Business

Why entrepreneurs set up their business in Singapore?

.Setting up a business is a hard thing to do since you have to prepare for a lot of things. It also takes a lot of personal resources to be able to build a successful business. Aside from this, there will be a lot of uncertainties and risks during this process. That is why it is important to research and know the business sector well before they set up their business. 

Over the years, Singapore has been one of the best places to start or expand a business entity in. That is why Singapore houses thousands of different businesses from all kinds of sectors. These businesses have been the pillar of the strong and stable Singapore economy. Most corporations see that it is easy to set up company in Singapore because of the easy policies and regulations that it implements. That is why even if Singapore has an already too crowded and saturated economy, there are still many interested individuals to incorporate company in Singapore. To know why the majority of entrepreneurs want to set up company in Singapore, let us talk about the perks of building your business in Singapore.

Strategic Location

When you want to set up your own business you have to make sure that your location is always strategic and practical. When it comes to businesses, Singapore is known to be one of the most strategic and best locations. Singapore is located in southeast Asia which means that when you set up company in Singapore you would have access to about 2.8 billion people that are within your reach. 

When you incorporate company in Singapore, always remember that It has one of the best airports in the world which makes it more accessible to potential markets. This can help your business grow more. That is why more and more corporations want to set up company in Singapore.

Always business first

Singapore is a business favorite because it has always been known as one of the easiest business environments in the world. In 2020, it was even named the most open market economy in the world. This is because it implements many policies and regulations that favor business transactions. It also has a supportive government that allows even small businesses to thrive in its economy. It offers many programs and support policies to make sure that all businesses are welcome. Every business be able to get a share of the thriving Singapore and economy. One of the best policies that they implement is how easy it is to incorporate company in Singapore. It only takes 1 to 2 days for you to be able to incorporate your company into the Singaporean government. This makes it more attractive to business owners.

Singapore’s Outstanding Tax System

Many more are interested in setting up a company in Singapore because it has one of the best tax systems not just in Asia but in the world. It charges low corporate and personal tax rates. The personal income tax system in Singapore begins from just 0% and can go up to 20% for income above S$320,000.

While the corporate tax rate in the Singaporean economy for some companies structures are capped at a flat rate of 17% for those who gained S$300,000. Singapore adopts a single-tier tax policy that means if income has already been taxed at the corporate level, shareholders of those companies would not be taxed for receiving dividends.

Flexible Immigration Policies

It is also a factor that Singapore has flexible policies when it comes to foreign individuals. Hiring foreign individuals has many advantages especially to start-up businesses.  This is one of the factors that make individuals want to incorporate company in Singapore even more. The Singaporean government aid and guide foreign individuals. 

Corrupt-free government

It is also important that you conduct a business in a country with a government that has a clean record. This Is because government transactions and movements affect the business in many ways than we realize. Singapore is the third most corrupt-free country in the world during the year 2020. To set up company in Singapore, expect that there are little to no complications when it comes to government transactions.

Comprehensive Intellectual Property Protection

The  Singaporean government also makes it a point to protect the intellectual property of all individuals and businesses. Their government acknowledges the fact that intellectual property is one of the most vulnerable and easiest to steal. That is why the Singaporean government implements strict policies on protecting everyone’s intellectual property.

Need help?

There are many available service providers that can help you incorporate company in Singapore. WLP Group is one of the most efficient and affordable third-party firms that can help you incorporate company in Singapore. You can visit our website today to know more about our services and affordable rates.

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