Various organizations all over the world that track the countries, which are business-friendly have ranked Singapore consistently very high because of the ease of doing a new business. The World Bank Group has rated in the year 2016, Singapore as one of the best countries in the world to do business.
Singapore has been getting such a top ranking for the last 10 consecutive years. In this article, we will look at a few key factors that have made Singapore an attractive place for incorporating and operating a business for not only local, but also foreign entrepreneurs.
You may visit the website of Morrison Management at https://www.morrisonconsultants.com.sg/corporate-incorporation if you need any kind of support to incorporate your business in Singapore. This company will offer you all necessary help to start your business.
What makes Singapore such an attractive business destination?
There are many factors that make Singapore a most attractive destination to incorporate into your new company. Some of them are as follows:
- Singapore has a robust economy
- Tax rates are very low and the tax system is rational
- Very efficient incorporating process and to run a new company
- Excellent infrastructure
- Strategic geographical location
- You will find a very well-trained workforce,
- Well-developed financial system and capital markets
- No restrictions on import of capital or repatriation of profits
- Strong adherence to the country’s rule of law,
- The stable economic and political climate,
- A well-functioning government without any corruption or red-tape
- Excellent quality of life.
What are the various requirements for Incorporating your business in Singapore?
If you are interested to incorporate your company in Singapore, then, first of all, the business owners have to decide on several things for ensuring that certain items are properly prepared before the incorporation:
- Company’s desired name
- Company’s directors
- The company’s principal activities
- Company’s shareholders
- Company secretary
- Registered office
- Constitution documents
- Share capital
Advantages of doing business in Singapore
The following are a few distinct advantages of doing a business in Singapore:
- A robust economy
Singapore is famous all over the world for having a well-developed free economy.
- Attractive tax system
The tax system in Singapore is the simplest in the world.
- Avoidance of double taxation
Singapore has an agreement with over 50 countries for the avoidance of double taxation.
- 100% foreign ownership without any currency controls
You will not require any local partners to do business here.
- Ease to incorporate and operate
Minimum bureaucracy is involved in incorporating/operating any business.
- Support for startups
The policy of Singapore is extremely friendly for startups.
- Productive workforce
Singapore has an excellent educational infrastructure to produce the best workforce.
- Geographic location
Singapore is centrally located in South East Asia.
People are astonished to see the infrastructure of Singapore.
- Rule of law
Brightest civil service officials maintaining the rule of law
- English speaking workforce
Almost all young people speak English in Singapore.
- Professional image
Singapore has created over the years a very professional image of their country.
Morrison Management is a well-known company in Singapore that can offer you all kind of support to incorporate your business.