4 BENEFITS OF SETTING UP A BUSINESS IN SINGAPORE

Posted by GLOBAL CORPORATE ADVISORY PTE. LTD. on December 13th, 2016

It is not easy for an entrepreneur to handle a business without any obstacle. Those that are aspiring to start their own venture should take note that there are a lot of responsibilities that one must bear and a lot of challenges that one must face. For you to be able to manage your business in a stress-free way, you need a host of favourable conditions - a conducive economic environment, freedom from regulatory bottlenecks and fiscal incentives in the form of tax exemptions, subsidies and the like. Considering all these factors, Singapore will turn out to be one of the best places to set up your new business venture. This country offers innumerable benefits when it comes to setting up and doing business.

Favourable facts about Singapore for business

• Singapore is ranked as number one politically stable country in the Asian region
• This country has been ranked as the third wealthiest nation by Forbes
• The country has been rated as the number one country in terms of ease of doing business, as per a study done by The World Bank
• Singapore is rated as the number one country for quality of life
• It is said that this country has the number one labour force in the world
• This country has been ranked as the third most globalized economy among the 60 major economies of the world, according to a report by Ernst and Young

Benefits of setting up a business in Singapore

These factors offer you tangible benefits when it comes to doing business in the country. Still not convinced? Here is a list of 4 of the most prominent benefits that you can gain by setting up your business in Singapore:

#Ease of doing business

The country, being highly politically stable, offers increased avenues for businesses to function objectively and not get influenced by bureaucratic hurdles. Investors are not afraid to pour in money here, as the ease of doing business in this country is the highest in the world. This ease is experienced even while incorporating a business in Singapore. It only takes around one or two days, which is impossible in any other country of the world.

#Highly Globalized economy

Globalization gives any business the benefit of access to the entire world through its services and products, which presents expansion opportunities. Globalization is complemented by the strategic position of the country, where all the neighbouring areas of economic activity are only a few hours’ flight away. This presents immense opportunities for business expansion. This country has been declared as a premier International Maritime centre.

#Business friendly taxation

What business owners would find the most favourable in Singapore is the taxation regime. In this country, the personal tax is as low as 0%, and goes to a maximum of only 20% for an income above S0,000. The corporate tax is slabbed at 17%. And as a cherry on the cake, there is no additional tax on capital gains. This country follows a single-tier tax policy which most entrepreneurs find favourable.

#Open for foreign entrepreneurs

The foreign investment scenario in Singapore is on a highly positive side. Doing business in the country is beneficial for relocating businesses as well, as the immigrations policies of this country are open and friendly. Entrepreneurs looking to expand their business on a global scale should especially take note of this point. It is easier in Singapore than in most countries to obtain a permanent residence visa.

Seeing how easy it is to set up work in Singapore, you should probably start considering incorporating your business in this country.

ABOUT THE COMPANY

Global Corporate Advisory Pte. Ltd., better known as LCC Global, is one of the leading corporate advisory firms in Singapore. The company offers professional services, legal aid and consultation to Singapore residents and foreigners for setting up business in the country along with assistance regarding matters such as auditing, taxation, work pass application and corporate secretarial services.