An ace entrepreneur or an ace organization is always on the look out for strategic locations to expand its business to newer frontiers and reap the benefits from that point and achieve the world leadership position in the business segment in which it is operating. A foreign national or a foreign organization exploring the possibility of expanding its business out of its national boundaries will definitely find Singapore as the dream destination for incorporating its business and operating from the foreign soil.
Singapore is a country with excellent merits when it comes to enumerating the Advantages of Incorporating a Company here. How does Singapore benefit an organization in incorporating a company? This is discussed in detail below.
The main advantages can be summed up as ‘T.I.M.E.’ advantage.
T - Tax laws, be it corporate or individual, are minimum in Singapore as compared to the other nations. Singapore Government’s Tax policies are pro- business policies. The Corporate Tax Rate is 8.5% for profit up to 300,000 S$ and is capped at 17% for profits above that. The Individual Tax Rate starts at 0% and maximum is 20% on profits above 320,000 S$. There is no dividend or capital gains tax as well as no estate or death or inheritance Tax in Singapore.
I – Immigration Policies are quite liberal in Singapore and it is ranked 4th in the world for it. There is provision for the Entre Pass and Dependents Pass and furthermore the holders of these Passes are eligible to apply for the citizenship of Singapore, thus ensuring their long term stay without any problems. Such is the liberality of Immigration Policy of Singapore Government which draws entrepreneurs to relocate their businesses to Singapore.
M – Minimal Bureaucracy, this is one aspect which facilitates fast and easy incorporation of a company. There are nations whose company incorporation policies are so complicated and there is so much interference from the Government officials that the entrepreneurs become frustrated and give the attempt of incorporating their company there. Thus Singapore offers smooth and respectable entry of foreigners into their country and offers opportunities for mutual growth.
E – Environment for Entrepreneurship Development. Singapore is a country which can be counted as most reliable one. The Government policies are most stable and simple. There is absolute Political stability. The country doesn’t give a step motherly treatment to the foreign entrepreneurs when it comes to favorable Tax Laws or observation of transparency in the policy implementation. It is ranked first in the World Bank report of ease of doing business. Thus Singapore provides the right environment for entrepreneurship development.
With its entire infrastructure in place for a hassle free entry of foreign individuals and entrepreneurs and their fruitful stay in Singapore there is indeed a great rush to incorporate companies here. Those who have already established their organizational set-up here are happily operating their business and are prospering with generation of huge profits year after year. In view of the above enumerated ‘T.I.M.E.’ advantage one should not lose time and opportunity for incorporating a company in Singapore.