Why choose Singapore for your business?
Why would one decide to incorporate a company in Singapore, out of the many global options? The ever developing global economy has its eyes set on this rapidly emerging business hub in the heart of South-East Asia. Singapore’s rapid development over the past 40 years is astonishing, even more so when you consider this small city state lies in the very center of Southeast Asia, which remains one of the poorest regions in the world today and far from the first world standards many of us have grown accustomed to.
Singapore stands out amongst the rest of South-East Asia. It has quickly established itself as the financial and trading center of the region. In this article we will provide you with some insight into Singapore and what exactly makes it such a great country to incorporate your very own company. First of all, Singapore’s outstanding government provides one of the politically most stable environments in all of Asia and is very actively promoting the country’s economic growth.
The ideal choice to incorporate your company
Not only does this make Singapore one of the safest and most well organized countries globally, but its strong pro-business attitude is very noticeable. As a result it boasts one of the highest percentages of entrepreneurs worldwide. As opposed to many western countries, where incorporating a company can be a long and stressful journey, you will find that registering a business in Singapore is only a matter of 1 or 2 working days. The government offers full support to guide you through this very simple process.
To promote Singapore as a business location even further they offer an outstanding tax system which provides many incentives to newly incorporated businesses. Also on the personal income tax front, Singapore offers attractive conditions.
Singapore’s tax rates operate on a tier-based system with tax percentages increasing based on your income up to a certain cap. The personal income tax rate ranges from 0% up to a maximum of 20% for any income above S$ 320.000 per year. If you are planning to do business in Singapore you will be interested in their corporate tax rate. For Private Limited Companies it is below 9% for annual profits of under S$ 300.000. It is a flat 17% for any profits above the S$ 300.000 mark.
Running your business in Singapore.
Establishing your company in Singapore has a wide range of practical advantages. Overall it has a strongly pro-business and entrepreneurial environment with attractive business and personal taxation. In fact, the first S$ 0.3 million of business income is tax exempt during the initial 3 years since incorporation. Additionally, Singapore boasts one of the world’s best workforces and highest GDPs.
Singapore is your gateway into wider Asia.
Geographically the city state is located attractively in the center of South-East Asia. Actually you are able to reach most South East Asian business centers within 1-3 hours flight time. This establishes Singapore as a perfectly convenient location to start expanding your company into other business centers nearby over time. Due to the world class infrastructure and sophiticated demographics, Singapore is also an ideal test bed for a new product or service.
Lifestyle in Singapore.
Once you based your business in Singapore, this opens up the whole range of options to also relocate yourself and your family into the city state. The city is absolutely clean and boasts a perfect infrastructure. Safety-wise it regularly ranks as one of the worlds top cities. In your leisure time you can enjoy some of the best golf courses, nightlife scenes and dining options available. The country also has a top education system which is great if you want to bring your family over.
On top of that, Singapore’s economy is further boosted by one of the lowest GST tax rates of just 7%. This is far below the world-wide average of around 16%. When incorporating a new company one must also protect the company’s intellectual property through trademark and other registrations. You will be glad to hear that Singapore is party to all the major global intellectual property treaties. It has very strong IP laws that are strictly enforced.
Incorporating your company in Singapore is the gateway to South-East Asia
Once your company is set up and running you will find Singapore’s geographical location provides great opportunities to reach out to a market of 2.8 billion people in Asia. All that is within a few hours flight from Singapore’s Changi Airport, which has been rated as the world’s best airport for 20 consecutive years. It offers flights with some of the best airlines in the world on a daily basis. If your company has an international target market there is no better place to be than Singapore.
Now that we have covered the main aspects that make Singapore an ideal business hub you will probably ask yourself what exactly you need to do to get a valid work visa. The government has put a lot of effort into making work permits readily available for anyone who is serious about incorporating their business in Singapore. Individuals planning to stay in Singapore on a permanent basis will appreciate Singapore’s relatively relaxed and flexible approach.
Quality of life in Singapore
Singapore is also a fantastic place for you to live in and enjoy a beautiful region of this planet. Singapore is culturally very diverse due to a large number of residents and immigrants coming from all over the world. The largest communities are Chinese, Malaysian and Indian. The city boasts with entertainment, dining and nightlife options where you are guaranteed to find whatever it is you are looking for. Getting around the city is made easy with MRT and LRT train lines conveniently connecting all major destinations. Moreover, busses and taxis are available all over the city at any time of the day or night to efficiently get you where you want to go.
Most importantly, Singapore is one of safest and cleanest cities in the world. It provides you with a top-notch healthcare system that even surpasses that of many western countries. Singapore’s education system and schools are equally top class. As you can see, Singapore is not only perfect for business, but also offers an exceptional quality of life for you and your family!