Conducive business environment

A conducive business environment is seen to be vital in Singapore’s open-economy model. The ease of either starting up or running a business, taxation, an independent legal system, access to local finance, capital importation and the repatriation of profits are all areas where Singapore enjoys a competitive advantage over other locations.

With seven free trade agreements and six bilateral shipping agreements as well as an extensive network of more than 50 double taxation agreements, Singapore is one of the most tax-friendly environment in which to conduct business.

Singapore hosts more than 5,000 maritime establishments and businesses and they contribute some 7% to the gross domestic product. The government is keenly aware of the importance of the maritime sector and endeavours to establish a pro-enterprise and conducive business atmosphere.

At Maritime and Port Authority of Singapore (MPA), we recognise that shipping is a capital-intensive international business and that a conducive business environment is vital to the operation of shipping companies. We have in place a suite of programmes that facilitate the growth of maritime businesses operating from Singapore.

Our programmes target both students who have yet to enter the industry and maritime professionals already working within the industry, and S$50 million under the Maritime Cluster Fund has been set aside solely for manpower development.

Grants, support funding, co-sponsorship and tax breaks are available under a wide selection of schemes and cover a broad range business needs. We are here to help you grow and expand your business operations.

There are a number of government agencies tasked with providing help and encouragement to the business community. This assistance comes in a number of forms, financial, intellectual and political.

• The Accounting and Corporate Regulatory Authority (ACRA), a one-stop shop for businesses, provides integration of e-services with multiple agencies such as the Inland Revenue Authority of Singapore, Spring Singapore and the Singapore Government Network Information Centre.
• Infocomm SME is a programme that can help small and medium enterprises (SMEs) embrace and adopt information communications (infocomm) to improve their business productivity, growth and differentiation.
• SPRING Singapore is the agency for enterprise development. It helps to nurture a pro-business environment, facilitate the growth of industries and enhance the innovation and enterprise capabilities of SMEs to better access to markets and business opportunities.
• Enterprise One (One Network for Enterprises) is a multi-agency initiative that aims to help local enterprises find the answers they need to start, sustain and grow their businesses.
• IE Singapore (International Enterprise Singapore) is an agency under the Ministry of Trade and Industry responsible for developing Singapore's external economy by promoting overseas growth of Singapore-based companies and international trade.