Singapore is a country with progressive values. Despite its environmental and resource limitations, it has carved a place for itself and become one of the best places to live in the world. In Singapore, foreigners can incorporate their business without issues, too.
Here are the top reasons why many foreign companies love Singapore and why you should consider hiring your workforce and building your brand here.
Singapore’s economy is resilient. It contracted in 2020 during the height of the pandemic and recovered smoothly in 2021. Their resilience is outstanding because their economy is based on trade, finance, and manufacturing. That said, starting a progressive business in a country that listens and takes care of its local and international entrepreneurs shows that Singapore has a solid backbone in economic downturns.
Friendly Tax System
In Singapore, taxes are easy to manage and understand. All businesses have no levied tax on capital gains or dividends a trader receives from their business. Instead, it uses a tiered tax system for personal and corporate taxes.
If you’re just starting a business in Singapore, you have huge tax breaks during your first three years – to the point you don’t pay for anything at all. The country intends to help its entrepreneurs build up and establish their respective brands.
Zero Likelihood of Double Taxation
Singapore’s government ensures nobody is taxed twice. The Avoidance of Double Taxation Agreements (DTAs) ensures that all economic transactions do not suffer from double taxation. Countries wherein Singapore has no DTA will have Unilateral Tax Credits (UTCs) and keep businesses from receiving double taxes.
Full Foreign Ownership
Singapore’s government is friendly to all local and international entrepreneurs. The latter can own 100% of the stock of any Singapore company with incorporation. Furthermore, these businesses won’t need local partners or shareholders, ensuring they can start a company with any type of capital structure. The country won’t impose any restrictions on profit repatriation, movement of foreign currency into and out of the country, and more.
The Accounting and Corporate Regulatory Authority (ACRA) Singapore is an efficient and progressive department focused on making incorporation free from bureaucracy. Doing so helps businesses start their businesses without any additional obstacles. Only in Singapore is an incorporated business approved in less than a day because it doesn’t have complex paperwork and unnecessary documents.
Have a grand idea for a business? The Singapore government has your back. If your idea didn’t gain traction in your country, you can head to Singapore and find a sponsor from the government. Startups in Singapore can earn grants, tax incentives, in-kind assistance schemes, and subsidised labour costs. Their venture funding community can also provide much-needed financing for your idea. It is one of the biggest in Asia and supports many unique projects.
The education system in Singapore is one of the best in the world. It builds students that are hardworking, productive, and highly educated. Most of Singapore’s population is well-educated and strives to be the best in their respective fields.
If local talent isn’t what you’re looking for, you can ask a global talent to immigrate to the country. Singapore has liberal immigration policies that let foreign professionals earn and maintain work visas and eventual permanent residencies.
Ready to start your business in Singapore? Consider hiring the best accounting and business process company to help you smooth the process. Metropolitan Management Pte Ltd. is a trustworthy name in the industry and has helped numerous local and international entrepreneurs jumpstart with company incorporation in Singapore. Learn more about what we can do for you – schedule an appointment with us!