Factors to Consider in Setting Up a Business in Singapore | Why Set Up a Business in Singapore? Why Set Up a Business in Singapore? Many people consider relocating to Singapore because of its political climate, probusiness environment, cultural atmosphere, health and education system, public service and infrastructure, and natural environment. Foreign investors and entrepreneurs are setting up businesses in Singapore because it is a doorway to almost all of the Asian markets. Here is a checklist that will help you in your decision on setting up a business in Singapore: Factors Strategic Location What Singapore Has to Offer Singapore is easily accessible by air or by sea. Singapore's port is one of the busiest in the world. The Changi Airport allows you to connect to over 180 cities worldwide. Incorporating a Singapore business entity is a smart move since the location allows you an easy geographic access to all premier Asian markets. Setting up a business in Singapore allows you to cater to many cultures, and thus, a wider market. Singapore has an efficient, transparent and sound legal system. Singapore has a stable, pragmatic, rational and proactive government. You can be assured that setting up a Singapore business entity will not involve red-tape or bureaucratic delays. The liberal Singapore immigration policies allow for an easy relocation of foreigners who want to set up their businesses in Singapore. Singapore is known for its attractive schemes for foreign entrepreneurs. Setting up and doing business in Singapore is easy. It will only take you 1 to 2 days to incorporate a business in Singapore. Singapore offers low effective personal and corporate tax rates. The Personal income tax has a tier system that starts from 3.5% and up to 20% for those with income above $S320,000. Effective corporate tax rate for Singapore private limited companies with profits of up to S$300,000 per annum is less than 9%. While those with profits of up to S$300,000 have a 17% tax rate. Singapore’s single-tier tax policy provides that once the income has been taxed at the corporate level, the dividends can be dispersed to shareholders free of taxation. Furthermore, Singapore has one of the lowest Goods and Services Tax (GST) rates, which is only 7%.
Diverse Cultures Stable Legal System Good Governance
Liberal Immigration Policies Pro-business atmosphere
Attractive Tax Schemes
Free Trade Agreements
The infrastructure of Singapore is highly advanced. Singapore’s physical and research infrastructure helps make setting up your Singapore business uncomplicated. FTA's or Free Trade Agreements allows you and your business to enjoy benefits such as tariff concessions, exclusive access to certain sectors, speed market entry and Intellectual Property (IP) protection. The work-force of Singapore is competitive, productive and meets world-class standards. Its work-force is known for its high educational level, excellent output, proficiency, industriousness, professionalism and technology-savvy culture.
To cater to people who wish to migrate, Singapore presents different options for migration. These are: 1. 2. 3. 4. Migration Migration Migration Migration to to to to Singapore Singapore Singapore Singapore using using using using the the the the Employment Pass (EP); EntrePass (Entrepreneur Pass); MAS Scheme; and EDB Scheme.
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