By stimulating the vital segments of the country – political stability, infrastructures, environmental protection, and population management – Singapore was able to sustain constant growth. Singapore’s economic freedom index overall score is 89.4, a 1.4 increase compared to last year and the second highest next to Hong Kong. These parameters show its significant improvements in global investments, labor freedom, businesses growth and employment.
Given this attributes, Singapore is a very suitable market in establishing new businesses. To sustain this idea, according to World Bank’s annual report, it hosted more than 500 foreign corporations and has a booming high-class population. The combination of these two areas shows its relevant leverages on holding businesses, both local and international-based.
Moreover, Singapore’s capacity to facilitate further improvement does not end here yet. To realize this, it needs to encourage more business startups from small to giant investors. Startup businesses offer variety of supplemental factors that will create progress to the country, its economy and people:
Opening of new job opportunities
Business startups are the main economic engine of the annual employment data. It will expunge the remaining 2% unemployment of Singapore. It sounds vague to completely destroy the burden of unemployment rates, but the government will have to take its agenda to this context to sustain national economic stability. The government can assist investors in lead generation to turn them into competitive players within the market.
Increase Tax Collection
While we think tax is a burden, especially to the workforce, we forgot how it was played in the national economy. Tax fuels federal and local operations. It sustains the important economic factors; education, infrastructures, public welfare program, environmental protection, and health.
Increase population value
In the modern world, we have already created new forms of business field like telemarketing, business engineering, business process outsourcing, etc. This offers potential startup businesses opportunities to open new job prospects. More jobs will mean high employment rates, in the end; it will develop a significant improvement on the lifestyle of the people.
The opening of new businesses will promote economic efficiency by stimulating market competition. When firms compete to one another they will tend to increase corporate spending to generate sales leads to gain competitive advantage over the other. This is a very healthy competition that will protract economic cycle for a more effective income generation.