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Singapore has no capital gains tax, no estate duty, a one-tier tax system, low corporate taxes, low personal taxes, and also a low Goods and Services Tax (GST).
In spite of Singapore's low tax collection rate, and in spite of the fact that Singapore has no natural resources, the country remains one of the richest in the world. Singapore has no foreign debt, high government revenues, and a "consistently positive surplus," ("Singapore Economy: A Brief Introduction"). The reasons why Singapore is able to be so successful both domestically and within the global marketplace environment is that the economy is driven by several key factors including exports (mainly electronics and machinery, but also pharmaceuticals); financial services; tourism; and serving as "the world's largest cargo seaport," ("Singapore Economy: A Brief Introduction"). Singapore's economy is highly diversified, too, with growth deriving from health care services, casinos, media, and information technologies and communication ("Singapore Economy: A Brief Introduction"). The figure below from "Singapore Economy: A Brief Introduction" illustrates Singapore's GDP by industry.
Singaporean government and politics makes the country one of the most attractive in the world for doing business. In fact, the World Bank rates Singapore number one in the world for ease of doing business ("Why Choose Singapore?"). The Heritage Foundation's Index of Economic Freedom ranks Singapore as the second-most open economy in the world ("Singapore Economy: A Brief Introduction"). Incorporating a business in Singapore...
The government of Singapore actively pursues business growth and development, fostering relations with private and public sector industries around the world. Singapore was started as a transport hub in the colonial era, and it remains one. The government has invested heavily in Singapore's transportation infrastructure to facilitate business growth and development. For example, the government is the majority shareholder in Changi airport the Singapore Airlines, even while it releases managerial control to other entities (Introduction to Singapore's Political System").
As with any political system, Singapore's is complex and reflective of a diverse global society. However, Singapore remains one of the most, if not the most, attractive places in the world to do business. It has superseded Hong Kong as Asia's business and investment leader.
References
"Introduction to Singapore's Political System." Guide Me Singapore. Retrieved online: http://www.guidemesingapore.com/relocation/introduction/singapores-political-system
"Singapore Economy: A Brief Introduction." Retrieved online: http://www.guidemesingapore.com/incorporation/introduction/singapores-economy
"Why Choose Singapore?" Retrieved online: http://www.guidemesingapore.com/incorporation/introduction/singapore-incorporation-advantages
"Why Singapore?" Singapore Startup.com. Retrieved online: http://www.singaporestartup.com/why-singapore
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