Benefits of Starting a Business in Singapore
Starting a business in Singapore has always been lucrative. It’s indeed true that opportunities are aplenty in Asia’s most vibrant and thriving business epicenter. Singapore has consistently been ranked as the best and number one city for investment potential in the world, so it comes as no surprise it has entrepreneurs from all over the globe flocking to register Company in the country.
What Are the Benefits of Registering a Business in Singapore?
Why should you choose to incorporate a company in Singapore? Whether you’re expanding your existing business to other regions in the world, or looking to start a brand-new venture in Singapore, here is why starting a business in Singapore is going to be one of the best decisions you ever made:
Leverage on the Political Stability
A politically stable environment is a solid breeding ground for thriving businesses. Singapore is politically stable without any foreign debt and relatively high government revenue. This is why entrepreneurs have been attracted to the potential that the country holds. A stable environment is one of the best setups for your business in the long-term.
Attractive Business Incentives
The Singaporean government is pro-enterprise, offering several types of incentives to encourage both local and foreign entrepreneurs to start a business in Singapore. An example of this incentive would be the Productivity and Innovation Credit Claims, where businesses can enjoy tax deductions or cash pay-outs to help reduce the taxes born by a local company.
Attractive Low Tax Rates
Singapore has one of the lowest corporate tax rates in the world, at 17%, which allows businesses to benefit and earn a higher net profit in Singapore compared to many other countries in the region.
World-Class Technology & Infrastructure
Singapore has been a favorable business environment because of the advanced technology and infrastructure that the country hosts. According to the Mercer Quality of Living Study in 2012, Singapore was number one in the world for its infrastructure facilities. Further, it has only improved since then. Singapore’s connection via air, land, and sea, and telecommunications means it can support any mode of transportation. This enables companies to overcome delivery and product difficulties.
A Highly Skilled Workforce
One of the biggest benefits that businesses stand to gain by starting up in Singapore is its extremely active workforce. In fact, it’s proficient enough to meet the needs of different sectors.
Intellectual Property Protection
When you’re starting a business in Singapore, you’ll get the protection of the government’s strict laws against piracy in the country. Singapore believes in encouraging businesses to sell goods that entail valuable assets. This gives owners peace of mind and assurance that they do not need to worry about the company’s trademark and patents. Starting a business in Singapore means you will be better protected with the intellectual property laws which have been implemented.
Singapore continues to remain one of the most attractive markets in Asia. Various businesses and investors worldwide who are establishing a base in Asia will strongly benefit in this nation.