 2010 - 2011 Doing Business Report and Forbes’ 2010 Best Countries for Business Index have ranked Singapore much higher than Austria and France when it comes to ease of doing business. For the fifth year running, World Bank has ranked Singapore as the best place to start and run a business. France and Austria were nowhere close at number 26 and 32 respectively.
The reports also reveal that Singapore tax rates are lower than Austria’s and France’s. Pricewaterhouse Coopers, World Bank and Forbes have all ranked Singapore higher than the European economies for ease of paying taxes and having the lowest tax burden. For example, corporate taxation in Singapore begins at 8.5% for profits up to S$300,000 and a flat 17% for profits above that amount. In comparison, Austria has a corporate tax rate of 25% while France’s is higher at 33.3%. Further analysis by GuideMeSingapore.com shows that unlike Austria and France, Singapore does not impose capital gains or dividends tax. Singapore’s 7% goods and services tax (GST) is also much lower than VAT in Austria (20%) or France (19.6%).
In addition, Singapore’s labor force has been ranked better than the two economies across various polls. For example, Singapore’s top ranking in BERI's 2010 Labor Force Evaluation Measure for 31 years running is a testament to its ability to consistently attract and retain the best talent. Aon Consulting’s 2010 People Risk Index and World Economic Forum’s Global Competitiveness Report have also ranked Singapore more favorably than France and Austria for organization risks and labor-employee relations.
Ms Low added, “Although the qualifying educational and salary requirements for the Singapore employment pass has been enhanced this year, Singapore asserts that it will not shut out foreign talent and that a diversity of talent will broaden Singapore’s economic pie. Altogether, the reports illustrate that Singapore is not only a great place to work but also a better location for business than France or Austria”.
Full copies of the reports can be viewed in the Research Reports section at http://www.guidemesingapore.com.
GuideMeSingapore.com is a unit of Janus Corporate Solutions Pte Ltd - a Singapore-based firm that provides cost-effective and professional services to local and foreign entities for Singapore company registration, branch office setup, owner/staff relocation, taxation and ongoing statutory compliance needs.