Why Set Up Your Business in Singapore?
Singapore, also known as the lion city or one of the four Asian Tigers is a renowned tourist attraction for its beautify landscape and modern architecture. With a multicultural societal set up Singapore incorporates within its crux, it offers a taste of condensed multicultural diversity. The state has something in store for people from across the globe, with its exotic cuisine, epicurean heritage and holiday resorts along with a well maintained environments and ample amusement opportunities.
But, there’s more that has elevated the status of Singapore on the global horizon and this is probably what compelled the renowned American businessman and the giant of Wall Street Jim Rogers to move over to Singapore from his native homeland. Singapore is considered as a business paradise and the hub of Asian trade since it offers a huge profitable potential and a secure and risk free business environment for residents and expatriates alike.
The financial market is smoldering with potential for businesses to set up and generate a fountain of revenue. Global business and technology tycoons like Apple, Google, DBS Bank, P&G have already installed their set ups in the city. Singapore, in the race for supremacy in Asia Pacific, has clearly outpaced its strong competitor Hong Kong, through successfully directing in its account the influx of investment from London and New York markets.
Here’s our analysis of what makes Singapore the best bet to set up your business.
Business Oriented Tax Mechanism
Singapore follows a single-tier tax policy for corporate sectored, without capital gains. This makes it even more attractive to businesses whose prime concern while venturing into a new economy is about their tax net mechanism. Corporate taxing is based primarily on annual profit gains, that is 9% or below for profits up to $300,000 and a stagnant 17% for profits exceeding $300,000 per annum.
Business Financing Opportunities
Singapore offers businesses with friendly and flexile credit finance opportunities. Business entities and entrepreneurs with no sound financial backing can opt for a financial grant. Business credit schemes like iSPRINT and iSTART have been initiated to encourage and support entrepreneurial venture in Singapore, offering people with funds to help them establish their business
Situated in the heart of south East Asia, Singapore is situated at a buffering location providing instant and convenient access route to thriving economies of china, India and Indonesia.
Competent Human Resource
People from across the globe flock in to Singapore to seek better career opportunities. Singapore is a pool of competent human resource and has been classified as provider of one of the best global labor resource.
Business Oriented State Policies
Singapore’s state laws are formulated to comply and complement the needs of business environment. The immigration policies are flexible and welcoming for foreign nationals. Similarly, the state has also ensured to maintain a credible business environment through strong copyright laws for the protection of intellectual property.
We at 3E Accounting Services provide ideas, assistance and consultancy for investors and entrepreneurs aiming to set up business in Singapore. Contact our panel of business experts to find about the services we provide.