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Why Decide on Singapore?

You may be wondering about why choose Singapore for company incorporation. Reasons are abound like lenient tax regime, supportive government & an open economy. All these factors raise the bar of Singapore, and are enough to attract a serious entrepreneur to start a business here.

Singapore is the land of opportunity for investors and entrepreneurs willing to give their best to increase their productivity and the profits of their businesses. In the last few decades, economically, Singapore has risen to an enviable position. It has become a melting pot of for the individuals coming from all over the world. During the same period, it has built state-of-the-art infrastructure to facilitate better transportation, health services and education.

Gateway to Asia

On their part, Singaporeans and the government have put their efforts in making this country a most special destination to form a Singapore company and get into the business. Many prestigious institutions and entities have evaluated Singapore using different parameters. According to them,

  1. Singapore is the 3rd most globalized economy among the world’s 60 largest economies. – Ernst and Young
  2. It is the number one market for conducting business with ease. – World Bank
  3. It is the top most country in Asia as far as the political stability is considered.
  4. Singapore offers top quality of life in Asia
  5. It offers high quality of labor force.
  6. Forbes magazine has ranked it in the top 5 wealthiest economies in the world.

Singapore as a Business Destination

This country favors ‘Get, Set and Go’ style of business. Starting a company in Singapore is easy. Armed with proper documentation one needs only 1-5 days to do so. If you compare it with the time required for incorporation in the other countries, it will be easy to understand that Singapore government is pro-business.

Need of Singapore-based Business

Singapore is located at a strategic location and almost all of the Asia is within a few hours of flight from it. That is why companies located on American continent, Europe and elsewhere; find it very convenient to establish a base here, by forming a Singapore company. The move makes their operations flexible and tremendously improves their reach in Asian markets and hence, it is the right place to incorporate a Singapore company.

Be the First to Incorporate a Singapore Company

It is best to complete a Singapore company registration as soon as possible. The incorporation services in Singapore are there to help with a new Singapore company setup. The professionals working for specialist incorporation firm like, Singapore Accounts are well trained to handle all the eventualities. Company registration fees charged by this firm are the most economical. In fact, Singapore Accounts offers integrated Singapore company incorporation packages which allow its clients to receive customized service to suit their purposes.

Singapore Company Registration with Singapore Accounts helps in:

  1. Company Name: Protecting the name of the business. It also presents the opportunity of registering it as a trademark.
  2. Intellectual Property: Protecting intellectual property rights of the company. If an associate of you lays claim to your ideas, as if, they are his/her own before you incorporate then, it creates problems.
  3. A Legal Person: A registered company can deal with its legal obligations and necessities of the business such as renting a place for its use.
  4. Capital: It helps in raising capital for the business activities of the company.
  5. Equity Ownership: By registering the company in the early stages of business and before its value has gone up, you can claim a large equity stake in the company. Later, there may be more investors wanting in at the time of late incorporation. By choosing to incorporate early, you protected your efforts, investment and ingenuity.

Singapore Tax Environment

Singapore is one of those countries which have successfully lowered their tax rates without affecting their economy. Taxes like, capital gain follows one-tier system and hence, once a company pays its corporate tax, it is free to distribute tax-free dividends to its share holders. Singaporeans do not have to pay Inheritance tax.

  1. Personal Income tax: It is applicable in progressive steps. It starts from 0% and rises to 17% for income above S$320,000.
  2. Corporate Income tax: Corporate income tax for private limited companies formed in Singapore and having profits up to S$300,000 is fixed at 8.5% and 17% for taxable income above S$320,000.
  3. Goods and Services Tax: To reduce dependence on the direct taxation, Singapore government took decision of implementing indirect taxes. Goods and Services tax (GST) is the result of this move. This consumption tax has broadened the base of Singapore tax system. The current rate of GST is 7%.

Infrastructure

State-of-the-art Infrastructure is the most visible thing that strikes a first-timer to Singapore. It says loudly, that Singapore is the favored destination for the global investors and entrepreneurs. The amount of foreign capital that pours in Singapore is simply astonishing.

Changi Airport in Singapore is one of the well managed Airports in the world and gives access to almost all of Asian business destinations.

Singapore offers you a high quality of life. Foreigners coming to Singapore are generally, followed by their families. Excellent healthcare, transportation facilities, international quality schools and most importantly, safe and secure atmosphere are part of the Singapore scene.

Singapore Immigration Policies

The immigration policies adopted by the Singapore government are lenient and pro-entrepreneurs. The work visa system makes available different types of passes for the entrepreneurs, businessmen and professionals. EntrePass, Employment pass and dependent pass are easily available.

Politically Singapore is stable and the successive governments have followed policies conducive to the liberal economy. It has also attracted best labor force. This city-state also enjoys the least corruption. Singapore has very strict intellectual property laws and is fully motivated to protect rights of the inventors and entrepreneurs.

Singapore is a multi-ethnic society. Entrepreneurs, investors, professionals and workers from all over the world come to Singapore which makes it an interesting place to live in and share with other individuals.

If you want to form a Singapore company or want to hire for business accounting services, contact Singapore Accounts at +65-6536 0036 or email us at info@accountingservice.com.sg