What Makes Singapore An Ideal Place To Setup Your First Company
There is no other place in the world that blends East and West, tradition and modernity, quite like Singapore. The cosmopolitan high life weaves seamlessly into the island's multiracial and multicultural tapestry. Old colonial buildings provide a peek into the past, while brilliantly fashioned skyscrapers point to a city-state that is constantly on fast-forward. Singapore shines with a "can-do" energy that is characteristic of a young, bold and dynamic nation. With the myriad of experiences and opportunities it offers, Singapore is the place to be.
Singapore is, simply, a great place to do business. It has a highly-skilled workforce and a regulatory environment that is firmly pro-business.
Singapore has a free market economy, with a low inflation rate, stable prices, and a high per capital GDP, all thanks to its highly developed infrastructure, transparent legal system and educated workforce. The economy was traditionally driven by its strengths in electronics and manufacturing, oil refining and distribution, and shipbuilding and repair. Today, it is increasingly fuelled by its growing services sector.
Key benefits of setting up a Singapore company
So why is Singapore an attractive place for setting up a private limited company? The answer lies in unique blend of competitive strengths that makes Singapore the location of choice for global entrepreneurs. Singapore offers a top-ranking, globally-connected, pro-business environment with a strong and stable infrastructure to boost and sustain exceptional growth and success for your business ideas. Some of the major factors that make Singapore as the ideal place for setting up your company include:
Low Taxes
The corporate as well as personal tax rates in Singapore are much lower than most of the other countries. For example, the tax rate on corporate income below 300K is about 9% and above 300K the tax rate is 18%. Furthermore, there is no capital gains tax in Singapore. New Singapore company setups enjoy zero taxes on first 100K of taxable income for each of the first three years.
Business Friendly Immigration Policies
Singapore recently ranked #4 in the world for its liberal immigration policies. Entrepreneurs that have setup a Singapore company and wish to relocate can apply for Entrepreneur Pass and Dependent Pass for their family members. Pass holders are then eligible to apply for permanent residence and Singapore citizenship in due course.
Minimum Bureaucracy
Singapore is consistently rated as the top country that has the least bureaucracy and red tape in Asia. Singapore is well known for its efficiency and the distance between those making the rules and those implementing them is very short.
Stable Society and Political Environment
Singapore is considered as one of the most stable societies in Asia. Singapore welcomes business oriented people, and is particularly keen to attract foreign talent able to contribute to the nation's development and growth. Business people have come to appreciate the high levels of transparency and reliability in business, economic and regulatory affairs in Singapore. A stable political structure with parliamentary democracy, a well-established judicial system, and the presence of strong domestic institutions with good corporate governance practices, have made the business environment even more attractive to global investors for setting up a company in Singapore.
Excellent infrastructure
Singapore is one of the best connected countries in the world, with all the sea, air and telecommunications links needed for setting up and running a business. For example, high speed broadband network reaches 99 per cent of the population. Getting around the island is effortless with the highly efficient and inexpensive Mass Rapid Transit system, bus and taxi services.
Best Place to Live in Asia
Last year, Singapore was rated as the best place to live, work and play in Asia by Mercer Human Resource Consulting. A dynamic city rich in contrast and color, a harmonious blend of culture, cuisine, arts and architecture, Singapore is brimming with high energy and embodies the finest of both East and West.
Singapore is, simply, a great place to do business. It has a highly-skilled workforce and a regulatory environment that is firmly pro-business.
Singapore has a free market economy, with a low inflation rate, stable prices, and a high per capital GDP, all thanks to its highly developed infrastructure, transparent legal system and educated workforce. The economy was traditionally driven by its strengths in electronics and manufacturing, oil refining and distribution, and shipbuilding and repair. Today, it is increasingly fuelled by its growing services sector.
Key benefits of setting up a Singapore company
So why is Singapore an attractive place for setting up a private limited company? The answer lies in unique blend of competitive strengths that makes Singapore the location of choice for global entrepreneurs. Singapore offers a top-ranking, globally-connected, pro-business environment with a strong and stable infrastructure to boost and sustain exceptional growth and success for your business ideas. Some of the major factors that make Singapore as the ideal place for setting up your company include:
Low Taxes
The corporate as well as personal tax rates in Singapore are much lower than most of the other countries. For example, the tax rate on corporate income below 300K is about 9% and above 300K the tax rate is 18%. Furthermore, there is no capital gains tax in Singapore. New Singapore company setups enjoy zero taxes on first 100K of taxable income for each of the first three years.
Business Friendly Immigration Policies
Singapore recently ranked #4 in the world for its liberal immigration policies. Entrepreneurs that have setup a Singapore company and wish to relocate can apply for Entrepreneur Pass and Dependent Pass for their family members. Pass holders are then eligible to apply for permanent residence and Singapore citizenship in due course.
Minimum Bureaucracy
Singapore is consistently rated as the top country that has the least bureaucracy and red tape in Asia. Singapore is well known for its efficiency and the distance between those making the rules and those implementing them is very short.
Stable Society and Political Environment
Singapore is considered as one of the most stable societies in Asia. Singapore welcomes business oriented people, and is particularly keen to attract foreign talent able to contribute to the nation's development and growth. Business people have come to appreciate the high levels of transparency and reliability in business, economic and regulatory affairs in Singapore. A stable political structure with parliamentary democracy, a well-established judicial system, and the presence of strong domestic institutions with good corporate governance practices, have made the business environment even more attractive to global investors for setting up a company in Singapore.
Excellent infrastructure
Singapore is one of the best connected countries in the world, with all the sea, air and telecommunications links needed for setting up and running a business. For example, high speed broadband network reaches 99 per cent of the population. Getting around the island is effortless with the highly efficient and inexpensive Mass Rapid Transit system, bus and taxi services.
Best Place to Live in Asia
Last year, Singapore was rated as the best place to live, work and play in Asia by Mercer Human Resource Consulting. A dynamic city rich in contrast and color, a harmonious blend of culture, cuisine, arts and architecture, Singapore is brimming with high energy and embodies the finest of both East and West.
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