Singapore has consistently ranked among the countries offering great ease of doing business. It tops the list of most favoured destinations for both local and foreign entrepreneurs because of many key factors including a thriving domestic market, flourishing infrastructure, and business-friendly policies.
For those businesses looking to expand their shores in this South East Asian country, opportunities abound. If you’ve been thinking of incorporating your business in Singapore, we have drawn up a list of some of the most compelling reasons for you to do so.
1. Convenient Location
Singapore is a centrally located SouthEast Asian country. Its geographical location on the map gives it the strategic advantage of being extremely well connected with some of the biggest economies of the world. It has the busiest airport and Singapore port is tagged as a major International Maritime Center.
2. Pro-Enterprise Ecosystem
Singapore has innovative and friendly policies for business entrepreneurs and startups. It has a rational taxation system, provides many grants, and levies low corporate tax rates to business firms and establishments. Both local and foreign-owned startups can avail of the many business benefits for seamless operation and growth – viz., subsidized labor costs, venture funds, 100% business ownership (if you are a foreigner), zero restrictions on repatriation of profits, no taxation policy on capital gains, flexible business climate. Singapore is a well-defined, well-managed economy with an open market system, which is conducive to setting up and growing a company here.
3. Efficient Incorporation Process
A corrupt-free state like Singapore ensures efficient and smooth processing. Singapore has one of the simplest and uncomplicated frameworks for setting up a company in the state. In most cases, the incorporation takes less than a day.
4. Stable And Robust Political and Economic Climate
Singapore has a powerful administration and a strongly guarded system. It follows high standards of moral rectitude, free from red-tapism and corruption. It is further backed by a strong legal system which makes it a well-respected and reliable city-state. Stringent policies and intellectual property protection (IP) offer a safe business environment for entrepreneurs to operate with complete peace of mind without worrying about the risks of expropriation.
5. Efficient Labour Force
Singapore’s education system is cutting edge. This means that its competent students later join the workforce and become part of a professional climate, bringing their proficiency and expertise to the table. They are industrious, well-trained, abide by organizational rules, and excel in whatever they are tasked with. Singapore earns the reputation of nurturing a pool of talent.
6. Well-Developed Infrastructure and High-Quality Life
Singapore has superior quality infrastructure with high standards of living with its excellent transport network, countless commercial constructions, and advanced systems that guarantee productivity and ease of business.
As you can see, incorporating a business in Singapore comes with a lot of benefits and can open up floodgates of opportunities for you. Our team at Bestar can help you set foot with ease in Singapore while we ably manage all your company incorporation concerns. Get in touch with us today with your Singapore company incorporation needs.