Why Incorporate in Singapore?
Singapore is a country
that welcomes entrepreneurs and businesses with a friendly environment and a
government that is willing help a business grow. Since, Singapore is situated
at the crossroads of international markets, it gives businesses a
competitive advantage. That advantage is executed by utilizing all of the tax
benefits the Singaporean government has created which promote economic growth
through expansion of the business foundation.
This surely makes Singapore a safe haven for
businesses and their investors. Few
countries have succeeded in attracting new business incorporations and to
convince existing businesses to relocate. All corners of the world are linked
to Singapore and this is a situation that can lead to phenomenal business
opportunities. Plus, in Singapore, called the Gateway to Southeast Asia, it’s possible to fly 7 hours in any
direction and have access to a market of 2.8 billion people. Major markets
include China, India and member countries of the Association of Southeast Asian
Nations (ASAN).
Setting
the Standard for Pro-Business
The Singaporean government has been working hard
for years to develop a pro-business climate for multinational and foreign corporations.
As a result, the country has streamlined the Business Incorporation Singapore process in
a way that most bureaucracies could never achieve. The incorporation
registration and documentation is regulated by the
Accounting and Corporate Regulatory Authority (ACRA) which has a set protocol
for fast and efficient processing. In
fact, the incorporation process usually only takes 2 days to complete. One
important incentive is that the tax structure which has one of the lowest
corporate tax rates in the world at 8.5% on profits up to S$300,000 and 17%
thereafter. In addition, no capital gains taxes, special tax exemptions like a
one-off tax (CIT) rebate or SME cash grant, and tax incentives that promote
innovative business development are all part of the Singapore pro-business
standards.
Working and Living
Aside from the very
attractive tax incentives and being located in the heart of Southeast Asia,
Singapore has one of the best infrastructures in the world. Not only does this
make Singapore an investor’s dream; it makes it a safe and secure place to live
and work. Singapore has a very, very low crime rate, excellent public
transportation, and a mild climate year round. All of this helps contribute to
the well-being of the workers and residents of Singapore, and it ensures any
business of a strong, reliable workforce. Singapore: a strong, reliable, and
successful country.
