Since the turn of the Century, the world has witnessed an unparalleled rise in Asian economies. China and India are at the forefront of the Asian age. But at the heart of this growth is Asia’s most affluent country, Singapore. It is by no chance that Singapore is at the pole position in terms of development in this part of the world. The country is founded on a stable and professional regime that boasts one of the most efficient tax systems and a stable economy. Integrity and transparency are values that permeate throughout the entire society.
Many organizations that have expanded into Singapore have found it profitable and rewarding. Like them, you can also reap financial benefits. Below, we outlined six reasons why you should expand to Singapore.
1. Easy and Fast Incorporating Process
Singapore does not have restrictions on foreign ownership. For foreigners planning to start a business here, there are various incorporation options depending if you intend to relocate to Singapore or run your business from overseas.
The incorporation process is fast and straightforward. You can complete the process by yourself. However, you can also choose to engage professionals who specialize in company incorporation services for a speedy process.
2. Abundance of Financiers and Affordable Rates
The Association of Banks in Singapore (ABS) has a membership of 155 financial institutions. 127 of these are foreign banks, and there are 19 merchant banks. These institutions are drawn from over 30 nationalities and have varied experiences in different industries. You won’t have a hard time finding a financial institution that understands your needs.
Furthermore, the interest rates are competitive and stable. Since the global economic downturn of 2009, interest rates in Singapore have gradually risen from a low of 0.25% in 2013 to the present rate that’s slightly over 2%.
3. Efficient Tax Systems
Singapore has one of the most attractive corporate tax structures in the world. The highest corporate tax rate on taxable income is 17 percent which is one of the lowest in the world.
Singapore waives capital gains tax, dividends tax, as well as withholding taxes on lower amounts. Moreover, the country has signed about 80 Avoidance of Double Tax Agreements and is a member of about 20 free trade agreements.
4. Predictable and Professional Regulatory Regime
Singapore’s political environment is the most stable in the South East Asian Region. The legal systems are reliable and work professionally. The Singapore government has also set up several programs to encourage the establishment and growth of businesses.
There is even an International Business Development Division under the Ministry of Trade and Industry that looks into issues of establishment and development of businesses.
5. It’s Easy to Find and Recruit Qualified Personnel
Singapore has one of the highest-ranked labour forces in the world. The people are skilled, highly productive and motivated. The country bears robust labour laws and has one of the best living conditions.
6. The Economy is Favorable and Stable
The reasons above make it easy for people to set up businesses in Singapore. One top reason, however, that will motivate entrepreneurs to set up their businesses in Singapore is the profits. Singapore’s economy is one of the most stable and best performing in the world. Thus, it is beneficial to set up a business in Singapore.
To conclude, there are many benefits to set up your company in Singapore. Reach out to a professional firm that provides an array of accounting and corporate advisory services including incorporation services and reap the benefits of investing in Singapore.
If you require any assistance on accounting services, feel free to drop us an email at email@example.com or contact us at +65-66358767. At Ackenting Group, we offer a free 30 minutes online consultation for us to understand your business requirements better.