These days, when looking for a place to set up your company, there is no better place than Singapore. This Southeast Asian island nation has taken off in the financial sector in the last few years, achieving growth that threatens to knock Switzerland off the top post for most assets in foreign wealth. It has great business infrastructure, political and economic stability, and proximity to China, Japan, and Australian markets. The government of Singapore itself encourages new businesses to come and set up, with easy immigration passes and tax incentives and grants to companies that establish their offices there. Some of the key benefits of becoming a Singapore incorporated company are:
Low tax rates. Singapore has some of the lowest tax rates in the developed world, for both corporations and personal taxes. There is also no capital gains tax in Singapore, and a company that sets up in Singapore pays no tax on its first 100k for the first three years.
Easy immigration policies that are friendly to entrepreneurs. Singapore is actually ranked #4 in the world for most liberal immigration policies. People wanting to set up a company in Singapore can easily apply for an Entrepreneur pass, and a Dependant Pass for their family members. Those wanting to work in said companies can easily obtain Employment Pass. Pass holders can eventually apply for citizenship.
Small government. Singapore has a minimum bureaucracy. It is a very efficient country nonetheless, and is still a top country without much intrusive red tape.
Stable political environment. Singapore has one of the most stable political climates in Asia. They welcome foreigners and are trying to attract foreign businesses to their country. With transparency and reliability, as well as a efficient parliament and judiciary system, the political climate is stable enough to foster the economic growth the country has become known for in the last decade.
Infrastructure. The country is highly developed, with all the technology to rival other modern first-world countries. Their high speed broadband network, for instance, reaches 99 percent of the population. The country also has an efficient mass transit system and telecommunications.
Rated Best Place to Live and Work in Asia. Last year, Singapore was rated the best place to live and work in Asia. With excellent culture and a modern and rich city due to the rise of business, there are things for everyone to do in the city.
Sound banking system. The banking system in Singapore is well developed, and secure, with security and private bank accounts rivaling the Swiss system.
Laws that allow for private investments in Singapore companies, that allow for investors to invest as much as they like without limits. This attracts big investors to small startup companies who might not get these big investors otherwise.
Incentives. The Singapore government offers incentives to startup businesses coming to the country, including tax breaks and financial aid up to $200,000 for Singapore company incorporation, as well as allowing businesses to apply for up to 30 grants to help get their feet off the ground.
Due to these reasons and many more, it’s easy to see why so many businesses are moving their operations to Singapore.