Today, Singapore is one of the largest financial and business centres in the world. It is also the gateway to the enormous Asia market for many foreign companies too. Therefore, if you are looking to expand your business to the Asian market, then Singapore will most likely be one of the most ideal launchpad for your business here. Regardless of whether you are a large Multi-National (MNC) or a new start-up, Singapore will always rank highly as one of your preferred business destination.
Singapore - Your Ideal Business Location
There are just so many reasons why so many companies chose Singapore as their ideal location.
1) Ease of Setting-up
Singapore offers you the ease of setting-up various types of business here. If you a local and you have a SingPass Account, you can easily set-up a company via online application as www.bizfile.gov.sg and you can be up and running within an hour. Even if you are a foreigner, you can approach any Corporate Service Provider (like ourselves), and we can assist you to set-up a business or a company in Singapore within the same day.
2) Conducive environment and ecosystem
It offers a very conducive environment and ecosystem to nurture start-ups. Singapore provides lots of incentives and rebates to encourage business start-up and entrepreneurship. You can be classified as a Small and Medium Enterprise (SME) in Singapore by having saving 30% local shareholding and you will be entitled to apply for generous amount of incentives, loans and grants to grow your business.
3) Transparent Government
The business here operates in a very transparent and meritocratic manner and the government has very minimal bureaucracy and red tape. Singapore has been consistently ranked as one of the Least Corrupt Nation in the world. The application and administrative fees chargeable for business application or license applications is therefore very transparent, objective and affordable. No other hidden cost!
4) Strategic Location
Singapore is strategically located in the heart of South East Asia and it offers excellent connectivity to the 2 giants of Asia – China and India. It is also the most important transhipment and Aviation hub in Asia. Therefore, for those who are looking to expand their business in Asia, Singapore is certainly the gateway to Asia.
5) Open Immigration Policy
Singapore has one of the most open immigration policies, especially if you are a foreign talent. You can apply for an Entrepass or employment pass quick easily as long as you possess the right skills and qualifications. Even for the hiring of semi-skilled or unskilled foreign workers, there are ample provisions for the application for Work Permit and S-Pass holders. Of course, in recent times, Singapore is clamping down on excessive unskilled or semi-skilled foreign workers. So, the requirements are getting a bit more stringent. But still, compared to many other developed countries, the entry requirement is still a lot more generous.
6) Favourable Tax Framework
Singapore offers very favourable Tax Framework and it has one of the lowest Corporate Tax Rates in the world. The headline Corporate Tax Rate in Singapore is 17%. However, for new start-up, there are generous start-up tax exemptions that provides for the full tax exemption for the 1st SGD100,000 of profit for the first 3 years of business. In addition, all Singapore resident companies are also eligible for partial tax exemptions that will make the effective corporate tax rate even lower. (8.5% of tax for taxable income up to SGD300,000). Individual income tax rates are also amongst one of the lowest in the world.
7) Highly skilled labour force
Singapore also has a large pool of highly skilled labour force with a large proportion of its labour force with tertiary education. Most people are bilingual with good proficiency with English language. So, communication will not be an issue.
8) Protection of Intellectual Property Rights (IPRs)
Singapore recognises the importance of protecting IPRs to support an innovation-driven economy. Therefore, it has a comprehensive set of legislation for the protection of Intellectual Property Rights, which is also recognised as one of the best in the world. Singapore has been consistently ranked in the Top 5 countries by World Economic Forum for its strength in IP protection.
9) Safest and most liveable city
Last by not least, Singapore is definitely one of the safest and most liveable cities in the world. You can stroll around the city or suburban areas by yourself at night, without the fear of being a victim of any robbery or other crimes. Of course, Singapore has good food, good entertainment, hot and sunny weather, very liveable environment, etc. Anything that you want, you name it and you are most certainly going to find it in Singapore. A global metropolis.
How Timcole can Help You
Looking to start a business in Singapore? Timcole can assist you in all business aspects!
Timcole is one of the leading company incorporation and accounting firm based in Singapore. Our wide range of professional services serve as a one-stop solution for your business, offering you the most affordable price for services conducted with the highest level of excellency.
Contact us to find out more on how we can help you with your company today.