Reasons to Setup a Company in Singapore

#1 in the Best Business Environment 2020 by The Economist Intelligence Unit

#1 in the Human Capital Index 2020 by World Bank Group

#1 in the Economic Freedom Index 2021 by The Heritage Foundation

#2 in the Ease of Doing Business Ranking 2021 by The World Bank

#3 in the Corruption Perceptions Index 2020 by Transparency International

#4 in the Starting A Business Ranking 2021 by The World Bank

#5 in the World Competitiveness Ranking 2021 by Institute for Management Development

Ease of company incorporation

No frills and straightforward process when you incorporate your company in Singapore. According to The World Bank, Singapore ranks 2nd in the ease of doing business. The incorporation process only takes one day should all documents are ready.

Medium of language
Language is a key component to consider when setting up a business in a country. In Singapore, English is the official business and administrative language and almost all Singaporeans are available to speak English, reducing potential communication obstacles.

Strategic location

Hailed as the gateway to Asia, Singapore is only a short plane ride away to Southeast Asian countries and Australia. Its strategic location enables you to expand to other parts of Asia Pacific easily, connecting your business to a diverse base of consumers and workforce.

For business expansion, you can tap on the Market Readiness Assistance grant supported by the government to reduce the overall expansion costs – find out more about it here.

Complete company ownership

Any foreigner can set up their own company in Singapore, and this can be done without a Singapore partner! As you have full control over your company, you can decide on the capital structure that best suits your business.

Low corporate tax rate

One of the most important considerations for investors and entrepreneurs is the corporate tax rates. No one likes to be taxed a hefty figure when doing business – as such, Singapore, boasting a low corporate tax rate capped at 17% is an attractive proposition for them!

Extensive double tax treaties

Likewise, paying double tax is never an ideal situation. To avoid double taxing, Singapore has been part of many double tax treaties with various countries across the world. This helps to ensure that those who pay taxes to the Singaporean tax authorities will not have to pay taxes to the other countries involved in the tax treaties.

Talent hub

Talents are aplenty in Singapore. With its open immigration policy and strong liveable conditions, more talents are opting to come to Singapore to live and work, making it easier for companies to get the skilled talents required.

No restrictions on movement of foreign currency

Setting up a company requires a substantial amount of capital at the initial stage. The good news is you can bring in as much capital as you need from your home country when you set up a company in Singapore without any restrictions unlike China and India.

Open economy

Ranked 1st in the Economic Freedom Index by The Heritage Foundation, Singapore stands out from its competitors by having stable political environment, business-friendly tax system, its openness to foreign investments, labour market, and modern infrastructure.

Grants for businesses

The Singapore government encourages start-ups and SMEs by offering various grants that help these companies to accelerate their business ventures, even for foreign-owned businesses. Discover the list of business grants available for you to tap on!

Productive workforce

Singapore’s excellent education system produces high-scoring students on global comparative standards. These students then become part of Singapore’s workforce, providing quality work and outstanding performance. On top of this, Singaporeans are known to be extremely hardworking, law-abiding, productive, and highly educated.

Law-abiding

Singapore has a practice of recruiting its best citizens into its civil service, paying them exceptionally well so that there is little to no temptation for corruption. Singapore also possesses strict laws, meaning corruption and official misconduct are faced with harsh punishments. These government policies have resulted in Singapore ranking as one of the least corrupt cities in the world.

Excellent quality of life

Singapore’s public transportation is efficient and easily accessible, making it easy for people to travel all around the country. With international markets on every corner, access to fresh groceries is also convenient and hassle-free. The government has created a safe, clean, efficiently-run place to live, where business freedoms and the rule of law are well respected.