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Benefits of Setting Up a Singapore Company for Global Entrepreneurs
Singapore is one of the best connected countries in the world, with all the sea, air and telecommunications links needed for setting up and running a business. For example, high speed broadband network reaches 99 per cent of the population
Strategically located in the heart of Asia-Pacific, Singapore is the business city of choice, having had the recognition of excellent business and social infrastructure, political stability, and favorable economic ties with world economies. The government of Singapore takes an active role in encouraging these companies by granting appropriate tax and business incentives, providing government agencies' assistance in identifying or exploring significant business opportunities and by promoting its expertise in the region. Not surprisingly, Singapore has become the top choice for global entrepreneurs wishing to setup up a company and conduct their business worldwide. The World Bank has been rating Singapore as the easiest place to do business in the world for a number of years in row. Some even describe Singapore as a modern economic miracle. A country with 4+ million people, without own natural resources and with a history of only 40+ years, has risen to become one of the world’s strongest trading nations. Setting up a new company in Singapore benefits strongly from the geographic location and the ever rising economy.
Key benefits of setting up a Singapore company
So why is Singapore an attractive place for setting up a private limited company? The answer lies in unique blend of competitive strengths that makes Singapore the location of choice for global entrepreneurs. Singapore offers a top-ranking, globally-connected, pro-business environment with a strong and stable infrastructure to boost and sustain exceptional growth and success for your business ideas. Some of the major factors that make Singapore as the ideal place for setting up your company include:
The corporate as well as personal tax rates in Singapore are much lower than most of the other countries. For example, the tax rate on corporate income below 300K is about 9% and above 300K the tax rate is 18%. Furthermore, there is no capital gains tax in Singapore. New Singapore company setups enjoy zero taxes on first 100K of taxable income for each of the first three years.
Business Friendly Immigration Policies
Singapore recently ranked #4 in the world for its liberal immigration policies. Entrepreneurs that have setup a Singapore company and wish to relocate can apply for Entrepreneur Pass and Dependent Pass for their family members. Pass holders are then eligible to apply for permanent residence and Singapore citizenship in due course.
Singapore is consistently rated as the top country that has the least bureaucracy and red tape in Asia. Singapore is well known for its efficiency and the distance between those making the rules and those implementing them is very short.
Stable Society and Political Environment
Singapore is considered as one of the most stable societies in Asia. Singapore welcomes business oriented people, and is particularly keen to attract foreign talent able to contribute to the nation's development and growth. Business people have come to appreciate the high levels of transparency and reliability in business, economic and regulatory affairs in Singapore. A stable political structure with parliamentary democracy, a well-established judicial system, and the presence of strong domestic institutions with good corporate governance practices, have made the business environment even more attractive to global investors for setting up a company in Singapore.
Singapore is one of the best connected countries in the world, with all the sea, air and telecommunications links needed for setting up and running a business. For example, high speed broadband network reaches 99 per cent of the population. Getting around the island is effortless with the highly efficient and inexpensive Mass Rapid Transit system, bus and taxi services.
Best Place to Live in Asia
Last year, Singapore was rated as the best place to live, work and play in Asia by Mercer Human Resource Consulting. A dynamic city rich in contrast and color, a harmonious blend of culture, cuisine, arts and architecture, Singapore is brimming with high energy and embodies the finest of both East and West.
Singapore company setup requirements
Overall, Singapore has the best infrastructure for doing business, is very well positioned geographically, has a great set of laws to protect intellectual and personal property and is a good place to hire bright people. Entrepreneurs from countries that exhibit high tax rates or restrictive business environment are particularly attracted to Singapore. Business people from many of the Asian and European countries are fast recognizing the benefits of setting up their business base in Singapore.
The basic requirements for setting up a Singapore company are very simple and include:
• Minimum one shareholder
• Minimum one director
• A local qualified company secretary
• A local registered address
• Minimum share capital of $1
How to get help with setting up a Singapore company?
Foreign entrepreneurs typically hire the services of a professional firm for setting up a Singapore company. These firms will do all the necessary paperwork and can get a Singapore company setup in 1-2 days. Moreover, they can also handle relocation and immigration matters for the company founders or their overseas staff members as well as provide on-going support for handling company statutory matters such as tax filing, etc.
In conclusion, global entrepreneurs looking for low taxes, clean regulatory system, high quality of life and a lucrative place to setup a company will find Singapore as an ideal destination for their global business needs.
This article is the courtesy of AsiaBiz Services Pte Ltd – a Singapore based professional services firm that specializes in Singapore company setup, taxation, immigration, and related matters. For more information, please visit their website at Singapore Company Setup Specialists
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