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Why Invest in Singapore?
Singapore is one of the most lucrative places for investors and entrepreneurs wishing to expand their brands globally. The nation’s robust economy is supported by its well-developed infrastructure, and its extremely favorable tax system makes it the ideal location for new start-ups.
Benefits of expanding to Singapore
- Gain access to new markets & skilled workforce
- Lower tax rates & incentives for startups
- No taxes on capital gains or dividends
- Stable political climate & no corruption
- Located in the heart of Southeast Asia, Singapore is a gateway to emerging foreign markets
- Singapore is world-renowned for its protection of intellectual property rights
- A multi-lingual country with English as the primary language makes it easy to communicate
- Excellent quality of life
- State-of-the-art technology & high-speed internet facilities
In the sections below these advantages are explained in more detail
Attractive Tax System
One of the world’s most straightforward and rational tax systems is found in Singapore. It does not impose taxes on capital gains or corporate dividends. Because to this, the nation is very appealing to business owners looking to form and launch a new company.
Both personal and corporate taxes are administered in Singapore using a tiered tax structure. In their first three years, new businesses are given considerable tax benefits that lower their tax rate to 0% for the first S$100k of income. The maximum corporate tax rate is 17%.
The personal tax rate operates similarly, starting at 0% and progressively increasing to a maximum of 20% for incomes over S$320,000. When corporate profits are distributed to shareholders as dividends, they are not subject to a second tax. In other words, shareholders receive dividend payments tax-free. And finally, Singapore has one of the lowest rates of value-added tax worldwide.
Avoidance of Double Taxation
Singapore has an extensive network of Avoidance of Double Taxation Agreements (DTAs) with over 50 countries. These agreements are intended to prevent double taxation on business dealings between Singapore and the treaty countries.
Singapore furthermore offers Unilateral Tax Credits (UTCs) for nations with which it doesn’t have a DTA. Thus, a Singapore tax resident company is very unlikely to suffer from double taxation.
Ease of Incorporation & Operations
One of the world’s most effective and un-bureaucratized regulatory systems is found in Singapore. Singapore has topped the World Bank’s Ease of Doing Business rating for nine years running. The prerequisites and process for incorporating a business are both easy to understand. In most circumstances, incorporating a new business takes less than a day.
Similarly, the annual compliance requirements are simple and devoid of unnecessary or complicated paperwork.
An advanced free market economy, centered mostly on commerce, banking, and manufacturing, is present in Singapore. Services make up 80% of the labor force and contribute 75% of the nation’s GDP. The nation has managed to sustain low inflation while achieving a very low unemployment rate. With only 5.25 million inhabitants, it exports goods worth about S$500 billion annually, resulting in the tenth-largest foreign exchange reserves in the world.
You have probably read about Singapore’s great educational system and the high rankings that its pupils achieve in comparison to students throughout the world. When they eventually join Singapore’s workforce, these students will bring a comparable level of brilliance to their employment. Singaporeans are known for being diligent workers, law-abiding, successful, and well educated.
Also, Singapore’s open immigration policy attracts top talent from around the world to the nation. Singapore facilitates the acquisition and maintenance of work visas or permanent residency (PR) status for international professionals. Almost one-third of the labor force are expats
Support for start ups
The policies of the Singaporean government are particularly supportive of innovation and economic progress. It offers numerous grants, tax breaks, and in-kind support programs for startups. Within certain preferred sectors, the government can also subsidize the labor costs of a new business. These benefits are available to local as well as foreign-owned businesses.
Singapore has fostered its venture funding community during the past ten years. It is currently Asia’s top location for venture capital. You can take advantage of access to these financial sources by incorporating your firm in Singapore
Geographic Location
Singapore is home to some of the world’s best companies across all industries, partly due to its location in the heart of Southeast Asia. Singapore’s strategic location – within six hours of any Southeast Asian country – makes Singapore an ideal hub for accessing the region and its growing consumer market.
It is the 2nd most connected country in the world, with over 7,400 weekly flights to and from Changi Airport. Consistently ranked as the best airport in the world, it serves more than 100 airlines serving approximately 100 countries and regions worldwide, and is home to many leading logistics companies such as UPS and FedEx. More than 62 million passengers use the airport each year.
In addition, Singapore’s port infrastructure has been rated as the best in Asia over the past two decades. The city is connected to more than 600 ports worldwide, with 200 shipping lines passing through Singapore. Each year, more than 130,000 ships visit Singapore.
Not surprisingly, in a global survey of global freight forwarders and couriers, the Logistics Performance Index, a measurement tool developed by the World Bank, found that Singapore ranks first in Asia in terms of logistics efficiency.
Rule of Law
The country is virtually free of corruption because a) most of the civil servants are very well paid, b) very severe penalties are imposed for corruption, c) the country’s founder, Lee Kuan Yew , has set very high standards in matters of ethics and national leadership by example. So if you set up a company in Singapore, you can be rest assured that you won’t be at the mercy of corrupt officials.
Growth awaits you
We can assist you in creating the ideal structure for your firm, whether you’re wanting to establish a Singapore holding company or a subsidiary company. You’ll receive a unique solution that is made to fit your specific needs and provides security, privacy, risk reduction, tax optimization, and operational effectiveness.
