Company Incorporation Singapore to Access Easiest Place to Do Business
Singapore, once a small island nation influenced by more powerful neighbors, has now indeed become a business hub of the world to reckon with. It is mainly due to its policies regarding company incorporation Singapore are favorable to the local and foreign investors and entrepreneurs. Today, it is so successful that it has the highest per capita foreign currency reserve. The ease with which you can start a Singapore company is the reason for the fact that more and more international conglomerates are starting their businesses in Singapore.
Is it Tough to Accomplish a Singapore Company Incorporation?
In fact, a Singapore company registration is accomplished in only 1-3 days. The easy and convenient process for company registration in this island nation has prompted even small scale investors to set up their business operations in Singapore.
Moreover, Singapore implements lower tax rates and schemes that make company incorporation Singapore a great option. The lower corporate income tax provides enough cushion to the newly incorporated companies in the country.
Furthermore, the immigration visas of Singapore permit the foreign nationals to come to Singapore for work, business, education and as dependents. So, let us shed some more light on the company incorporation Singapore.
How to Register a Company in Singapore?
The Singaporean authorities have kept on updating their economic, legal, and business policies to be at par with the prevailing trends in the market. It is one of the things that keeps appealing to the businesses and is instrumental in attracting investors, corporate, and individual entrepreneurs to Singapore. The majority of the entrepreneurs opt for setting up of a limited liability company in Singapore due to the tax benefits provided by the government.
Setting up of a Singapore company is made even simpler by the elite Singapore incorporation services that help their clients by assigning an incorporation expert. They offer a good number of Singapore Company Incorporation packages to choose from with low and minimal Singapore Company Incorporation fees.
Highly Competitive Tax System
Singapore levies progressive personal income tax rates. The tax rates that range from 0% – 20% are one of the lowest in the world. Moreover, an individual’s tax liability is determined by his or her residency status.
Singapore corporate income tax is a single-tier tax. The tax ranges from 0% – 17%. However, Singapore authorities offer some tax incentives, benefits, and rebates to support the businesses. So the effective tax paid by most of the businesses ranges from 8.5% – 11%. There is no tax on capital gains which means the dividends earned by the shareholders are tax-free. It is one of the reasons prompting investors to invest in Singapore company registration.
Singapore authorities have always stood behind startup companies. These newly established entities get 100% tax waiver on their first S$100,000 chargeable income. They get a further 50% tax deduction (tax rate 8.5%) on the taxable income of up to S$100,000 – S$300,000, for the first three years of their existence.
Overall, these reasons encourage the local as well as foreign nationals to opt for company registration Singapore.
Singapore Work Visa for the Foreign Entrepreneurs
To work in Singapore, entrepreneurs need a work visa. The Singapore government offers different types of work visas or passes to fulfill the specific requirements of each foreign individual. The holders of the Employment Pass, EntrePass (Entrepreneur Pass), and Dependant’s pass can act as the local resident directors of a company. It means they can indulge in a Singapore company incorporation and be its shareholders and the directors.
Motivated and Multilingual Workforce
Due to the well-established education system, Singapore manages to produce high-quality workforce. Also, it attracts from all over the world skilled workers, and highly qualified professionals, managers, bankers, and CEO’s. All-in-all, Singapore relies on these self-motivated and hardworking and most importantly, English speaking individuals to take its business forward.
Singapore: A Business Destination
Singapore has invested well in its infrastructure. The country offers one of the best infrastructure facilities in Asia. It has also established impeccable connectivity network. Singapore has world-class hospitals, educational institutions, transportation, roads and other facilities to boast of. The whole setup uplifts the quality of lifestyle of individuals living in Singapore.
The government of Singapore is one of the sincere, transparent, and progressive governments in the world. Their policies with regards to the social development and the economic structure of the country have enabled them to garner a massive foreign investment.
In fact, all the business and official dealings in the country are done in a transparent and fair manner without any bureaucratic hurdles or delays. It is no wonder that the number of company incorporation Singapore are high.