As a foreigner looking to set up business in a suitable location, you might want to consider doing it in Singapore. This is because there are endless benefits or merits that come with it. To begin with, Singapore offers you an opportunity to do business with optimal ease. In fact, the country is rated first in the world for this. Political stability and high quality of life are other reasons why Singapore is suitable. Below is a closer look at other reasons why you should incorporate your business in this vibrant financial hub in Southeast Asia.
1. Excellent Tax Regime
Entrepreneurs are always concerned about the tax laws of any location before they settle. Thankfully, Singapore has a dynamic tax system that is outstanding, to say the least. Both personal and corporate tax rates come with advantages. The corporate tax rate is effectively capped at 17% for companies that make profits above S$300,000. This flat rate ensures that companies are able to grow and progress to the delight of businesses. Private limited companies that make up to S$300,000 profits will attract a tax rate below 9%. In addition, Singapore does not have capital gains or dividend taxes. Estate and inheritance taxes are also not present and this is definitely a good incentive for those who are looking to get the most out of their enterprises.
2. Ideal Location
For those who are concerned about location, Singapore is located right at the heart of Southeast Asia. It gives you access to nearly 3 billion people; who can be reached within just a few hours flight. The port is bustling with activity and is also ranked as a premier International Maritime Center. Changi Airport in Singapore serves about 15 million people annually giving traders or business people access to all the important markets in Asia. This strategic location is like no other.
3. Notable High Quality of Life
As a foreigner looking to do business in Singapore, you want to know whether this is a suitable place to live, work and play. To begin with, Singapore has one of the lowest crime rates in the world. To this end, you can live safely with your family. The health care system is top notch and the schools are of excellent quality. The infrastructure is cutting edge and you can travel both privately and publicly to your convenience. Entrepreneurs also enjoy great support enabling success in this respect. The Cultural vibrancy and thoughtful entertainment amenities are also in plenty.
There are many other benefits to talking about. After you have discovered all the merits, what next? How do you go about forming a company in Singapore? Foreigners will be happy to note that the process is not complicated at all. With good Singapore company incorporation services, you will be able to tackle all the requirements without breaking any sweat.
How Will Company Incorporation Services Help You?
1. They will guide you through company registration
A good service will help you register your company in the right manner. They give you the expertise to help you navigate through the process to fulfill all the requirements. They will also advise you on the rules that apply when it comes to choosing suitable names for companies. There are several registration requirements and this way, you will comply in a better way.
2. They Will Demystify Company Formations In Singapore
Company formations refer to how the business will be created to operate optimally. Here, directors, company secretary, and shareholders might come into play. Physical addresses and bank account requirements will also be vital elements that go into forming the business. A good service will take you through all these so that you comply accordingly.
3. They Will Guide You On What Is Expected From Foreigners
Foreigners setting up shop in Singapore will have to meet certain requirements. For example, a local director is needed for any foreigner to set up shop. There are many other details that will have to be fulfilled and a good service will definitely guide you through. To this end, you do not have to worry about compliance; let the professionals deliver on your behalf.
In a nutshell, setting up a business in Singapore is not just easy; but it will give you excellent returns. After duly forming your company, you can enjoy all the government incentives and benefits the country has to offer.