There are several benefits to relocating or growing your company to Singapore. Among other things, this South-east Asian nation is well-known for its strategic position, politically stable climate, business-friendly legislation, and role as a gateway to other regions of the Association of Southeast Asian Nations (ASEAN). For the corporate secretarial services there are options available.
Jim Rogers, an American-born businessman who is widely regarded as one of the greats of Wall Street, relocated to Singapore in 2007. His insight was prescient of what would later be discovered by the rest of the business world: Singapore has a huge lot to offer the worldwide business community in terms of opportunities. Here are some of the reasons why entrepreneurs, firms, and enterprises of all sizes believe Singapore to be the best place for establishing or expanding their businesses:
Singapore is ranked first in the world for being the most open to commerce
On chargeable income, corporate tax rates are restricted at a fixed rate of 17 percent on chargeable income.
In Singapore, there are no dividend or capital gains taxes to pay.
Singapore does not have an estate, death, or inheritance tax.
Personal tax rates begin at zero percent and rise to a maximum of 22 percent for those earning more than S$320K. After Annual Return Filing in Singapore you can expect the best results.
So, what is it about Singapore that makes it so appealing to overseas entrepreneurs and businesses?
Singapore’s Strategic Geographical Position
One of the most significant advantages of transferring your company to Singapore is the city’s accessible location. Singapore is strategically located in the center of Southeast Asia, making it feasible for your company to reach a market of 2.8 billion people within a few hours of taking a flight from Singapore. Singapore’s port is one of the busiest in the world, and the city-state is designated as a major International Maritime Center by the International Maritime Organization.
Every year, more than 15 million travellers pass through Singapore’s Changi Airport. The airport’s focus on competition, efficiency, and service has contributed to its designation as the “Best Airport in the World” for the last 20 years in a row. Singapore’s Changi Airport, which serves as a regional centre for the Asia-Pacific region, offers companies with convenient access to all major Asian markets.
Singapore Is Serious About Business
Singapore is well-known for having a pro-business climate that is capable of drawing significant international investments as well as company owners. You may easily develop your ideas into profitable enterprises in Singapore, and you can reap considerable financial rewards as a result. The government of Singapore facilitates the incorporation of businesses, which takes just 1-2 days compared to many Western countries. The government also provides support throughout the process. Quite simply, Singapore is the most convenient location in the world for starting and managing a company.
Singapore’s Taxation System Is Exceptional
Taxes are at the top of any entrepreneur’s priority list, and they are one of the most important factors when starting a firm anywhere in the globe. Singapore’s low effective personal and corporate tax rates are one of the country’s most distinctive benefits. Personal income tax is structured as a tier system, with the lowest rate being 0 percent and the highest rate being 22 percent for income over S$320,000.
In a similar vein, the corporation tax rate is set at a fixed rate of 17 percent on the chargeable income of a firm. Singapore has no capital gains taxes since it has a single-tier tax system; dividends may be delivered to shareholders tax-free if the income has been taxed at the corporate level; and there are no inheritance taxes in Singapore.