After the great downturn seen in the US, UK and the greater part of the EU, a business setup in Singapore seems to many entrepreneurs as the most lucrative place for starting and running a business. Maintaining a business in Singapore is easier and relatively entails lesser costs as Singapore’s compliances are business friendly. We elaborate below some of the advantages of having a business setup in Singapore
1. Singapore is a politically stable country. Hence having your company’s headquarters in Singapore is strategically advantageous for you as it is in good relations with most countries of the world.
2. Singapore is worldwide accepted as a country which is economically strong and highly developed. Having your business headquarters in Singapore immediately boosts up your company’s status while you do business with your counterparts in other nations.
3. Singapore is clearly known as a leader among the ASEAN nations with a highly developed business community and state of the art infrastructural facilities.
4. Singapore GDP historically, from 2007 until 2011, the average quarterly GDP Growth was 6.36% reaching an historical high of 39.90% in March of 2010, ironically also at the time when most world economies were facing slow or negative growth. [S1]
5. The unemployment rate in Singapore was last reported at 2.1 percent in the second quarter of 2011. Again a comparative and very impressive low rate. [S2]
6. For new start-ups the Singapore Government has come up with attractive tax benefits. The top line tax rate for new companies is effectively below 8.5% of the chargeable income upto a certain limit in the first three years of incorporation. After the grace period, the top line tax is still 17% much lower than most advanced countries including the OECD nations. [S3]
7. Compliances for Singapore companies can be done online and most companies would have professionally qualified accountants and managers who ensure that compliance is a breeze.
8. Singapore is also very people centric with people from many nations having their abode here. Relocating your employees from another location is facilitated and immigration procedures are relatively simpler than most other Asian nations.
Singapore is definitely a very pro-business place to be. Truly as many people already accept, investing in Singapore is as good as investing in the great Asian growth story.
The latest investment statistics for Singapore is as depicted in the graph below
The latest investment statistics for Singapore is as depicted in the graph below
Source and Attributes
S1 - http://www.tradingeconomics.com/singapore/gdp-growth
S2 - http://www.tradingeconomics.com/singapore/unemployment-rate
S3 – Top line tax rates – IRAS Website - http://www.iras.gov.sg/irasHome/page04.aspx?id=410
S4 - Source of Statistics – Latest indices from Singstat.gov.sg/ Singapore government’s site for latest statistics on Singapore
Author Resource:
Singapore Company Registration
Singapore Company Registration
