Singapore is a beautiful city-state that is known to have a thriving business culture. Because of its close proximity to other countries within Asia, it naturally has become the center of international business, said to be hosting over 30,000 international companies. This fact not only attracts businesses to set up in Singapore, but foreign investors looking for suitable companies. According to studies, the country has noted around 70 thousand US dollars in direct foreign investment.
A government that is against business and going through turmoil is not an ideal place to incorporate a business, but Singapore’s government is known to be quite stable and also supports businesses with the thought of them helping the country thrive. With the help of the government, a company can incorporate in Singapore with as little as 1-2 days. Due to this and the country’s solid financial system, Singapore is able to host and welcome individuals and corporations that want to incorporate their business in the city-state. The idea of Singapore being a keen location for international business does not only stem locally, but is ranked internationally of many titles such as 2nd in the world as a country to easily do business by the World Bank and 1st as a country most open to trade.
Taxes are important to note for any business, whether in Singapore or not. Another benefit to note about incorporating in Singapore is its infamously known for its friendly corporate tax rate. In comparison to the United States at 21%, Singapore’s tax rate is lower at 17%. The city-state also owns one of the lowest Goods and Services Tax in the world which is currently at 7%, the global average being 10 percent higher than Singapore.
With businesses comes a needed workforce. Whether wanting to outsource workers or find workers in Singapore, there is no problem either way. In terms of outsourcing, Singapore’s immigration policies are quite flexible and created in the thought of helping foreign companies trying to expand or start their business in the city-state. In thinking long term, the country’s permanent residency policies are not outstandingly complicated. In terms of local workers, Singapore’s culture of seeking knowledge has led to the country having a workforce that is well educated, hardworking, and professional. Not only so, but because of the city-state’s diverse culture, it also creates a workforce that is well educated culturally, which helps to not just diversify the workforce but create a culturally friendly environment to whoever steps into a business.
For someone searching for their business to thrive not only domestically but internationally, Singapore is the spot to do so.
Despite there being benefits of Singapore being a business hub, there is no deny that there is competition amongst all these businesses working towards success. This is where Incorporate comes into the picture as there are many benefits to working with us if you would like to start your business in Singapore . The top six of these benefits being personal asset protection, tax flexibility and incorporation tax benefits, enhanced credibility, brand protection, perpetual existence, and deductible expenses.