Foreign Nationals Can Now Set Up Their Business in Singapore

SINGAPORE - May 21, 2020 - PRLog -- Foreign investments form an integral part of the Singaporean economy. As released by a financial reporting agency, it placed Singapore as the fifth-largest beneficiary of FDI inflow in the 2017 statistics. The country has also been proactive with its national economic development by engaging in trade openness with its foreign investors.

How Singapore Manages to Attract Foreign Investors

For start-ups, Singapore provides an environment whereby entrepreneurs can pitch for investors' money. Aside from investors' funding, the country also includes tax incentives and grant exemptions for selected industries. Tax breaks for businesses are also something that forms as groundwork for the state to get the nickname, 'tax haven' for companies.

The island nation has also managed to survive despite its lack of natural resources by attracting direct foreign investments that focus on innovation. The late Prime Minister Lee Kuan Yew summed up the Singaporean mentality stating, "If we were to succeed, we had to depend on ourselves."

This results in the government intensely setting its focus on attracting foreign investors. The government has convinced foreign investors that Singapore is open for business as promoted by the Economic Development Board.

Singapore is the Gateway to Asia

The excellent geographic location of the country makes it an ideal place for foreigners to establish their business. Singapore is not only the gateway to Asia, but the country is also considered to be one of the most tax-friendly places in the Asian region.

The country has also taken a more proactive stance in terms of its Immigration policies to foreign nationals investing in the country. The active immigration policy has not only attracted a pool of international investors but has also created one of the most diversified business environments in the world. Investors with the intention to invest can apply for a permanent resident.

Incentive-targeted Industries

Singapore offers one of the best business climates in Asia because of its strong economic foothold. Compared to other Asian countries, Singapore offers the most comprehensive incentives targeting specific industries.

Tax incentives, for instance, can be in the form of a tax-exempt or reduction of tax rates. This has enhanced the country's economic development attracting a lot of foreign investors looking for a pleasant business environment to grow their business. A wide range of industries can take advantage of Singapore's tax incentives, including the shipping, manufacturing, investment and financial services, and the trading sector.

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