5 Reasons Why Singapore is Still a Preferred Choice
- Posted by admin
- 15 October 2013
From strategy point of view Singapore is in the center of the Southeast Asia. With the GDP growth of more than 15% Singapore has now established itself among those nations of strong developing economy. Because of such positive image of this city almost every one such as bankers, venture capitalists, businessmen; banks etc are getting attracted to it for setting up their business. Here we shall note down the Top reasons for why you should not miss Singapore for the incorporation of your new entity.
1. The favorable social and political environment.
A. Many people might consider Singapore to be a tax heaven because of the tax related benefits but in reality its not. The Singapore state is considered to be one of the highly reputable, regulated and highly stable jurisdiction.
B. Same like Denmark and New Zealand. Singapore is considered to be a least corrupted state. In recent survey by a private firm it was found that the probability of the corruption rate per business process in Singapore is less than 10%. Thus it makes Singapore am idealistic place for the business to set up their business headquarters.
C. Unlike other nations, setting up a business in Singapore is quite easy and straightforward. This is one of the key reasons for almost every major organization has set up a business in Singapore.
2. Comprehensive Tax benefits and DTAs
A. The businesses in Singapore get the benefits of tax exemptions for the profits earned outside the Singapore. On a general level the rate of the corporate tax is simply 17% and this is one of the most competitive tax rates. Additionally the businesses get the exemption of corporate tax for their first consecutive 3 years of operation for the net profit of up to $100,000 each year.
B. A company incorporated in Singapore gets the leverage of having Comprehensive double taxation treaties from 62 nations. This allows much flexible ways of business processes.
C. Incidentally in 2012, Singapore was voted as the least Tax burdensome city state in the World.
3. The availability of advance technology and developed infrastructure.
A. when it comes about the technology with modern level business facilities, Singapore serves it better. Singapore city has the top level communication facility and advanced technology, which can make anyone surprised on his first visit.
B. In 2010, Mercer Human Resources conducted a survey and concluded that Singapore is one of the best cities for providing the highest standard of lifestyle among the Asian cities.
4. The order and rule within a Win-Win Economy.
A. Singapore being an economically progressive city meets most of the international business guidelines. Singapore is much popular because of its disclosure of the taxation according to the OECD.
B. In 2012, United Nations Conference on Trade and Development (UNCTAD) published Singapore as the fifth largest Cities in Asia for receiving FDI (foreign Direct Investment).
5. An easy and innovative Business Registration process.
A. You'd feel surprised when you get to know that for business registration, you do not need to set up a physical office structure, and can be done in a day.
B. To have a business incorporated, the minimum requirement is just a Director, one shareholder, one local company secretary, a share capital of minimum $1 and a local business address.
Hence from above mentioned points in a summary the following facts make Singapore a perfect place for Business Incorporation.
A. Perfect geographical location and an easy access to the Southeast Asian market
B. Very stable and progressive Economy
C. A business-sensitive, sound and co-operative Government
D. Comprehensive taxation benefits
E. A good international reputation for stability and ease of business.