Singapore is one of the major business hubs in Asia. Geographically, it straddles the sea links between East and West. It is what makes it an attractive place to register a company in Singapore for foreigners. Many of them relocate to Singapore to fully capitalize on the opportunity.
Singapore is one of the major business hubs in Asia. Geographically, it straddles the sea links between East and West. It is what makes it an attractive place to register a company in Singapore for foreigners. Many of them relocate to Singapore to fully capitalize on the opportunity.
Singapore's proximity to Asia puts it in a great position. Foreign companies and investors vie each other for a foothold in Singapore. It gives them access to Asia and approximately 4 billion consumers. Here are reasons to register a company in Singapore for foreigners.
Key Reasons to Register Your Company in Singapore
Affordable Tax Structure
Entrepreneurs and investors come to Singapore for its affordable tax regime. Low personal and corporate income tax rates, tax benefits, and absence of tax on capital gains reduce their overhead costs. Singapore has signed a network of Avoidance of Double Tax Agreements (DTAs) and other regional tax agreements with its other countries to simplify cross-border trade for its companies.
Pro Business Environment
Singapore is one of the most accessible places to do business in. The World Bank’s Report 2020 ranks it in 2nd spot for the 'Ease Doing Business'. Singapore has world-class harbors and airports offering reliable connectivity throughout the world. Its excellent infrastructure, low tax rates, start-up ecosystem, qualified and English-speaking workforce, and robust economy make it one of the great places to invest.
Robust Economy
Singapore is a highly successful and well-developed trade-based economy. It is well supported by its electronics, manufacturing and financial services, and construction sectors. Singapore's GDP per capita in 2020 was 59,797.75 USD and is expected to reach 61,000.00 USD in 2022. It is quite higher than even many developed nations.
World-class Infrastructure
Singapore is home to efficient ports, a rapid transportation system, subways, modern skyscrapers, to high-rise structures. Singapore has reliable communications networks for connectivity with the outside world.
Quality of Life
Singapore offers its citizens and ex-pats a secure and quality life. It is ranked in Mercer’s list as one of the best cities globally based on personal safety, political stability, and opportunities for growth.
Stable Political Landscape
Singapore offers investors and entrepreneurs a strong and stable political environment. Add to it Singapore’s record as one of the most corruption-free countries and pro-business bureaucracy. And you get a marketplace to register companies in Singapore for foreigners.
Strong Legal System
Singapore's legal system is swift and efficient. It has strong anti-corruption laws that are implemented effectively. Investors can operate without fear of bureaucratic manipulation or interference. It also keeps the crime rate low and offers high personal safety.
English-Speaking Workforce
Singapore has invested in its education sector, which has ensured a 90% literacy rate. Its colleges and universities are sources of qualified individuals. Singapore also attracts qualified foreign professionals, managers, and socialists. It is why MNCs prefer an English-speaking Singaporean workforce. When it comes to registering companies in Singapore for foreigners, entrepreneurs prefer to hire a compatible and competitive staff.
Investing in Singapore
Singapore promotes free enterprise and allows 100% foreign ownership in companies registered in Singapore. It has the Global Investor Program (GIP) and the EntrePass program to help relocate foreign entrepreneurs and investors. Moreover, there are no restrictions on transmitting profits outside of Singapore. Singapore attracted 34913.40 SGD Million in Foreign Direct Investment in the fourth quarter of 2021.
Singapore offers 'Ease of Doing Business through the swift process to register companies in Singapore for foreigners. They also benefit from streamlined compliance procedures, low tax rates, and 100% ownership of their company. It is a secure, clean, and vibrant place that is a melting pot for different cultures.
Things You Must Know About Singapore XBRL Filing
XBRL Filing with ACRA is one of the compliance requirements in Singapore. Private companies that are limited or unlimited by shares must file their Financial Statements (FS) with ACRA in XBRL format unless exempted.
Outsourcing Payroll Services in Singapore Vs Doing it In-house
Outsourcing payroll services in Singapore Vs in-house payroll processing is no more a debated issue for many. It is a resource-intensive and complicated task, and they appoint an experienced provider for payroll outsourcing in Singapore.
How Do I Register a Business in Singapore
Most entrepreneurs, when they opt for a Singapore business registration, start a private limited company. However, depending on your business needs, the risk involved, and the liability you are ready to commit to, you can also use other business structures.
