Singapore is widely regarded internationally as a country with sound economic measures, high prospect for growth and potentially one of the powerhouses in the region if not the world. Compared with other similar sized cities around the globe, Singapore has managed to stay ahead of the competition by smart economic practices, rigorous developmental plans, central location as well as an ability to forecast future trends. As such, the government has implemented various programmes that enable foreign investors to incorporate their businesses in the country. At the same time, the attractive corporate tax rates which are capped at 17% ensure that corporations save on tax paid which would then give them additional funds to put back into business operations. Singapore has tax treaties with various countries around the world to avoid the problem of double taxation.Setting a Business in Singapore
Immigration policies and laws are also such that it is fairly easy for applicants to submit their documents online and receive approval in a short period of time. Cost of living is also on par with other growing economies around the world. Top brands, companies and industries have made Singapore their home. The education system is highly rated and continuously churns out skilled and qualified students and professionals in various industries ranging from energy creation, new technology and the arts. Thus, Singapore is a viable destination for people looking to get started on various careers. All this and more have made Singapore an attractive business and living destination. However, there are still those who might not be aware of the different incentives and schemes that are available to them. If that is the case, there are many entrepreneurs who are losing out on starting a business in Singapore.
High Level of Competition in Existing Industries
One of the main reasons why entrepreneurs are wary of starting businesses in Singapore is the high level of competition in existing industries. While this is true – and thriving economies such as Singapore capitalise on the strength of competition among existing corporations – the Singapore government is very pro business. To that effect, various government departments and agencies have been set up to ensure that entrepreneurs and small business owners get all the help and assistance they require in order to succeed. This might be in the guise of cash flow assistance or even help on finances. Either way, there are many avenues which are made available to those who might lack experience in these matters. Organisations such as SPRING Singapore are on hand to provide information and guidance. There are also monthly events and regular publications that entrepreneurs can turn to for help and networking opportunities.
Perceived Cost of Setting Up a Business
Another problem that entrepreneurs in Singapore might face would be the high cost of setting up a new business. The Singapore government has also foreseen this and via different channels of distribution have set up grants, schemes and incentives that will help provide the boost that new organisations require. Programmes such as SPRING Startup Enterprise Development Scheme (SPRING SEEDS), Business Angels Funds Scheme, ACE Start Ups Scheme and iSprint provide financial assistance and guidance through different projects in any business venture. Additionally, different programmes target businesses from different industries. Some offer financial assistance via human resource and training upgrades whereas others help organisations in building and technology sectors. The crux of the matter is that assistance is widely available – entrepreneurs should know where to look for such help because they exist to keep businesses afloat.
Governmental Assistance
The Singapore government has also implemented tax schemes that reward entrepreneurs for starting up businesses in the country. There is a tax exemption for start ups which meet qualifying conditions. Depending on the profit posted in the first few years of operations, tax will be calculated accordingly. This means that there will be additional funding to be used on different aspects of the business. There are also rebates, allowances and investments to inject money back into the company for developmental and growth purposes. The Productivity and Innovation Credit Scheme rewards businesses which embark on innovative activities in their company. Any organisation which takes part in innovative activities that is able to raise the productivity level of the business will be able to apply to be part of this particular scheme. Since its inception in 2010, this scheme has helped countless businesses – both established and new.
Job Creation and Immigration Laws
Start ups remain a highly viable part of Singapore’s growing economy. It also enhances Singapore’s standing as a growing nation with highly innovative practices that enable new and creative business ideas to spread. There is also the matter of job creation – a new business in any sector would require employees. Jobs created will give countless people opportunities to embark on careers or at the very least provide stepping stones for employees who are looking for experience. This not only helps local graduates and skilled professionals enjoy a steep learning curve in different aspects of business operations, it also attracts highly skilled professionals from around the world to come into Singapore and share their knowledge with locals. Singapore’s immigration laws welcome expats with experience and skills that give them the ability to contribute to their host nation. Different visa such as the Entrepass give expats the opportunity and legal right to work in Singapore. Most of the time, these expats bring their spouse and children along with them and due to high standard of living they enjoy in the country, ultimately decide to settle down and set their roots.
Seeking Professional Help – Paul Hype Page Associates
There are many reasons why an entrepreneur might hesitate to set up a business in Singapore. However, there are many Business opportunity in Singapore to counteract this way of thinking as well. Most of the time, the main reason why someone might decide not to do something would be because of lack of details, information and guidance. In this instance, professional help is just a phone call away. Contact Paul Hype Page Associates and they will be able to provide entrepreneurs with all the assistance they need in order to set up their business in Singapore. From legal, tax and finance assistance, Paul Hype Page Associates has the necessary tools, knowledge and skills to help an organisation from start up to growth. The financial consultants also provide various other services that would provide various strategies which are advantageous to the business.
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