What Makes Singapore Ideal for Business
Singapore occupies that unique position in the global economy and plays such a pivotal role as the business epicenter right in the heart of Asia. The city-state has consistently been acknowledged as a global business hub and has witnessed an increase in foreigners investing in the country. The string trade environment makes Singapore be such an ideal place for doing business. The majority of multinational companies have settled on Singapore as the place to set their businesses, with the majority of them using the country as a springboard for expanding their business base into the emerging Asian markets.
Singapore is also an established financial and regional trading center. It has one of the world’s busiest ports, and that makes it a top location for investments within the Asian region. There are several factors that make Singapore quite ideal for business, such as the strategic location of the country, a pro-business environment, a competitive workforce alongside forwarding looking economic policies that have made the country to be considered as the world’s getaway to Asia.
Whether you are an individual, a small-medium company, or a multinational, the formation of company in Singapore will provide you with the launchpad to the developing economies of the region. Your business can also, to a great extent, benefit from the country’s vast network of trade agreements, an attractive tax system ease of doing business, and sound intellectual property protection. Singapore is a British colony with a social fabric that consists of a mix of Asia, American, and European influence, which makes it quite friendly and appealing to the International business community.
The legal and financial structure of the country is closely similar to that of the UK and the US. The country has branches to some of the major international bank’s financial institutions and multinational organizations that are established the world over. Its secure infrastructure and currency also make it be the best place for considering incorporation of company. Singapore has been ranked continuously highly as per some of the international surveys, and that as well makes it appealing to foreign investors.
The foreign income exemption is another key factor that makes Singapore be quite ideal for business. Singapore-based holding companies are allowed to repatriate dividends directly to foreign-held foreign subsidiaries to Singapore without having to pay tax. The territorial basis of taxation that’s allowed in the country makes it easy for businesses to manage the taxation process. One thing that makes a foreign investment to be challenging for many foreigners opting to invest in other countries is the aspect of taxation. An attractive personal tax framework is another key aspect that makes doing business in the country to be ideal.
If you are considering incorporation of company in Singapore, then you can consider engaging a professional service provider. They are not only well versed with the laws, regulations, and all aspects of formation of company; such professional firms can also help with other issues of starting a company in Singapore.