Reasons to Consider Singapore
Singapore is rising quickly as one of the most favorable business venues available today. It has become a very important hub within the financial world due to its bustling seaport and business-friendly atmosphere. Corporations have been flocking to Singapore in the last few years, increasing its influence and importance for offshore businesses. Setting up a business in Singapore is relatively easy and without the huge hurdles that exist in many other locations and its financial laws are much less onerous than might be found in other locales. None of this, though, should be construed as advice to try setting up a business in Singapore without getting some expert help. Familiarizing yourself with the process and relevant regulations will make your venture both easier and more successful.
Reasons to set up shop in Singapore are endless, although some of the most commonly cited are the desire to live in Singapore, as well as the business-friendly atmosphere present there. According to some experts, the quality of life in Singapore is higher than anywhere else in Asia. While this is good because it attracts new investment and immigration, it also has the downside of driving up the cost of living.
Singapore Provides a Favorable Business Atmosphere
Tax laws in Singapore offer a big draw for offshore businesses. The laws regarding taxation of material gains from outside Singapore are very friendly in that any capital gained outside Singapore is basically free from local taxation if the business is set up properly. While subject to specific restrictions, profits gained from sources outside Singapore are not generally subject to Singaporean taxes.
Business Formation is Easy in Singapore
While there are fairly stringent laws in place to make sure that only legitimate businesses are started in Singapore, actually starting a legitimate business in Singapore is very straightforward. The same laws that weed out the fraudulent or illegitimate also help Singapore to retain the reputation its government has worked so hard to build. It’s important to make sure you have the proper expert help to make sure your venture has the best start possible.
When starting a business, it’s important to remember that you will have to set up a corporate checking account and have the required amount of capital (capital requirements are very low in Singapore). A reputable business services firm can help you get through these steps with the least amount of hassle possible.
While Singapore offers low rates on taxation, it cannot be considered a “tax haven.” That particular phrase is generally regarded with some suspicion among tax authorities who fight tax evasion. Singapore offers low taxes, a stable economy and a politically stable climate, making it one of the best places to start a business within Asia.
Your first step after deciding to incorporate in Singapore should be to hire a reputable business service firm. These firms often provide virtual office services, step-by-step guidance on the process of incorporation and other helpful services. As one of the best places to do business in Asia, Singapore offers many fine attributes.
Singapore Lacks Common Obstacles
In many Asian countries, it is necessary to learn a new language in order to be successful. In Singapore, however, the official language is English. This makes it much easier for the typical businessman or woman to navigate through the processes of incorporation in the country. All business and other documents are presented and accepted in English.
Tax documents are easier to manage and are required less often. For example, the Inland Revenue Service requires the submission of an annual financial statement, but annual financial audits are not required unless your business has sales or turnover equal to five million Singapore dollars. Singapore also has agreements with more than sixty other countries in order to avoid double taxation.
Singapore provides a very rigid legal framework regarding the intellectual property of companies incorporated there. Strict protections are in place to help companies protect their property and earnings. This has led to Singapore being one of the top countries in terms of information technology. In fact, Singapore is among the top three countries in this area.
In terms of the value of direct foreign investment, Singapore is one of the top three countries in Asia. Entrepreneurs around the world have showered Singapore with attention. As an investment vehicle, it’s hard to find a country with more going for it than Singapore.
Singapore has a well-earned reputation as one of the most business-friendly venues in the world. Throughout Asia, a better location to start a business cannot be found. With excellent laws regarding taxation, easy set-up of offshore businesses and an immigration policy that can best be described as extremely open, Singapore offers the best locale for opening an offshore business.
When a business is incorporated in Singapore, the owner or director can expect to have as much help as he needs in getting through the process. Special business services firms are common throughout the country. Reputable business service providers can assist anyone in completing the steps to incorporate within the Republic of Singapore.
Common obstacles to incorporation have been greatly reduced or eliminated entirely in Singapore. Low tax rates and a business-friendly atmosphere contribute to explosive offshore business growth in the country. Officials in government are eager to keep the reputation that Singapore is gaining in the business community and this sets the stage for an overall good experience for anyone desiring to start an offshore business.
The official language in the country is English, allowing many entrepreneurs to start a business there with a very small learning curve. Documentation is offered in English and anyone in the business community is going to be able to communicate in English, making business both easier and more efficient.
The Republic of Singapore is on the rise in the business world. If you’re looking to start an offshore business, you won’t find a more hospitable place anywhere. Even with the rising cost of living, Singapore can’t be beat as a bustling center of commerce.