Why Singapore Economics Model Is One Of A Kind
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Why Singapore Economics Model is One Of A Kind

"A long time ago in a galaxy far, far away...."

Long ago, in 1940-1950, Singapore was not such country as it is now. In the city center, where it is

possible to see a huge number of skyscrapers, was a disgusting place with a bunch of pit latrines, without

water and proper sewage systems.

Today

Currently in Singapore live a huge number of millionaires, more than anywhere else, an income of the

middle class has the highest rate in the world. The standard of living in Singapore is also at a high level -

schools, health care, goods and services - all this is one of the best on the planet.

And the most striking thing is that Singapore was able to achieve such success without a single drop of

oil. It is a small island with almost no natural resources. In time when much of the countries mired in debt

and suffers from high unemployment, Singapore debt is 0%, and unemployment is kept at less than 2%.

Economy is the key

But how did it all happened? One key principle is economic freedom. Business in Singapore has great

prospects. Bureaucracy is minimized. Corruption does not exist. For companies, there are many

opportunities to build a business in Singapore. Also, taxation in Singapore is very low and competitive.

At the moment, the small business with an annual profit of $ 100,000 USD has to pay tax at a rate of

1.2% and on a profit of 1 million. US dollars - less than 12%.

Banks are well capitalized, and the currency is one of the most efficient in the world, as Singapore has

become one of the main intersections of cross-border trade and investment opportunities. Singapore also

appreciates talented and productive people, including foreigners. There is the possibility of obtaining a

residence permit if you have register a company in Singapore and will conduct business here or the

Singapore company will hire you. For working in Singapore you have to get work permit or visa. The

most popular and easiest to get one is an Employment Pass.

And, of course, income tax on personal income is as low as on the company's revenues. Tax on income in

the amount of 250,000 US dollars is only 12.4%. Also in Singapore, there is no tax on capital gains and

dividends.

Lesson for everyone

Western countries are trying to strengthen the control of the economy – adjusting, raising taxes, and this

only reduces the chance to reach a large piece of the pie. Singapore is focuses on helping taxpayers. And

it's amazing how fast the economy is growing when the government does not press on its citizens, and

allows people to keep what they have earned.


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