Singapore – Open for Business
In corporate world, Singapore has become a global business magnet that attracts considerable strength of foreign investments and business entrepreneurs every year. Its transition from once small South Asian nation to world’s super business power is remarkable one. For sizeable foreign individual and investors, this island country is the most preferred destination to incorporate a new business service. Be it for start up or accomplished one, it offers an amazing platform to all business organizations who wish to explore business opportunity in the nation. It is just a matter of few days. If all documentation and proceedings are carried out in a right manner then one can have their dream project in this foreign land merely in couple of days.
In Singapore, it is easy to turn one’s idea into businesses with comfort and ease. Surprisingly, it takes only 1-2 days to register a Singapore company. Nature of Governmental policy of the country is very liberal and stable. Foreign talents are always welcomed with warmness. Thereby, it is pertinent to say that Singapore is the easiest place in the globe to set up, run, and manage a company. Some positive aspects of the country such as ideal location, higher quality of life, honest and liberal government, flexible immigration policies, skilled human resource, and attractive tax systems are playing vital role in transforming the island country into an excellent ground for corporate world.
Main advantages of relocating one’s business to Singapore are
- Strategic Location: It is ideally located in the heart of the South East Asia and easily accessible to around 2.8 billion people in the world market. Singapore port is one of the busiest ports in the world.
- Higher quality of life: Quality of life in Singapore is high. It offers healthy living environment, quality health care, cosmopolitan culture, advance infrastructure, easy access to many other countries, excellent educational system, a striking support system for business and etc.
- Honest and Liberal Government: In order to grow and thrive consistently, every business need an honest and supportive governmental structure. Political system of Singapore is exceptionally liberal and pro-business, whose vision is to attain a global recognition in industrial sector. They have enacted the law and set regulations using a business friendly approach.
- Flexible Immigration Policies: Singapore has a flexible and open immigration policy. It fascinates the foreign investors to come and set up business entity here. There is a provision of work visa made by the local government for those who wish to relocate to Singapore for business incorporation.
- Attractive Tax System: Tax system in the country is just amazing. Taxes are stand at the top of all other advantages. Tax system of Singapore is the key attraction for the business entrepreneurs to set up more and more companies here. Low corporate and personal tax rates are its main forte. Personal income tax starts from 0% and raise up to 20% for income above S$320,000. Similarly, corporate tax rate for Singapore private limited company is below 9% for profits up to S$300,000 and flat 17% for above the said amount.
- World Class Human Resource: Singapore boasts of highly educated, professionally skilled, and productive human resources, which is definitely a key ingredient for economic growth. Workforce of Singapore is highly known for hard work, extensive knowledge, technical proficiency, excellent academic background, and cosmopolitan nature.
