BySingapore is a first-world nation that runs smoothly and offers new business owners a very welcoming business environment. Its strong economy, advantageous location, attractive tax environment, and efficient government make it a desirable location to incorporate a new enterprise. Singapore has also been a very popular destination for international entrepreneurs for more than 20 years.
Every month, hundreds of businesses are incorporated in Singapore by businesspeople from various countries, including Australia, India, Japan, and many more. Its government’s concerted policies have made it an extremely business-friendly environment for foreign-owned companies.
Why Singapore Company Registration Is Vital for Your Business Expansion?
- Support for startups
The policies implemented by the Singaporean government are extremely supportive of innovation and growth. It offers startups a variety of grants, tax breaks, and in-kind support programs. The government may also subsidize a new company’s labour expenses if it operates in one of its preferred industries. These Singapore company registration advantages are open to both domestic and foreign-owned companies.
Singapore has fostered its venture funding community over the past ten years. These days, it’s the top location for venture funds in Asia. You can access these funding sources by incorporating them in Singapore and setting up a business there.
- The geographical location of Singapore and infrastructure facilities
Due to its strategic location in Southeast Asia, Singapore serves as both a literal and metaphorical entry point into a continent home to three billion people. Singapore is conveniently located near several of the world’s largest and most significant economies, including those of China, India, Malaysia, Australia, and many more.
One of the busiest ports in the world, the Port of Singapore is regarded as the main international maritime hub. One of the greatest airports in Singapore is Changi Airport, which benefits traders by connecting Singapore with numerous major cities throughout Asia-Pacific. They can easily conduct business with these cities. There are about 20 million passengers that use this airport each year.
There are excellent infrastructure facilities in this nation. Some examples of these facilities include airports, roads, subways, internet access points, commercial buildings, public parks, museums, and hotels. Its infrastructure and facilities easily draw in visitors. Since the majority of these facilities were established within the last ten years, they are also brand-new and modern. This nation offers excellent infrastructure and a very pleasant environment for conducting business.
Opening a business bank account in Singapore with a reputed bank is a very simple process.
- Double taxation agreements
In order to prevent paying double taxes on the same income, Singapore has signed treaties with more than 80 nations. This nation has strong connections with numerous other nations. By protecting their income from double taxation, this agreement benefits the companies. This essentially means that foreign income, whether earned in Singapore or elsewhere, is only taxed once.
A system of double taxation agreements and treaties lowers or eliminates taxes in a particular nation. This is advantageous for businesses that have holding or subsidiary companies in nations where Singapore has double taxation agreements signed.
The purpose of this agreement is to prevent double taxation on income moving smoothly from one nation to Singapore. In addition, Singapore offers unilateral tax credits (UTCs) to nations that have not entered into double taxation agreements with Singapore. Thus, double taxation is a very rare issue for a Singaporean resident company.
- Stable and less corrupted political environment
Singapore is a nation with a stable political environment and a population that abides strictly by the law. One can confidently plan to do business in this country because it consistently ranks among the easiest places to do business.
The following are some examples that show why Singapore is a better location for business:
- Out of 190 countries, Singapore was ranked first by the World Bank for its effectiveness in contracting.
- Transparency International ranked Singapore as having the least amount of corruption in its public sector out of 180 countries.
- According to the World Justice Project’s index of the rule of law, Singapore is the best country in Asia out of 113.
- According to the Heritage Foundation, Singapore’s economy is the second most free of 186 economies worldwide.
Having connections is the only thing that will work in most economies, as there are many corrupt officials and bribes. However, Singapore is the nation with the least amount of corruption due to the high salary of public servants, the severe penalties for corrupt behavior, and the moral values upheld by the nation’s founders.
- Productive workforce
You’ve likely read about Singapore’s outstanding educational system and the country’s students’ high test scores by international comparison. These students eventually join Singapore’s workforce and offer work of a similar caliber. Singaporeans are known for their diligence, adherence to laws, productivity, and high level of education.
Furthermore, Singapore’s open immigration policies attract talent from around the world. For foreign professionals, obtaining and maintaining a work visa or permanent residence (PR) status is made simple in Singapore. The proportion of foreign workers in the nation is close to one-third.
