The Benefits Of Setting Up A Business In Singapore
Most economists believe that Singapore is one of the best business hubs for foreign
companies wanting to expand their operation in Asia and other continents.These are the factors which make Singapore a good place to setup up a company:
1.Tax incentives and benefits
Foreign businessmen and investors can enjoy low personal and corporate tax rates and other tax benefits. For example, there is an 18 percent tax cap for private limited companies with an annual profit of more than S$300,000.
And just recently, the government has signed a law that has reduced the corporate income tax to 17 percent from 18 percent. Aside from this, the country does not allow double taxation which means that once the corporation has been taxed, shareholders can receive their dividends tax free.
2.Immigration policies
There are several immigration policies such as Singapore EntrePass and Singapore Employment Pass that allow foreign professionals to work in the country, form a Singapore company, and even apply for permanent residence status.
3.Viable location
With Singapores strategic location, foreign businesses can enjoy easy trading activities with other countries particularly those from the South East Asian region.
Aside from the countrys strategic location, its seaports and airports are connected to hundreds of major cities in the world and allow businesses to directly access the Asian markets including Australia, India, Taiwan, and Malaysia.
4.Corporate laws
It is relatively easy to setup a Singapore company for foreign businessmen and investors due to corporate laws that provide tax incentives and limited liability to protect their personal assets from bankruptcy.
In addition to corporate laws, there is no red-tape in Singapore which allows businessmen to incorporate their companies within a day or two.
When it comes to intellectual property law, the country has one of the strictest in the world which means that businesses can protect their patent and copyrights and their overall interest.
And because the city-state is a member of several conventions and treaties protecting the intellectual rights of businessmen, this is a great place for international companies operating in several countries.
5.World-class infrastructure
Infrastructure, which plays an important role in business efficiency and productivity, is one of the biggest assets of Singapore in terms of attracting foreign businessmen and investors especially those from the industrial sector.
Also, the country has an efficient communication and broadband network that a recent survey shows that 99 percent of the population has an access to the Internet media.
6.Stable political situation and clean governance
The stability of the political situation is one of the most important considerations of businessmen and investors who want to setup a company in a foreign country. With this, Singapore has ranked as one of the most stable and least corrupt countries in the world for several years, according to the World Bank report.
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