Advantages of Company Incorporation in Singapore
Registering a company in Singapore is as good as declaring that you have judged your options, made your preparations, and now that the time is right, you mean nothing but, business. Opening a company in Singapore is an act enough for the investors to gauge the depth of your intent and commitment. It means that you have a business plan, and no matter what, you are going to see it through to the end.
Why Go to Singapore for the Company Incorporation in Singapore?
Incorporation of a company in Singapore means you have a corporate opportunity of dealing with a number of business and government entities to further your goals. At present, this tiny city-state is playing host to a vast number of self-motivated individuals like entrepreneurs, investors, managers, contractors, shareholders, and bankers. The professionals in charge of the government agencies are also part of this scenario.
What Does Singapore Offers to the Businesses?
The business persons from all over the world come to Singapore for the benefits, rebates and incentives that it offers through its tax system. It has one of the hassle-free statutory compliance requirements and is located close to the Asian markets.
Singapore has one of the most streamlined business cultures that help businesspersons to establish and run their business. Incorporation of company in Singapore is an easy affair and takes only 2 – 3 business days.
* Singapore has territorial-based tax system. Income earned outside of Singapore is not taxed.
* Budget 2015 announced the Double Tax Deduction for Internationalization Scheme. Under this scheme the companies can claim 200% tax deduction on expenses incurred on Singaporean employees that are posted to new overseas entities.
* The individual and corporate income tax rates in force in Singapore are low.
* The dividend paid by the companies after they have paid their own taxes, are tax-free. There is no tax applied to the inherited wealth or the capital gains.
* The new company setups in Singapore qualify for tax exemption. For the first three consecutive
Years of Assessments (YA), their chargeable income of up to S$100,000 is tax-free.
* Existing old companies receives partial benefits. The amount of tax rebate given can be as high as S$1000.
* Singapore is the financial hub of the Asia and has abundant of capital to support innovative ideas and hardworking individuals.
* Singapore has signed 69 double taxation treaties with its trading partner countries. As a result, while conducting cross-border trade the Singapore companies are required to pay tax only once.
* If a company needs to pay tax while conducting cross-border trade, a part of the tax paid can be claimed.
* The Singapore officials have pledged their support to the companies that want to spread outside of Singapore. They have announced schemes like, IE Singapore’s Grant Schemes for SMEs,
International Growth Scheme (IGS).
* Singapore implements tough laws to protect Intellectual Property Rights that is why it is an ideal place for an entrepreneur with a new idea to work on.
* Singapore’s ability to provide politically stable government and pro-business bureaucracy plays a very positive role in building up Singapore’s image as the place to do business in.
* It is ranked at the 5th position in the list of least corrupt countries.
* Infrastructure wise it is a highly developed business economy.
* Singapore offers a strongly motivated, skilled and multilingual workforce.
* Exempt private companies are exempted from the audit compliance if their business income is less than S$5 million.
It is a privilege to be a part of Singapore business community and conduct your business in a pro-business atmosphere. Singapore is the place that can challenge your business skills, stamina, ingenuity, and the will to outdo your own performances. So go for the Singapore business incorporation and realize your dreams.