There are numerous advantages of setting up or expanding a business in Singapore. Among other countries of South-East Asia, it has the most influence in terms of political stability, strategic location, business-friendly environment. To the other parts of ASEAN, it acts as a gateway.
If we talk about, Jim Rogers, an American-born businessman. He is known as one of the giants of Wall Street. In 2007, he changed his direction to Singapore. He was aware of everything that time only, which the world was supposed to get later.
To offer the International Business community, it has a tremendous amount. Why do ventures, corporations, and entrepreneurs consider, it the most fruitful nation to set up their company?
– In the list of countries that are opened to trade policies, it has been ranked as #1.
– There is no capital gains or dividends tax in this city.
– The personal tax rates do start at 0% and reach a maximum of 22%.
– There is no such death/inheritance/ no state in Singapore.
What makes Singapore, the most attractive city to firms and entrepreneurs?
It’s a strategic location.
• Singapore is located at the heart of Southeast Asia, make itself the most convenient location for business. As from here, businesses can access a market of around 2.8 billion people.
• This country has been recognized as a premium international maritime center. The port of Singapore is one of the busiest ports all over the globe. According to the findings, the Changi Airport of this city serves around 15 million passengers annually. We can easily get an idea about the competitiveness by this data. Moreover, it has been said to be the best airport in the world due to its services and efficiency.
Singapore means business
• It is capable of attracting business entrepreneurs and foreign investment. While standing in Singapore, you can easily turn your dream into a huge business entity and attain the most significant profits.
• If compared with many other western nations, setting a company in Singapore only takes 1-2 days. It is due to the major contribution of Government assistance all along the way.
Its outstanding tax policies
• Taxes are of course the most agenda for any business. It is undoubtedly the key consideration for the entrepreneur. Singapore’s low effective corporate and personal tax rates are also an excellent factor.
• It has a tier system for personal income tax. Which has a starting at just 0% and goes till 22% when the income is above S$320,000.
• The corporate tax rates are set at a flat rate of 17%. This proportion is to be charged on a company’s chargeable income.
• In Singapore, there are no capital gains taxes; income that is taxed on a corporate level( Single tier tax policy). This allows the distribution of dividends, tax-free, to its shareholders.
• To make the economy more competitive and remove dependency on income taxes, the government has adopted GST, a more broad-based consumption tax. This nation maintains one of the lowest GST rates.
Adaptable immigration policies
• The open immigration policy of Singapore allows foreign nationals to replicate and set up their business here.
• The government has made Effective Singapore work visa provisions to anticipate the needs of investors.
• It is an easy task to get a PR status, permanent residence of Singapore.
Singapore has strong copyright laws, along with the world’s best labor force. If you are looking forward to testing your idea of building a successful business then, you would find no better place than Singapore.