It isn’t news that investors from around the world are flocking to Singapore to open a business. So, what really is about this craze? Why can’t the country stop attracting FDIs and innovations from across the globe, even when the COVID-19 hasn’t been addressed completely?
The answer is the business environment. And government rules and regulations. Safe to say, Singapore is the best place that you could open a company during this time.
Here are some reasons Singapore is the preferred place for entrepreneurs to kick start, or expand their careers and business:
Ease of Registration
Given that you have a good idea and fulfil the regulatory requirements, it is as easy for foreigners to start a company as it is for the locals. 100% foreign ownership is allowed, and if you have the right documents and the process goes flawlessly, it shouldn’t take more than 2 or 3 days to start a business.
However, foreign investors need to work with a company registration service provider. They are companies that help investors with company formation in Singapore. In other words, they will register your company for you.
Singapore is the central company in Southeast Asia. Located in the heart of Asia, the state is also the busiest city on the continent. Furthermore, Singapore’s Airlines fly to around 6 international destinations, and the seaport is also connected to some of the biggest economies in the world. Unlike many other countries of its size, Singapore is not landlocked, and with access to the seas, it means your business will always have options for customers, both local and foreigners.
The corporate tax rate in Singapore is 17% in maximum. Furthermore, many startups and small businesses don’t even need to pay 17% corporate tax rates because of the many tax programs and discounts. In addition to it, Singapore has a territorial tax system, so you only have to pay taxes for the income generated in Singapore. Well, that’s not the end of good news- Singapore has Double Tax treaties with around 90 countries in the world. This means you don’t have to pay double taxes when making a profit in around 90 countries.
A Very Stable Economy
Some countries are deemed good for business, but notoriously change their rules and regulations or introduce taxes that create pressure for especially foreign investors. However, in the case of Singapore, only changes that happen to the laws are reforms, and all are in favour of businesses and entrepreneurs.
Singapore has the lowest bureaucracy in Asia, and corruption is almost non-existent. The country has no foreign debt and rather makes a positive surplus. The government revenue is very high especially because of the exports, and the currency is strong. Once your business kicks off, you won’t have the ‘fear factor’, which is if some new laws will be promulgated which can be disadvantageous for you.
Labor Force and Superior Quality of Life
Singapore has some of the world’s busiest airports and sea-ports, best hospitals, educational institutions, and opportunities for people in every sector. Thus, you can get very competent workers no matter what the nature of your business is.
In addition to the talent pool, Singapore has all the necessary infrastructures and a diverse community for you to reside and run your business.
Do You Want to Start a Company in Singapore?
Why not call 3E Accounting? They are one of the leading company service providers that help investors from around the world with incorporating company Singapore. They have a team of industry leaders who will make your registration process straightforward and hassle-free.