Of all the countries around the world, why Set up a Company in Singapore? There are many reasons for doing so. The country is a high-income economy with a business concentration on banking and shipping. You will see development all around the country once you enter the territory.
Singapore is also considered one of the friendliest countries in the world for investors. The country implements free trade and a diversified economy, which attracts many businesspersons to make their investments within. Aside from these, Singapore also possesses these qualities:
Set up a Company in Singapore to enjoy the following benefits:
- Economic Diversity. Singapore is full of local and foreign investors that contribute to the economic activity and development of the country. The government is really making an effort to take care of business persons in the country by providing them with appropriate business laws and policies that protect their business interests at the macroeconomic level.
- The flexibility of the Labour Market. Singaporean labour has the willingness and ability to respond to the needs of the market including changes in the demand, providing professional and skilled workers, and a negotiable salary for the enjoyment of every worker.
- Lower Tax Rate on Property. If you plan to Set up a Company in Singapore and have a residential house while you’re doing your business, you don’t have to worry much about the property tax. As of 2019, the Inland Revenue Authority published its tax rates. The matrix is as follows:
- 40 SGD – for three-room flat owners. Previously this amount was 37.60 SGD.
- 52 SGD – for four-room flat holders. Previously this amount was 119.20 SGD.
- Ease of Starting a Business. Singapore is one of the countries around the world where you can incorporate your business in just one day provided all the necessary documents are already available.
The set up of the company can be done both by a local and a foreigner. In fact, to make it even easier, registration of business can be done online.
- Peace and Order. Singapore is very strict when it comes to implementing the law. There’s even a printed shirt you can buy to familiarize yourself with the things not allowed in Singapore.
Though we may find it stringent, we’re still thankful because Singapore has Peace and Order and because of that, we’re safe walking in the streets.
- Availability of Flights. Singapore Airport is one of the busiest in the Southeast Asian Region and in the world. It serves more than 100 Airlines and flies to more than 100 countries.
- Intellectual Property Protection. The Government of Singapore is protecting businesspersons by protecting their Intellectual Property Rights. Who wants their products to be pirated? Of course no one. We’re thankful that this law is available in Singapore and being strictly implemented.
- Tax Incentives. To encourage people to relocate their business in Singapore, they have built headquarters where those who will operate from here will receive certain tax incentives.
Do you need to set up a Company in Singapore?
If you need further advice on why you should Set up a Company in Singapore, you can contact 3E Accounting. They are among those known providers for Incorporation Services in Singapore that can offer you quality setup for your company.