A Snapshot Comparison : Singapore vs. United Kingdom
Explore the essentials of doing business in Singapore and the UK. From corporate landscapes to workforce dynamics, taxes, and competitiveness, this concise table offers key insights for your business considerations.
| Aspect | Singapore | United Kingdom |
| Business Environment (DB Score) | 86.2 (ranked 2nd globally) | 83.5 (ranked 8th globally) |
| Economic Overview | Favors foreign trade, tax benefits, streamlined incorporation. | Independent and developed, 55.5% of GDP from international trade. |
| Corporate Landscape | Dynamic, globalized, innovation hub. | Market-oriented, business-friendly, robust economy. |
| Workforce Composition | Young, predominantly white-collar. | Median age 40.5, diverse workforce mix. |
| Language Proficiency | English proficiency, multicultural. | Proficient in English, regional languages like Scots and Welsh. |
| Incorporation Process | ACRA, streamlined BizFile+ registration. | Digital or paper-based, Form IN01, with various requirements. |
| Filing Procedures | Detailed requirements in BizFile+, varying per business type. | The UK government website outlines incorporation steps and prerequisites. |
| Visa and Immigration | Multiple visa types (EntrePass, Employment Pass). | Various visas (Senior or Specialist Worker, Health and Care Worker, Long-term Work). |
| Taxation Structure | Competitive flat tax rate of 17%. | Corporate tax rate remains at 19%, planned increase canceled. |
| Intellectual Property Protection | Emphasis on IP protection since 2003. | Strong IP protection, efficient safeguards for rights. |
| Bureaucratic Efficiency | Highly efficient, functional bureaucracy. | Operates with His Majesty’s Civil Service. |
| Openness to Trade | Business-friendly, open to foreign trade and investment. | Limited openness post-Brexit, impacting productivity and competitiveness. |
| Global Competitiveness | Ranked 1st globally for competitiveness. | Global competitiveness declined post-Brexit, ranking 9th globally. |
| Geographical Location | Strategic location in SEA and Asia. | Former EU trading hub, decline in foreign trade post-Brexit. |
