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Singapore – Singapore vs. Korea : A Comparative Summary

Singapore vs Korea : A Comparative Summary

For Korean entrepreneurs weighing Singapore against Korea, key factors like business setup, visas, startup ecosystems, costs, living conditions, and government support are crucial. Singapore excels in efficiency and global competitiveness, while Korea offers tech prowess and regional market access. The table below provides a concise comparison for informed decision-making.

Aspect Singapore Korea 
Setting up a Company Straightforward process, efficient (1-3 working days) Involves additional steps like notarizing documents, opening a corporate bank account (8 weeks) 
Applying for Visas for Employees EntrePass for foreign entrepreneurs, relatively straightforward No visa needed for Koreans, consider labor laws regarding retirement benefits and employment termination 
Startup Ecosystem Growing list of accelerators, incubators, and venture capital firms Active efforts to attract startups, notable incubators and accelerators 
Tax Rates 17% Between 16% to 35% 
Living Factors Strong education system, high English fluency Lower foreign population, lower English fluency 
Global Competitiveness High rankings in “Doing Business” and IMD surveys Positive rankings, but lower than Singapore 
Government Assistance for Start-ups Enterprise Singapore provides support, road map to other agencies Korea SMEs and Startups Agency (KOSME) supports SMEs, government-funded for development and growth 
Labor Laws and Flexibility Generally flexible, with considerations for labor laws Stringent labor laws, difficulty in termination, potential impact on flexibility 
Market Access and Proximity to Other Markets Strategic location for access to Asia-Pacific markets Proximity to North Asian markets, including China 
Language and Cultural Considerations English widely spoken, diverse culture Lower English fluency, homogeneous culture 
Access to Funding and Investment Opportunities Robust financial sector, access to global funding Growing financial sector, focus on tech investment