Strategic location and an open economy make Singapore the choicest business destination to set up an international enterprise. Moreover, Singapore’s highly stable political and economic landscape, low taxes and well-qualified human resources make it the world’s most promising place to do business.
Benefits of doing business in Singapore
As young state that has achieved independence in 1965, Singapore has been quick to achieve:
All this makes Singapore a desirable investment station. It would not be wrong to describe it as the best-run country in the world.
Want to know more about the benefits? Here you are:
A Robust Economy
Singapore owes its sturdiness and well-conducted economy to the following factors:
Due to the good sense and futuristic judgment of its founders, despite being a small country with scanty natural resources, Singapore has a durable economy.
Competitive Tax Regime
The tax policy in Singapore is the most straightforward and practical the world over. Thus for entrepreneurs interested in incorporating and running startups, this is the most sought-after nation.
Singapore has a multi-layered tax regimen for individuals as well as corporates:
Corporate profits are not re-taxed when they transfer dividends to stakeholders. Thus, shareholders have to pay no taxes on the earned dividends.
And now for the best part; Singapore has one of the world’s lowest value added tax rates.
Singapore protects its resident firms from double taxation by signing the Avoidance of Double Taxation Agreements (DTAs) with more than 50 countries.
The main purpose of these contracts is to ensure that economic transactions between Singapore and the treaty country are taxed just once. Also, Singapore offers Unilateral Tax Credits (UTCs) for countries that do not have DTAs with it.
Foreigners can hold 100% Company Shares
As a foreigner, you can own all the stocks of the company you incorporate in Singapore, without being dependent on local partners or stakeholders for the following reasons:
Freedom of Movement for Currency
In Singapore, there are no obstructions to the inflow or outflow foreign currency through the country’s borders. This seamless movement of funds makes businesses extremely flexible, when compared to countries that apply compelling interventions to the movement of foreign currencies.
Incorporate and Operate Hassle-free
Singapore has been topping the charts of the World Bank’s Ease of Doing Business survey for nine consecutive years for three simple reasons:
Government Backup for Your Startup
The Singapore government is very supportive towards growth and innovations. Over the last ten years, Singapore has fostered its venture funding community. The benefits of these funding sources come to the fore when you set up and do business in Singapore.
To learn more about how your business can get full benefits from what Singapore has to offer, please contact us.