Singapore is fast becoming the target of future business and foreign investments due to its growing economies. Its incredible and speedy climb to becoming one of South-East Asia’s corporate mecca relies heavily on its ability to attract foreign investments and nurture local businesses to profitable fruition. Thanks to its generous and lenient policies for Singapore company registration, more people are attracted to look to Singapore for future investments and the benefits far outweigh that of any other country.
Benefits of company registration in Singapore
1) Quick, Easy and Cost-Effective Registration
Company name registration is conducted with ACRA (Accounting and Company Regulation Authority) which can approve (or reject) company names in just one hour. If all the necessary forms and documentations are prepared as per the prerequisites, the registration process only takes about a few hours to complete. Complete foreign ownership is permitted and the minimum paid up capital is only S$1.00. Plus, only one director and shareholder is necessary, and it can be the same person.
2) Generous Tax Exemptions
Profits earned outside of Singapore enjoy legal tax exemption due to its global treaties (with nearly 60 countries), therefore local businesses avoid double taxation. New companies are exempted for the first three years’ worth of capital gains, after which rates begin to differ from 8.5% (for earnings from S$100,001 to S$300,000) to 17% (S$300,001 and above). Personal income tax increase exponentially from as low as 3.5% to 20% for earnings of more than S$320,000. Singapore also levies one of the lowest GST rates at 7%, far below the global average of 16.4%.
3) Strategic Location and World-Class Infrastructure
Situated at the crosshair of the world’s international trading routes, the island republic is also one of the fastest developing countries for business, finance and banking, hence the reason why numerous multinational companies congregate here to be at the forefront of international business. To set up a company in Singapore means to have access to a world-class infrastructure of an advanced telecommunications network, cutting-edge technology, extensive transportation hubs and other first-class amenities.
4) Ease of Emigration for Foreigners
Foreigners are encouraged to invest and establish their business here in hopes that it will add on to the existing world-class talent pool which it boasts. An Entry pass can easily be obtained by foreigners to legally operate a business in Singapore. Financial aid is easy to procure and successful applicants (and their dependents) are often rewarded with a Permanent Residence (PR) status should they have performed in an outstanding manner in their respective businesses.
5) High Standard of Living
Singapore is a fast-evolving nation with unsurpassed medical care, living standards, education system and a thriving social scene. It is touted as one of the safest cities in South-East Asia as well as the five least corrupted cities in the world. Singaporeans have a very high literacy rate and English, the most popular business medium, is ubiquitously spoken. Historically and culturally, Singapore possesses an East meets West charm that suits every taste.