When you decide to register your company in Singapore, you are implying that you are ready to make this a serious business. Getting your company incorporated here complete with the best corporate secretarial services Singapore is already enough to attract the attention of potential investors because they know how serious you are about making your company succeed.
Why Do it in Singapore?
When you do a company incorporation in Singapore, you are opening yourself up to a lot of opportunities to tap into the different government and business entities to help you succeed. Currently, Singapore is known as the friendliest location for putting up a business. This is why a lot of self-motivated and passion-driven entrepreneurs, managers, contractors, investors, and shareholders prefer doing business here.
Moreover, the city-state has laws that actually facilitate success for startups and small businesses.
What Can You Get from Incorporating in Singapore?
Generally, business owners around the world flock to Singapore because of the obvious benefits it brings to their business. This includes reasonable tax exemptions, incentives, and rebates. Furthermore, Singapore has a very stress-free set of requirements for statutory compliance and its location is ideally close to a lot of Asian markets.
Incorporating your business in Singapore can be totally completed in around three business days. Here are some more benefits you can experience.
- The tax system of Singapore is heavily based upon territory. This means that any earned income outside of it is not taxable.
- In 2015, a scheme called Double Tax Deduction for Internationalization was announced. Basically, this scheme allowed companies to claim up to 200% tax deductions on all the expenses spent on Singaporean staff assigned to overseas posts.
- Singapore is known to have one of the lowest corporate and income tax.
- After the company has paid their tax dues, the dividend becomes tax-free. Moreover, no tax is applied to any capital gains and inherited wealth.
- Newly set up companies in Singapore can qualify to get tax exemptions. According to the laws, they can be exempted from paying tax if they have an income of up to S$100,000 for the first three YAs or Years of Assessment.
- Older companies can also enjoy partial exemptions. They can get a tax rebate that could reach up to S$1,000.
- It is globally known that Singapore is Asia’s financial hub and they have enough capital to backup innovative and fresh ideas, especially from hardworking business owners.
- Protecting Intellectual Property Rights in Singapore is serious. The laws governing it are strict. This means that it is safe for startups to work on their new ideas without worrying about IP compromises.
- The government is politically stable. This translates to a healthy economy and that alone is enough to see that Singapore is an ideal place to do business.
These are just some of the plethora of benefits that a business owner can experience when they do business in Singapore. You need to start looking for corporate secretarial services Singapore if you want to start a business here.