Singapore is one of the fastest-growing economies in the Asia-Pacific. Certainly, that was not a reality just a decade ago. But, today the efficient policies of the government have transformed the entire infrastructure of Singapore. It is not only known as among the most preferred destinations for businesses worldwide to invest and set up their respective offices but is also known for the kind of technological leverage it provides for them to work smartly.
That is not to state that the rules and regulations are lax in Singapore but they are not so difficult either provided businesses know which is the right approach to take.
What makes Singapore a business-friendly destination?
There are not just one but many factors that make Singapore the first choice of leading businesses operating worldwide.
- Low rate taxation regime
Every business, no matter how big or small, wants to minimize its operational costs. Hence, businesses worldwide look for tax havens so that they don’t have to share a huge fraction of their profits with the governments of the respective countries where they have set up their offices. Singapore charges a rate of only 17% for both local and foreign businesses alike and that is why it is the preferred destination of many businesses.
- Ease of doing business
Certainly, if there is just too much paperwork and red-tapism prevalent in any country, no business would like to set up their headquarters there. A business prefers destinations where they can kick start their operations as soon as possible provided the markets of such destinations give them good returns for their specific products or services. And, no doubt, Singapore ticks all the preferred boxes.
- Economic resilience
No business wants to invest in an economy that is vulnerable and can easily cripple under unexpected shocks. Company setup Singapore is one of the strongest economies in the Asia-Pacific and not just that due to its official language being English it largely erases all sorts of communication barriers too.
- Start-up support infrastructure
According to the latest laws as of 2020, startups within the first 3 years of operation in Singapore would be exempted from 75% of their taxes and 50% of their excess earnings. This is a huge attraction for businesses to start their operations in Singapore.
What BoardRoom can do for your business?
Company registration shares an experience of 50+ years in helping businesses set up their offices in Singapore by taking care of all the legal and regulatory frameworks. It eases your company set-up and company registration processes so that you can solely concentrate on your business and let go of all other mind-numbing paperwork. It provides excellent advisory services to make your business comply with all the procedures listed in Singapore Companies Act. So, choose BoardRoom if you want immediate assistance regarding any of these rules and regulations.