Singapore has one of the most open economies in the world. It is an active partner in more than 20 free trade agreements. As a result, most imports are tariff-free. Singapore is a member of the WTO (World Trade Organization), APEC (Asia Pacific Economic Cooperation), and ASEAN (Association of Southeast Asian Nations) to name a few. 99% of all imports are duty-free as a result.
Singapore primarily restricts trade and business to serve its economic and security interests, but there are no restrictions on foreign ownership of a business in Singapore, except for those related to national security, air transportation, public utilities, newspaper publishing, shipping, legal, banking and healthcare services, and TV-based subscription and broadcast services.
To balance out some barriers of entry, Singapore offers tax exemptions and incentives to encourage foreign direct investment. The Singaporean government capped corporate tax rates at 17%, does not tax dividends or capital gains, offers no double taxation when operating abroad, and many more tax deductions and incentives for startups and organizations with foreign-sourced income.