If you were thinking about registration of business in Singapore, then you are not alone. In a recent survey, Singapore dominated the list of places bankers from around world wanted to work – 27% people to be exact – beating even New York City.
Singapore is not only one of the most gorgeous countries around the globe, but also the world’s densest population of millionaires – 17% to be exact.
There’s an interesting mix of people who try to establish a balance between the new as well as old cultures. You will only get the best of both worlds, though.
In Southeast Asia, Singapore sits at a very special geographical position to play an important role for international trade. A recent poll conducted by World Bank labeled Singapore as the best place to start a business.
Foreigners who are considering to registering and starting a business in Singapore need not worry as the applications is very simple and stress free than any other countries out there.
So if you are an entrepreneur thinking of starting a business in Singapore, then here are few reasons why you need to:
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1. Strategic location
Singapore offers unlimited business opportunity simply because it sits right in the heart of Asia. This basically spells good news for international residents: Asia have a total population of 4 billion people and that’s a huge market to offer your goods to.
The transportation outside the Singapore is well developed as well with Changi International Airport serving as the world’s best for the past two decades and Port of Singapore ferrying people on sails across different islands and neighboring countries.
2. Flexible Immigration Laws
The Immigration laws in Singapore are probably the most flexible to apply and obtain a visa, or entrepass into Singapore as it is known, isn’t as cumbersome as it is in several other neighboring countries, like Taiwan, Philippines, Cambodia among others.
This is the reason why Singapore is considered to be the global choice for several expat workers as well as foreign investors from around the globe.
So if you are an entrepreneur who wish to immigrate to Singapore, don’t worry as the government have is extremely easy to obtain the necessary permits.
3. Minimal Bureaucracy
The immigration laws as well as the policies pertaining to business registration are flexible, simple, and hassle-free as the country is considered to be the least bureaucratic countries in the whole of Asia.
This means registering your business and getting it incorporated and start trading in Singapore takes very only few days – 3 days to be exact.
If you read at the country’s immigration laws carefully, you will realize the government of Singapore are pro-business themselves. For a foreigner, getting a work pass in Singapore is as easy as getting your business license.
The minimal bureaucracy has encouraged many investors of different nationalities their favorite place to invest and start a business, thereby making Singapore as the world’s melting-pot of different cultures.
Here’s another benefit for foreigners who wish to register and start a business in Singapore – you don’t need to be in Singapore physically to register or run a company. Yes, if you are a owner of the foreign company in Singapore, then you DON’T have to apply for “entrepass” or an employment pass, particularly if you’re not going to be operating the business from there. Instead, you are allowed to move around with a visitor visa if you are only going to be in Singapore for few occasions, like business meetings. This means you will have to hire a local director while you’re directing the company from abroad.
4. Favorable Tax Rates
Singapore is considered to be the most favorable Asian countries for global investors as it offers low tax rates and incentives – 17% to be exact – for them, enough to attract and keep them investing in the future too. This lowly tax rate on investment has made Singapore as the world’s number one destination to invest for foreign investors and business entrepreneurs from around the world.
Over the years, the tax rates have been decreasing in Singapore and this has speed up their country’s economic development, too. Recently, this positive note have led the World Bank to rate Singapore as one of the best and easy place to start a business.
5. Skilled Human Resources
Not only it’s easy to start a business venture in Singapore, but most foreign investor consider the place packed with the best and highly motivated and talented human resources on the planet. This have confirmed the investors that not only their business will suffer from lack of a talented individuals, but the workforce will work together to form a formidable team to generate huge profits for their company.
For those investors who are thinking of investing on Business Process Outsourcing, or BPO, the pool of skilled workforce inside Singapore gives them enough reason to invest in call centers and any other BPO-related businesses in the country.
The pool highly talented human resources and the attractive quality that pull the investors in Singapore for investment ensures that there will be plenty of jobs available for everyone!
6. Protection of Intellectual property rights
Singapore is believed to be transforming itself to become the next Silicon Valley, sooner if not now, and therefore, the government is taking the protection of intellectual property rights very seriously.
Singapore is partner to major Intellectual property patents such as World Intellectual Property Organization and the Agreement on Trade-related aspects of IP rights.
7. Higher Quality of Life
If you are among the ones who want to immigrate to Singapore, you will probably will do so with you family because sooner or later you will. The reason is obvious: Singapore offers excellent living conditions – from world’s top banking facilities to good internet infrastructure, with developed transportation facilities to superior communication industry and other social facilities, Singapore is definitely the place to run your business as well as develop a healthy social life, too.
Contact Paul and Hype Page Co. for a FREE consultation on how you can start to invest in Singapore.
We provide the following services:
Instant online company registration in Singapore
International tax planning and advice
Professional company secretary service at affordable price
Paul Hype Page & Co. is an ACRA-certified business adviser. Our team of seasoned professional can help you set up a company in Singapore very quickly and easily following all legal entities, and offer you sound advice on how to make it successful too.
In addition to business registration, we’ll also guide you how to:
Write a business plan – Learn how to write a compelling business plan by accessing our sample business plans, or other helpful market research information
Perform market research – Understand your business market, learn how it can enhance your business growth, and how to properly conduct a market research for your business
Legal issues for small business – If you are thinking about registration of company in Singapore, then you really need a lawyer. In addition, you will learn why legal counseling is very important part of any business.
Manage your finances – We’ll offer you FREE resources and information to help you fully understand all financial concepts and teach you how to perform basic accounting tasks like budgeting, bookkeeping, financial analysis, among others.