Singapore is attuned to the needs of businesses and the need to protect invention and innovation in order to expand business opportunities in Singapore
Singapore is known for integrity, quality, reliability, productivity, rule of law, and enforcement of intellectual property rights. These assets are essential in the knowledge economy.
To attract businesses ready to invest in Singapore, the government keeps its tax rates and tax laws competitive and takes a strategic, holistic approach towards stewardship of key pillars of the economy, such as petrochemicals, electronics, and clean energy. Most recently, it has mounted an initiative called Future•Singapore. This is designed to develop and test bed new ideas and solutions in the areas of urban living, wellness, ageing and healthcare, and lifestyle products and services.
As a preferred location for innovation, Singapore has nurtured a robust intellectual property (IP) regime.
The country has placed a great deal of commitment into developing a strong domestic regulatory framework to protect IP rights. It is currently rated the best place in Asia and 4th in the world for IP rights protection in the Global Competitiveness Report 2015 – 2016 (World Economic Forum).
Indeed, a consistently reliable IP environment was what spurred the World Intellectual Property Office (WIPO) in 2009 to set up its first Asian regional office here.
And because of its pro-IP stance, more than 30 leading biomedical sciences companies have established regional headquarters here as well.
The government has always adopted a pro-business policy, regardless of world economic situations or crisis. It has taken tough measures including reducing corporate tax rates, lowering employers’ Central Provident Fund (CPF) contribution rates and capping office rental rates. For the quality of its government policies, Singapore has been rated The world’s easiest place to do business (Doing Business 2015 Report, World Bank)
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