Singapore vs. United States: A Comparative Summary
Explore the critical facets of business in Singapore and the United States through this succinct table, unraveling corporate environments, workforce dynamics, tax structures, and competitiveness rankings. Gain indispensable insights to inform your business assessments and decisions.
| Aspect | Singapore | United States |
| Company Incorporation | Efficient and straightforward process | More complex system with varying state laws and regulations |
| Ease of Doing Business | World Bank Ranking: 2nd | World Bank Ranking: Varies by state |
| Global competitiveness: High | Global competitiveness: Moderate to High | |
| Enforcing contracts: 2nd | Enforcing contracts: 16th | |
| Tax payments and preparation: Fewer and Less Time | Tax payments and preparation: More and More Time | |
| Company Registration | Expedient and uncomplicated | Varies by state, potentially more time-consuming |
| Quicker and more cost-effective | Higher costs and longer timeframes | |
| Taxation Structure | Corporate Tax Rate: 17% | Corporate Tax Rate: 15% to 35% (Federal) |
| Favorable personal income tax rates | Complex tax filing procedures | |
| Attractive tax incentives | Various federal and state-specific incentives | |
| Labor Force and Workforce Quality | Highly skilled workforce | Highly skilled workforce |
| Tertiary-educated individuals: 54.6% | Quality of workforce depends on location | |
| Strict labor regulations | More flexible labor regulations | |
| International Trade and Investment | More free trade agreements | Fewer free trade agreements |
| Open foreign investment policy | More restrictive trade policies | |
| Pro-business environment | Strong foreign investment policies | |
| Strategic location in Asia | ||
| Government Stability and Infrastructure | Stable government, pro-business | Bureaucratic inefficiencies, varying government stability |
| Well-developed infrastructure | Larger but less efficient infrastructure | |
| Living and Working Conditions | Superior quality of life | Varied quality of life, depending on location |
| Lower cost of living | Higher cost of living in some aspects | |
| Better safety and security | Probable higher crime rates, less effective law enforcement | |
| Immigration and Visa Requirements | More straightforward and open | Complex and restrictive, varies by visa type |
| Business-related visas available | Stricter eligibility criteria | |
| Business Language and Cultural Differences | English as the main language | English as the main language |
| Cultural nuances in hierarchy and formality | Varied cultural approaches, more casual |
