In this article, we will talk about the reasons why Singapore is such an attractive place for foreign entrepreneurs to start up or expand their business operations here.
Singapore is one of the most politically stable countries in the world. As business owners, we are always looking to set up operations in a country which we know that we are able to conduct our business operations with a peace of mind without the risk of riots and protests by the local population.
Attractive Tax Scheme
Singapore has one of the most attractive tax scheme for both personal and corporate taxes. Personal income tax is based on a progressive income tax system which starts from 0% and increases to a cap of 22% for incomes above S$320,000. Corporate income tax is capped at 17% and newly start up companies get tax exemption of S$125,000 for the first 3 years.
Easy to set up and maintain
The ease of setting up and maintain a company in Singapore is attractive to foreign entrepreneurs. Company incorporation could be done at the comfort of your home without the need to book a flight ticket. It only takes a couple of days to set up your company and get your business started. Annual compliance and regulatory work to maintain the company is straightforward and fuss free too.
Funding and grant schemes
The Singapore government is also very supportive by providing grants, subsidies and funding to both local and foreign owned business. Companies also have various financing options from both banks and financial institutions.
100% foreign ownership
Foreigners can set up a company in Singapore and own 100% of the company while giving them full control of the company. This provides them with the flexibility to decide on the capital structure of the company.
Do drop us an email if you need more information or are interested to incorporate your company in Singapore!