Is Company Incorporation Singapore Still Worthwhile Option to Take?
Singapore is a great place for those interested in investing money. It is also a favored business destination for your company incorporation Singapore. Moreover, it is one of the ideal places where you can relocate to take charge of your business and raise a family in a secure environment.
Why Opt for Company Incorporation Singapore?
Singapore offers political stability, the least amount of corruption, and an unparalleled pro-business environment. From the point of view of an entrepreneur, there is the least amount of bureaucracy or red-tape, and tax rates are low. Dividends distributed by the companies are tax-free.
The authorities do their best to support new businesses through the startup tax exemption scheme. They also have access to accelerator and incubator programs. If you have the right business idea up your sleeve, the chances are that you will not have to struggle for funding it. All these factors together explain why there is a rush for company incorporation in Singapore.
The entrepreneurs seeking a test-bed to execute their innovative business ideas opt for Singapore company incorporation. These individuals, eventually, may get their permanent residency in Singapore. The permanent resident in Singapore can apply and be the Singaporean citizens.
Singapore’s Rise As A Knowledge-Based Society
Singapore is focused on consolidating its position as a major knowledge-based society. It has set up world-class educational institutes to fulfill the need. Acquiring an experienced and motivated workforce is also Singapore’s need, as the country has meager natural resources to rely on.
Consequently, it welcomes entrepreneurs and professionals that are well educated and qualified to contribute to its efforts. These factors are in favor of entrepreneurs and corporations who choose to incorporate a company in Singapore.
Singapore is a tailor-made opportunity for those who dream big and are ready to work hard to earn the respect of the market. The authorities, here, believe in merits and not in an individuals’ lineage, connections, or influence they can garner. It is truly an equal opportunity for local as well as foreign individuals opting for company incorporation in Singapore.
The regime is a die-hard proponent of protecting one’s creative ideas and inventions. Singapore’s resolve, in this regard, is reflected in its Intellectual Property (IP) protection laws. These laws are but an extension of its policies.
These policies are enabling it to brand itself as a knowledge-based society and attract businesses and entrepreneurs having innovative ideas. The policy has encouraged many, especially those in the Research and Development field, to opt for company incorporation Singapore.
Pro-Business Attitude Boosts Number of Company Incorporation in Singapore
The agencies like the World Bank have found that it takes only 1–3 days for a company incorporation Singapore. The country offers tax exemptions and benefits to the Singapore registered startup companies to bring their operating costs down during their initial years.
Each startup Singapore company incorporation, in its initial three years, benefits from the startup tax exemption scheme. They get 75% of tax exemption on their first S$100,000 taxable income. Next, S$200,000 is taxed at 50%. The taxable income above S$300,000 attracts 17% of tax. The dividends are tax-free.
The existing businesses also receive partial benefits. These factors favor Singapore’s Small and Medium Enterprises (SME’s). The SME’s are the backbone of the Singaporean economy as they absorb a large amount of workforce and keep a check on the unemployment rate.
Why Choose Singapore as Your Business Destination?
There are reasons why entrepreneurs choose to incorporate company in Singapore.
- Singapore has achieved 2nd ranking for the “Ease of Doing Business” indicator in the World Bank report 2020
- Its workforce is educated, skilled, and multilingual
- The country ranks high for the stress-free relationship between the employers and the labor force
- The availability of English-speaking experienced, and qualified professionals attract MNC’s to Singapore
- The MNC’s get tax incentives and benefits for establishing their headquarters in Singapore
World-Class Singaporean Infrastructure
Singapore has provided its citizens with highly reliable public transports facilities like the mass rapid transit system, bus services, and the cabs. Likewise, this country also invests money to facilitate social development projects.
Singapore has one of the best airport and port facilities in the world. It enormously simplifies the lives of the business owners. The far-reaching air-links take them to the emerging markets with ease. The port facilities are up-to-date and contribute to high import and export activities. They serve more than 700 ports spread throughout the world. The country has invested heavily in its communication networks and transportation infrastructure.
It is no wonder that investors and entrepreneurs beeline to Singapore, and the numbers of company incorporation in Singapore are ever-increasing.