Why you should choose Singapore for your business registration ?
It is one of the famous saying that the 19th century belonged to Britain, the 20th century belonged to America, and the 21st century will be the Asian century. Most multinational companies have set up businesses in Asia. If you are thinking about entering the Asian market, Singapore is a nice place to begin. The World Bank Global Economic Ranking 2012 marked Singapore as the number one country that is most friendly to businesses. In Singapore, the business environment is pragmatic, the legal framework is strong, and business practices are prudent. We have clear laws, sound infrastructure, and businesses can easily repatriate their funds outside. For all these reasons and more, Singapore has become a choice destination for companies who want to set up base in Asia.
Singapore ranks consistently high on many worldwide surveys
Why Singapore is such a sought after destination for business formation
Stable and visionary governance
The government of Singapore has worked ceaselessly to project Singapore as one of the best places to do business worldwide. You can see the effects in our transparent procedures, zero tolerance when it comes to corruption, and sound infrastructure. Everything is carefully planned and effectively executed.
Free funds repatriation
Many other Asian economies have myriad rules and regulations designed to prevent repatriation of funds out of their country. In Singapore, all exchange controls were removed in 1978. As a result, all residents, non-residents, corporates, and individuals can transfer their funds in and out of the country whenever they want. The government has set no limit on moving investment capital to and from the country, nor any limits on profit repatriation outside.
Taxes and other compliance
Singapore has a low rate of corporate tax, indirect tax, as well as personal tax. So, the country has become the best place to optimize taxes in the Asia Pacific region. It is possible to set up a company here in quick time, while direct and indirect taxes as well as corporate taxes are simplified to ease business. As a result, your company’s compliance cost will come down drastically.
Intellectual Property Law
Singapore’s Intellectual Property Law covers industry designs, copyrights, trademarks, and trade secrets. It also gives protection to patents and designs that may have taken years to develop through research and investment.
Singapore is right in the center of an international shipping route. The port of Singapore is one of the busiest and also one of the largest ports in the world. We have an excellent airport infrastructure too.
Low tax rates
Singapore corporate tax rate of 17% is one of the lowest in the world. By opening your operations in Singapore you too can take benefit of this tax rate. Moreover depending on your specific case, you may be able to get further tax incentives, which will help you to reduce your tax cost.
Flexible exchange controls
Singapore has abolished all exchange controls long back. Individuals, non-residents, corporates and businesses are free to keep their money in any currency they choose and can move these funds online via internet banking to their account anywhere in the world. This benefit is especially attractive for people from other asian countries where local exchange regulations force them to convert everything to local currency.
Imagine an Indian business, which does a substantial trade overseas but has to convert everything to Indian rupees. By opening a company in Singapore, funds can be kept in foreign currency, which can be used for any future business opportunity.
Future potential to settle in Singapore
Singapore is one of the best place to live, work and bring up your kids. Educational opportunities are many and potential for growth is tremendous. If your business is doing well you have ample chances to move and settle here. We know many small businesses which has moved their base from the home country to Singapore.
Singapore based banks – DBS Bank, OCBC bank and UOB bank rank 13th,14th and 15th respectively in the list of most safest banks in the world (According to global Finance study). Safety of the money kept in the bank is of vital importance to the business. If the bank goes down with all the money you have deposited then it’s a big risk for you.
Stable and strong economy
Singapore today represents a modern nation based on a very strong foundation. The economy is very stable and with more business interest in Asia region, Singapore economy is rated AAA by S&P as compared to US rating of AA+.