Reasons Why Entrepreneurs Choose To Open Business In Singapore
Singapore is a country that provides a lot of opportunities for business. With that, many foreign companies choose to open business in Singapore because of the many advantages.
Ever wondered why? Below are the top five reasons why you must open or expand your business to Singapore.
- Ease Of Starting A Business
Singapore is the world’s best location to do business among the leading countries in Asia. The process of Singapore business incorporation is easier and faster compared to other countries.
Generally, it takes around one day to finish the process.
Furthermore, owning a business in Singapore is open to everyone, even to foreigners. An easy online system is available for fast and straightforward incorporation processes.
- Access To Investors And Business Fundings
In Singapore, one hundred fifty-five (155) financial firms are members of the Association of Banks in Singapore. One hundred twenty-seven of these are international banks, and there are nineteen merchant banks.
These firms come from more than thirty nations with experience in funding different sectors. Given that fact, it’s not going to be difficult for you to find a financial institution that meets your demands. Besides, the rates of interest are reasonable and steady.
- High Level Of Safety And Security
The third reason businesses choose to expand in Singapore is its high level of safety and security. Singapore is one of Asia’s stable countries. Thus, anyone who intends to start a business in the country will enjoy the stability that creates a safe and comfortable business environment. Because of fair law enforcement, Singaporeans often feel a great deal of personal protection in their everyday lives. Moreover, the country enjoys one of the world’s lowest crime rates.
- Incentive Headquarter Setup
The fourth and perhaps the most important reason for expanding business in Singapore is the incentive headquarters setup. The Economic Development Board (EDB) provides regional headquarters (RHQ) and international headquarters (IHQ). It is an incentive to attract multinational businesses to move their headquarters to Singapore.
Companies that have RHQ status have a 15 % bargained tax rate for profits from Singapore’s headquarters operations and processes. There are even more favourable tax rates of between 0 and 10% for those given IHQ status.
- Attractive Rates For Corporate Taxes
On top of the reasons, as mentioned earlier, Singapore also provides one of the world’s most competitive corporate tax structures. That is in addition to its vast range of free markets and tax agreements.
Although its marginal tax rate is the third-lowest globally, it is still lower compared to other developed countries. The taxable income of non-resident businesses is exempt from taxes for the first three years if it is labelled as a ‘zero tax’ jurisdiction. The suppression of double tax agreements (DTAs) also enters with other foreign jurisdictions.
Are You Ready To Expand Your Business In Singapore?
3E Accounting has unrivalled expertise in Singapore Business Incorporation. You can count on them to be your devoted one-stop business solution. With extensive years of knowledge in Singapore’s business incorporation, accounting, taxation, payroll, and immigration services, you can rely on them for your needs in opening a business in Singapore.