Why Singapore Is A Great Place To Start Your Business
The excitement of setting up a business, and guiding it to success, especially in a harsh economic environment, is what many successful entrepreneurs long for. Apart from having that winning business idea and a team that shares your vision, picking the right place to launch your startup is also crucial.
Many budding entrepreneurs and seasoned businessmen find Singapore a great place to set up a company. This is thanks to the many benefits that the government has rolled out over the years, in a bid to encourage innovation and economic growth in the nation.
So, if you are still mulling over whether Singapore is the right choice for your business, here are some reasons why you should:
It’s easy to access capital
Many business owners point out the lack of capital as a significant hurdle to starting a new business. But you don’t need to have the cash; all you need to do is to present a viable business case to potential investors and financial partners.
Singapore is home to more than 100 international banks and more than 20 major venture capital firms. For a country of fewer than six million people, that’s a lot of financing opportunities for anyone who dares to explore it as a business destination.
The country also has a progressive and supportive regulatory regime for the financial industry. It isn’t difficult to find the necessary corporate services you need as well, such as external accounting, bookkeeping, and company secretary services.
Supportive taxation rules
Singapore is a tax haven for businesses. With a corporate tax rate of 17% per annum, Singapore stands out as a country with one of the lowest corporate tax rates in the world. It is not a ploy to hoodwink businesses to set up and later entangle them with several, undefinable taxes. The country has one of the most supportive taxation regimes in the world.
For instance, each year, since 2013, the country has had a tax exemption scheme for corporates. Furthermore, the country has a plan for Singapore-registered startups that are tax residents with not more than 20 shareholders. Such firms qualify for a series of tax exemptions in their first three years.
The first step to taking advantage of such schemes is to ensure that your business qualifies for registration in Singapore. If your team is made up of foreigners, you would need to source for a local director in Singapore to set up your business.
Excellent infrastructure and people
Business efficiency depends a lot on the state of infrastructure and your team. Over the years, the government in Singapore has ensured that there is seamless connectivity, both physical and electronic, in the Lion City. From world-class transport systems to high-speed and affordable internet connectivity islandwide, Singapore’s infrastructure will be valuable in ensuring an efficient, productive work experience.
Whatever Singapore lacks in terms of land space, it makes up for it with talents. The workforce in Singapore is highly educated and highly skilled, with more than 30% holding a university degree, and a vast majority being bilingual.
Business-friendly government policies
Over the years, the authorities in Singapore have progressively adapted business-friendly policies to encourage startups and growth of businesses. From business-friendly regulations to efficient dispute settlement procedures, the government has to be commended for their effort in making doing business in Singapore a smooth experience. It is no wonder that the Lion City often tops the list of the best business destinations in the world.
For all the benefits in store, it’s understandable why so many businessmen flock here to set up their business. Furthermore, Singapore is the gateway to the ASEAN region, which is home to 11 thriving economies, housing nearly 650 million people, and a combined GDP of US$3 trillion and growing. If your business is looking to expand, the shores of Singapore is an attractive choice.
Before you start, getting to know the regulations surrounding registering and maintaining a business in Singapore is essential. Let our consultants help you, be it with tax compliance, finding the nominee director services you need, or with your auditing requirements.