7 reasons why overseas entrepreneurs choose Singapore to open their company (XNUMX)

Singapore has a corporate tax rate of just 17%, one of the lowest in Asia and the world. This allows businesses to:

• Keep more profits after tax
• Have extra funds to reinvest and expand

<p>To encourage startups, Singapore offers several tax exemption programs:<p> <ul> <li>Full tax exemption for the first 3 years for qualifying new companies</li> <li>Partial tax exemptions to reduce tax burden</li></ul> 

Another major advantage is no tax on foreign-sourced income.

<li>If your company earns profits from overseas business, Singapore will not tax those earnings.</li> <li>Singapore also does not have capital gains tax. This means that if you sell company assets (like real estate or shares) at a profit, you won't be taxed on those gains.</li></ul>

• Compared to many other countries, setting up a company in Singapore is incredibly quick. Only 1-3 business days to complete registration, allowing businesses to start operating almost immediately.
• A fast process means less waiting and lower costs, so you can focus on growing your business instead of dealing with complex paperwork.

• One of the outstanding advantages of setting up a company in Singapore is that investors do not need to come to Singapore to register. The entire process can be done online, saving travel costs and time.
• Remote registration offers flexibility and ease to investors, especially those who do not have the time or means to travel to Singapore.

Singapore’s fully digital business registration system speeds up processing and minimizes paperwork.

All procedures, requirements, and processes are public and easy to access, ensuring a smooth experience for investors.

Singapore offers a range of flexible financial support programmes, from concessional loans to grants and venture capital funds. These programmes are designed to meet the diverse needs of businesses at different stages of development.

• Concessional loans: Businesses can access loans with low interest rates and flexible repayment terms from government-backed banks and financial institutions.
• Subsidies: The government provides subsidies for research and development (R&D), human resource training, and market expansion.
• Venture Capital: Singapore has a robust venture capital system that is ready to invest in startups and businesses with high growth potential.

Singapore continuously improves its policies to attract startups and international businesses. These policies focus on:

• Company registration in Singapore is quick and hassle-free, with most procedures digitized.
• Businesses in Singapore enjoy competitive corporate income tax rates, and may be eligible for other tax incentives depending on industry and size.
• The Singapore government provides flexible visa and work permit options for foreign companies.

Singapore consistently ranks highly in international rankings for transparency and ease of doing business. According to the World Bank's Doing Business 2020 report, Singapore second place in the world for ease of doing business. Other indices such as Transparency International's Corruption Perceptions Index (CPI) also rate Singapore as one of the least corrupt countries in the world (ranked 3th in the worldthe).

This transparency and convenience is achieved thanks to a clear and consistent legal system, simple and effective administrative regulations and a strong commitment from the government to create a level playing field for all businesses.

Singapore has a robust legal system that protects the rights of investors and businesses.

In addition, Singapore also has an independent, fair court system that resolves commercial disputes quickly and effectively. This helps create a safe, trustworthy business environment, encouraging investors and businesses to operate and develop with peace of mind.

• Singapore is known as one of the leading financial and commercial centers in Asia and the world. It is home to many banks, financial institutions, insurance companies and large multinational corporations.
• The business environment in Singapore is considered transparent, competitive and professional. The Singapore government always creates favorable conditions for businesses to operate and develop, and has many preferential policies on taxes, investment, etc.

Singapore has close economic ties with ASEAN member countries. That is why, many companies in Singapore can easily expand into ASEAN and global markets.

In addition, Singapore is also the venue for many international events and exhibitions, creating opportunities for businesses to meet, exchange, and seek potential business partners.

<p>Singapore is home to most of the world’s major banks, from reputable multinational banks to reputable local banks. <p> <p>This diversity gives businesses a wide range of options to suit their needs and scale of operations. Businesses can easily find a bank with a wide network of operations, professional services and diverse financial products to support their business operations.<p>

One of the outstanding advantages of the Singapore banking system is the ability to support multi-currency accounts. This allows businesses to easily manage and transact in different currencies, helping to minimize exchange rate risks and optimize profits.

<p>In addition, banks in Singapore also provide global transaction services, allowing businesses to conduct international transactions quickly and efficiently.</p> <p>With a modern payment system, businesses can easily transfer money, receive money, and conduct commercial transactions worldwide.</p>

The Singapore government makes it easy for foreign businesses to apply for work visas. Investors and skilled professionals can easily apply for Employment Pass (EP) with fast processing time.

In particular, the program EntrePassdesigned specifically for entrepreneurs who want to start a business in Singapore, allowing them to set up a company and work for themselves here. 

Singapore has a young, highly educated and English-speaking workforce. Singapore’s advanced education system focuses on equipping workers with the skills needed for a modern economy, especially in the technology sector. Singapore’s workforce is not only highly skilled, but also professional, disciplined and innovative.

<p>Singapore is a multicultural country where different cultures live and work together peacefully. </p> <p>This creates a dynamic, diverse and rich working environment that encourages the exchange of ideas and collaboration between individuals. Companies operating in Singapore can take advantage of this to attract talent from all over the world, creating a diverse and talented workforce.</p>

• Startup SG Founder: This program provides financial support to startups with innovative ideas and growth potential. The support can be up to SGD 50.000.
• ACE Startups Grant: This programme supports startups in their early stages of development. The grant can be up to SGD 50.000.
• Early Stage Venture Fund: This early stage venture capital fund invests in startups with high growth potential.

• Productivity Solutions Grant (PSG): This program supports SMEs to adopt technology solutions to improve productivity. The support can be up to 50% of the cost.
• Market Readiness Assistance (MRA) Grant: This program supports SMEs to expand their markets abroad. The support can be up to 50% of the cost.
• SkillsFuture: This program provides training and skill improvement courses for workers, helping businesses improve the quality of human resources.
• Research, Innovation and Enterprise (RIE): This program supports businesses to invest in research and development (R&D).

• Developed startup ecosystem: Singapore has a very strong startup ecosystem, with the presence of many investment funds, business incubators and networking events. This is an ideal environment for technology and fintech startups to develop and expand their networks.
• Innovation support policies: The Singapore government has many programs to support innovative businesses, including grants, tax breaks and expert advice.
• Easy access to capital: Singapore is a major financial hub, with many investors willing to invest in potential projects.

• Strategic location: Singapore is located in the heart of Southeast Asia, an important trade gateway for the region. This helps e-commerce and import-export companies easily access markets in neighboring countries.
• Modern Infrastructure: Singapore has a well-developed infrastructure, including seaports, airports and telecommunications systems. This helps reduce transportation costs and increase the efficiency of business operations.
• Extensive trade network: Singapore has signed many free trade agreements with countries around the world, helping businesses reduce trade barriers and expand markets.

• International business environment: Singapore is a multicultural country, with many foreigners living and working. This creates an international business environment, making it easy for businesses to access and adapt to different markets.
• Strong Nation Brand: Singapore has a very strong nation brand that is recognized worldwide. Having a headquarters in Singapore enhances the credibility and trustworthiness of the business.
• Professional support services: Singapore has many companies that provide professional business support services, including legal, accounting, tax and marketing advice. This helps businesses save time and money when expanding into international markets.

Not required. If you are a foreigner, you can find a trusted corporate service provider like Global Links Asia who can help you set you your company in XNUMX-XNUMX days.

Yes. Singapore law allows foreign companies to own 100% of the capital of a company in Singapore.

Singapore has many reputable banks with a wide range of services. Some popular banks chosen by foreign businesses include: DBS, OCBC , UOB, HSBC, Citibank.