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8 Advantages of Having Company Incorporation in Singapore

Many global brands prefer Singapore because of its international position and foreigner-welcoming culture. The former British colonies have one of the world's strongest currencies and advanced infrastructure that leverages technologies to speed up and meet the country's objectives.

Singapore has received accolades for its country's amazing performance, such as the number one Best Environment Rankings (BER) 2019 for excellent business environments and Human Capital Index 2019 World Bank first ranker for exceptional human knowledge, skills, and health resources.

Singapore offers the following foreign business benefits upon registration. Consider them before deciding to plant your business roots in the country.

Exceptional Economic Performance

In Singapore, businesses and governments are completely transparent, giving any new company incorporation a productive position in any industry. The country's business-centric government grew its economy yearly from the second quarter of 202. Many local and international investors look at Singapore as a business hub with relatively adequate risk with these consistent figures.

Business-Oriented Tax Frameworks

Singapore's corporate tax is capped at 17% only. In addition, local and foreign start-ups have a 75% tax exemption on their first S $100,000 and 50% on the next S $100,000 after their first. 

The country makes it easy to increase exports by providing exemption to specific foreign-sourced income using various qualifying conditions.

100% Foreign Ownership

Singapore allows foreigners with EntrePass complete business trademark ownership and sole proprietorship. You wouldn't need local shareholders and partners unless you're expanding your business operations, requiring partnerships and liability limitations.

Low Bureaucracy Level

Within hours, you can register your business' name, pay your initial dues, pass all your requirements, and eventually receive clearance to start your business' first day. Plus, Singapore makes its regulatory framework transparent and has a simple annual compliance obligation complete with business-friendly requirements and instructions.

Strong Legal System

Singapore's justice system is one of Asia's most efficient, with strong enforcement of anti-corruption laws. Doing so means the laws equally protect businesses and customers. As a country, Singapore has seen minimal turmoil in the last few decades, making its stability a prime investing point among many global investors.

Singapore strongly enforces its intellectual property regulations. Based on the World Economic Forum's Global Competitiveness Report. Singapore is Asia's most IP-protective country with the best enforcement and infrastructure to secure any local and foreign business' patents, falling below Finland and Luxembourg.

High-Level Local Talent Pool

While Singapore laws require foreign businesses to prioritise hiring Singaporeans over importing foreign workers, its local workers can substitute for skilled foreign workers.

Singapore's education system is one of the world's best and most consistent, producing highly educated local talents qualified for virtually any business operations. In addition, Singapore specialises in tech-oriented and forward-thinking educational courses, preparing its graduates for demanding roles in any local or foreign business operations.

World-Class Digital and Physical Infrastructure

Singapore is well-known as Asia's most advanced world-class country with top-notch governance that has achieved many digital and physical infrastructure developments beyond nearby Asian countries. The country has had zero power losses and continues to have excellent internet connectivity, traffic management, and more.

Strategic International Position

Because of its proximity, Singapore has international companies from various industries worldwide with bustling activities in nearby countries. If your business is in Singapore, you can reach out to other Asian countries with a short flight. Additionally, Singapore has an excellent international connection with its neighbouring Asian countries, making it the leader among its peers in the region.

If you need the best online accounting services and technologies for your new Singapore business, you can always count on MyCo for the best digital accounting infrastructure and system. Contact us today to learn more about everything we can do.



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