With a unique and impressive lifestyle and culture, Singapore boasts a tremendous prospect to present to the global business community. A major percentage of the people who live in Singapore consider it to be a comfortably diverse environment with a cutting-edge business outlook. It offers a relaxed and safe lifestyle which are critically important for individuals and corporations to flourish a start-up business.
Let’s elaborate why entrepreneurs, corporations and ventures of all sizes consider Singapore the perfect location to incorporate a new or sustain an existing business.
Some interesting benefits of incorporating your business in Singapore are:
- Singapore is ranked number one globally by World Bank for the convenience it provides to businessmen.
- According to Forbes magazine, Singapore stands as the third wealthiest nation in the world.
- Singapore possesses the finest labor force in the world.
- Absence of dividend or capital gains taxes in Singapore makes it an ideal location to incorporate your business.
- There is no inheritance/death/estate tax in Singapore.
A few other noteworthy benefits include:
As compared to other countries, the cost of doing a startup business in Singapore is much cheaper than the rest of the developed countries in the Asian region. This means that while incorporating your business in Hong Kong may be good for you, it will yield even better results in Singapore as operational as well as other business costs involved will be less.
Considering the favorable business environment, manpower, and infrastructure of Singapore, the country has become an affordable choice for budding entrepreneurs.
A Business Friendly Environment
Singapore is popular for its business-friendly ambiance and has been attracting a large chunk of foreign investments in recent years. Materializing your startup business ideas into a profitable business in Singapore is highly likely, owing to the benefits the country provides which are rarely seen in Western nations.
Sometimes, the whole procedure can be as quick as a couple of days, provided that you take assistance from the Singapore government.
Outstanding Tax System
As there are no capital gains taxes in Singapore, it is no wonder that Singapore has been labeled as the most convenient place in the world to incorporate and manage a business, It also abides a single-tier tax policy. With a flexible immigration system and a highly benefit-table tax approach, businesses are encouraged to permanently settle their business in Singapore. Foreign professionals are also encouraged to gain a Permanent Residence (PR) status in the country.
The country possesses robust copyright laws stating that it is a criminal offense for any individual or organization to perform intentional copyright infringement.
Moreover, businesses have the liberty to file for global trademark registration from Singapore since Singapore is associated with major IP treaties and conventions including the Patent Cooperation Treaty, Madrid Protocol, Paris Convention, Berne Convention, Agreement on Trade-related aspects of IP rights along with World Intellectual Property Organisation.
This is another incentive for Tech Startups to get incorporated in Singapore as they have a lot of Intellectual properties that they need to prevent from illegal usage and copy. Stringent Copyright laws in Singapore provide them a comfortable environment to safeguard the IPs of these Tech Startups in Singapore.
Remarkable Relocation Prospects
Singapore offers each of its residents with an impressive private and public transportation system, a healthy living environment with top quality healthcare, excellent schools, and a strong support system. Businesses, corporations, and entrepreneurs have a limitless array of training and educational opportunities.
An Open Government
As we all know, businesses cannot be stagnant. To thrive, they require an encouraging political infrastructure. As the political system of Singapore is fully intact, it signals a pro-business insight to its nation.
Singapore is striving hard to be in the forefront of the industrialized nations by making all possible efforts for encouraging global investors to initiate or extend their operations in Singapore.
By all means, Singapore is working to create an entrepreneurial hub within itself. Being, one of the most favorable environments for global and Southeast Asian start-ups to launch their business or products, it also offers a quick access to regional markets with positive funding opportunities. It also holds high-profile start-ups events to attract top investors as well as start-ups to incorporate their business in Singapore.
Amber Alvi is a passionate Web enthusiast. With over a decade’s involvement in the online industry, she is fascinated by the upcoming online developments and the evolving Marketing trends.