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Factors to Consider in Setting Up a Business in Singapore | Why Set Up aBusiness in Singapore?Why Set Up a Business in Singapore?
Many people consider relocating to Singapore because of its political climate, pro-business environment, cultural atmosphere, health and education system, public serviceand infrastructure, and natural environment.Foreign investors and entrepreneurs are setting up businesses in Singapore because it isa doorway to almost all of the Asian markets.Here is a checklist that will help you in your decision on setting up a business inSingapore:
FactorsWhat Singapore Has to Offer
Strategic LocationSingapore is easily accessible by air or by sea.Singapore's port is one of the busiest in the world.The Changi Airport allows you to connect to over180 cities worldwide.Incorporating a Singaporebusiness entity is a smart move since the locationallows you an easy geographic access to all premierAsian markets.Diverse CulturesSetting up a business in Singapore allows you tocater to many cultures, and thus, a wider market.Stable Legal SystemSingapore has an efficient, transparent and soundlegal system.Good GovernanceSingapore has a stable, pragmatic, rational andproactive government. You can be assured thatsetting up a Singapore business entity will notinvolve red-tape or bureaucratic delays.Liberal Immigration PoliciesThe liberal Singapore immigration policies allow foran easy relocation of foreigners who want to set uptheir businesses in Singapore.Pro-business atmosphereSingapore is known for its attractive schemes forforeign entrepreneurs.Setting up and doingbusiness in Singapore is easy.It will only take you1 to 2 days to incorporate a business in Singapore.Attractive Tax SchemesSingapore offers low effective personal andcorporate tax rates.The Personal income tax has atier system that starts from 3.5% and up to 20%for those with income above $S320,000.Effective corporate tax rate for Singapore privatelimited companies with profits of up to S$300,000per annum is less than 9%.While those withprofits of up to S$300,000 have a 17% tax rate.Singapore’s single-tier tax policy provides that oncethe income has been taxed at the corporate level,the dividends can be dispersed to shareholders freeof taxation.Furthermore, Singapore has one of the lowestGoods and Services Tax (GST) rates, which is only7%.
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