While there are numerous reasons to incorporate a company in Singapore, apart from the category for 'Ease of doing business', here are the top 5 reasons why entrepreneurs are so keen to register a Singapore company.
Every day the number of companies set up in Singapore increases as does the number of investors willing to invest their money in Singapore’s economy.
In fact, according to www.doingbusiness.org, Singapore ranks number one in the category for ‘Ease of doing business’ for the year 2016! This speaks volumes of the fact that the city-state is a strong contender in the international business environment and why company incorporation Singapore is the best option for any entrepreneur.
While this is enough proof that anybody who is looking for a golden opportunity to register a company should look towards Singapore, if you are not convinced then read on! Here, we give to you 5 main reasons why this is the best place for you to register a company in Singapore.
Singapore’s Strong Legal System
There are lots of risk averse investors who will find the environment of Singapore most suitable for their business activities. There are sure profits to be reaped here because the political and legal system in Singapore is one of the strongest and most transparent systems in not only Southeast Asia but the world.
The Singaporean government is honest, and open, while the judicial system is also very efficient. There is a strict enforcement of anti-corruption laws and Singapore is known to be one of the least corrupt countries, much like Denmark and New Zealand. Therefore, investors can run their business and run their companies without the fear of sneaky take-overs or not being compensated properly when faced with breach of contracts. There is negligible involvement of the bureaucracy or red tape. Singapore also provides arbitration facilities of international standards in the case of disputes.
It is Easy to Incorporate a Business in Singapore
Singapore has surpassed countries like Korea, China and city states like Hong Kong in terms of the ease to set up a business or incorporate a Singapore company.
Now entrepreneurs can register a Singapore company with only $1 in minimum paid up capital. And the most amazing part about this is that it can all be accomplished in little over than an hour!
The reason why it has become this easy is because of statutory bodies like the Info-comm Development Authority of Singapore (IDA), which comes under the Ministry of Communication and Information and is working on areas such as national information communication planning, strategy planning and implementation of solutions. Using information communication helps deliver the best of services to investors and their companies or businesses.
Not only does Singapore offer flexible policies of immigration, but it is also easy to find virtual assistance and obtain a work visa if you meet all the criteria. An individual can fulfill their dreams and efficiently reach their goals in economical rates.
Singapore is a Business Friendly Hub
The World Economic Forum’s Global Competitiveness Report has also unswervingly rated Singapore’s business environment as ideal for setting up businesses.
There is a fair wage system, and workers are duly protected by their rights. The public transport system, the advanced state of technology the country is in, the medicinal and hospital facilities, the education system, and the telecommunication has all contributed to encouraging people to invest in Singapore and helped label it as one of the most contemporary cities in Asia.
Other than the best quality of life, Singapore has high quality infrastructure, and its tax structures, both personal and corporate, are very appealing. For example, the progressive personal tax structure lowers the effective payments or residents by enabling them to tap on different reliefs.
Easy Access to Capital Funding
Singapore has about 123 commercial banks, 291 capital markets services license holders and 154 fund managers. The Singapore Exchange, SGX for short, is also the fourth largest forex trading center in the world. This makes Singapore a vibrant financial center for investments and wealth management.
Private and commercial banks offer their services to entrepreneurs and help them to fund the expansion of their businesses at very low rates, such as 1 percent per year.
Accessible Location from Around the World
Singapore has a strategic location which makes it easy for everyone to reach from all over the world, as well as a proximity to emerging markets.
It has a network of international trade agreements which allow companies to expand and develop further.