Singapore has been consistently ranked among the top best countries to set up a business in for a variety of reasons. A recent report by the World Bank in 2017 listed Singapore as the second easiest country in the world to do business in, coming in just behind New Zealand. Still deciding which country you should choose to set up shop? Look no further than Singapore! Below are some of the reasons the beautiful city-state should be at the top of your list.
1. Low business tax rates
The government constantly introduces and revises business-friendly policies in an effort to attract investors and establish the country as a global hub for business. The corporate tax rate, the amount of tax that businesses in Singapore must pay, continues to each year. In 2000, business were taxed at 26%. Over the years, that number has fallen to around 17%. The effective tax rate that businesses actually pay after tax exemptions, grants, and incentives is often lower than that 17%, making it one of the lowest tax rates in the world.
Singapore is also an attractive place for foreigners with big business dreams. First, the government makes it extremely easy for foreign workers to receive employment passes, a necessity in order to enter the country and set up their business. Second, Singapore allows for 100% foreign shareholding – you won’t find this in many other countries! In 2017, foreigners owned 40% of businesses (in their entirety) in Singapore. Businesses looking to move their operations and relocate their entire team overseas without firing or hiring new employees can especially benefit from this policy. Finally, the government lists English as one of its national languages – it’s the most commonly spoken and written language in the nation. Foreigners in Singapore can worry less about overcoming language barriers and more on improving their business. Therefore, many find that it’s extremely easy to adapt and assimilate into the business culture in Singapore.
3. Fast and easy registration process
Singapore streamlines the registration process for new businesses, boasting one of the fastest processing times in the world. Additionally, the incorporation process can be done entirely online through the use of digital forms and e-signature systems. Businesses in Singapore are registered in a matter of days. Companies exist to facilitate this process further. The InCorporate.sg team registers your company and get it ready to go in 24 hours. Check out our bundle packages or compare our partners’ services if you are interested in incorporating your business in Singapore today!
4. Legal Protection
Singapore has a strong legal framework in place to protect your company and investments. This covers areas from employment contracts to intellectual property rights. Singapore is also known to have one of the lowest corruption rates in the world. Such protection creates a conducive environment for businesses operations.