Singapore and Ireland share many things in common, including economic and historic developments. Both are small islands situated on the edge of heavily populated and economically diverse land masses. Like Ireland, Singapore was also a British colony. Population sizes and demographics are similar, with 4 million people each, equipped with young, well-educated workforces and almost matching economic policies. Both have a heavy export focus in light electronics as well as a financial services hub status in their respective regions. The governments have worked closely together to share learnings and strategy with education services as a new area of focus.

Singapore is a low tax and very open economy, with the focus very much on making business and commerce as easy as possible.

Registering a company or getting an employment pass - These processes used to be very bureaucratic and would take weeks on end. These days they are a lot faster, taking only days not weeks and at a much cheaper rate, for approximately S$300. Some documentation is required, such as business plans for companies, background documentation and education certificates for employees seeking an employment pass.

Taxation - Personal and corporation taxes are almost the same with top rates of 17% and 20% respectively. The rates scale up to the top rate depending on earnings. There are fewer deductions available and the process is relatively straight forward. Interestingly, there is no tax on capital gains in Singapore and stamp duty only applies to the transfer of land/buildings and shares in Singapore. GST (a value added tax) stands at a flat rate of 7% and applies to almost all goods and services. Singapore has concluded over 60 comprehensive double tax treaties and is actively concluding more. However- one is yet to be concluded with Ireland.

Transport and communications - As a whole, the transport system in Singapore is one of the best in the world. Changi Airport snags international awards every year, the port of Singapore is the busiest container port by traffic in the world and the road network is planned 25 years ahead of projected capacity. Internet penetration in homes now stands at over 70%, with broadband cable at about 65% and handphone ownership at over one set per person.

Office space - Typical contract terms for leasing an office are two-years with 2 or 3 months payment as a deposit. There are usually agent fees and a small stamp duty added. All configurations of office and industrial space are available, the central business district being the most popular and expensive. The Government has made strides in distributing commercial space demands around the island by moving its own premises out of the Central Business District (CBD) and making access to the area more expensive via road pricing.

Labour law is very comprehensive. Hiring and firing is relatively easy. Basic laws such as maximum work week, maternity and redundancy are in place and favour the employer most of the time.

All of the above topics and more are covered in the government web site: www.gov.sg. Log in to see that Singapore has one of the most connected administration systems in the world.