Setting Up Business in Singapore
An island nation located in the heart of Asia, Singapore has long been recognised as one of the best cities for business. Being named by World Bank as the easiest place to do businesses globally for the past nine years in a row and No. 1 in Asia in recent Global Startup Ecosystem Ranking, Singapore has got it right in many areas in attracting capital and talent.
Singapore is marked as offering the lowest effective tax rates in the world. Employing the single tier income tax rates system, Singapore avoids double taxing her business shareholders. For corporate tax, remittance of foreign-sourced dividends, branch profits and service income into Singapore is exempt from tax if certain conditions are met. For individual tax, remittance of all foreign-sourced income is exempt from tax. Local companies enjoy very generous and favourable tax treatment (ie. tax exemption schemes and tax rebates) in Singapore.
Ease of capital access
Over the years, Singapore has grown to secure a place among world’s top financial centers. Ranked among the largest financial hubs, it offers global firms competitively-priced trade financing, sophisticated risk management and top notch insurance service options for businesses. Singapore is known as the biggest foreign exchange center in Asia for trading.
Excellent infrastructure and strategic location
Strategically located between the east and the west and key Asian trading routes, Singapore is labeled Asia’s most competitive business country, tapping on demand from 600 million populations living in the economic region of ASEAN.
Singapore’s container ports are one of the busiest in the world and her port serves as the focal point for 200 shipping routes, with linkages to 120 countries.
Support business policies imposed by Government
Singapore government has adopted a pro-business policy, regardless of world economic situations or crisis. Investors have come to appreciate the high levels of transparency and reliability in business, economic and regulatory affairs in Singapore. Singapore is also a top arbitration center and the Singapore International Arbitration Center is very active in handling trade related cases and improving business clauses that facilitate smooth operations of business.
The labor regulations in Singapore are listed among the world’s most conducive in business. The government also takes an active stance in supporting budding small businesses with various subsidies and grants.
Robust judicial system
Singapore has a robust legal and judicial framework. Anti-corruption laws are strong and well-enforced. Protection of ideas and innovations are also legally enforced under Singapore Law.
Quality talent and cosmopolitan city
Singapore attracts businesses with her strong pool of local and international talent. Your business would benefit from the highly educated workforce available locally. With 47% of the local workforce receiving a tertiary education who can readily conduct business in English (and majority of them also knowing Mandarin), your local team would be competent on a global scale. Employees are easy to find through the many online recruitment portals and head-hunting agencies.