If you thought Singapore is just another place with no scope and future for business minded people, then you were all wrong. Singapore, which is already a commercial hub, is soon going to be the financial nerve center of Southeast Asia, and maybe Asia too. And that day is not far when we see it making to the list of top financial centers of the world. Entrepreneurs from across the world, head to Singapore for setting up their business.
Now, the question that must be staring at you is how to incorporate in Singapore? But before you understand that, you must know what makes Singapore a magnet for business enthusiasts? Below are eight reasons that will bring to you that ‘aha’ moment.
- The first noteworthy point is that the strategic location of Singapore is highly conducive. It is in the Southeast Asia’s heart, which could make a business’s access to some 2.8 billion people easy. Besides being considered an important International Maritime Center, Singapore has a busy port. In fact, its port is one of the busiest in the world. Besides, Singapore’s popular Changi Airport has been providing access to businesses for long.
- Another important thing to keep in mind is that Singapore is famous for its business-friendly environment. It has been attracting foreign investments in an impressive way. Although hard to believe, getting a business set up in this country is a matter of a couple of days. It is that easy! Whereas in most other countries, the scene is almost opposite.
- You will be glad to know that Singapore’s tax system is simply outstanding. Not only corporate tax rates, even effective personal taxes are low. The tier system,which applies to the personal income tax starts at zero percent. There certainly cannot be a happier news than this. Up to about $S300,000 of profit, private limited companies are required to pay something below 9% as corporate tax. All profits above $S300,000 are taxed flat 17%. There are many other benefits in the taxing system conducive for entrepreneurs.
- Immigration policies observed in Singapore are flexible. As a result, interested entrepreneurs fly in without hesitation. Also, foreign professionals can assume the Singapore Permanent Residence (PR) status without much hassle. Now, who wouldn’t want to build his business in a country which is so welcoming?
- Another important factor which is sure to excite you about setting your business up in Singapore is that the work force here is not only productive but also world-class. With such an efficient workforce, you can imagine well how prosperous your business will be. The reason why the workforce here is educated and professionally skilled is that Singapore’s economy is basically knowledge based.
- No business can be built or made to thrive without the support of the government. One of the biggest reasons why Singapore attracts entrepreneurs from all across the globe is that it has a political infrastructure which is overwhelmingly supportive. The government here is not only stable but also orderly. And the motto of the government is to make Singapore the top industrialized nation in the world.