Reasons Why You Should Register Your Company In Singapore?
Singapore is a developed nation with a stable economic and political environment, strategic location, and progressive financial reforms. It offers a business-friendly environment to companies and businesses from all across the world that is registered with ACRA, the Accounting and Corporate Regulatory Authority of Singapore. There are many privileges and benefits of getting your company registered in Singapore as it opens the gateway to access the market of the entire continent of Asia. Moreover, this country also offers many other privileges such as tax exemptions, professional and skilled workforce, legal transparency, and complete foreign ownership of your business.
Economy
The economy of Singapore is strong and is increasing at a steady rate, mostly relying on the services sector which includes finance, trade, and manufacturing. The service sector has the majority of people employed in it and accounts for much of the GDP of the country. A strong economic background means that Singapore always maintains a surplus and not a deficit. Thus, it is able to provide ample to its residents such as education subsidies, healthcare, housing, and transportation. Also, the unemployment rate and inflation in Singapore are very low which is one of the most important aspects to be considered while registering your company in a different nation.
Taxation
The favorable tax conditions of Singapore also make it an attractive destination for companies to establish and expand their businesses. The companies are only liable to pay tax on the revenue they have earned in Singapore. Any income generated from other foreign countries does not require any sort of tax payments. Further, unlike most countries, there is no tax on capital gains in Singapore. The corporate tax rate in Singapore is also relatively lower than most of the other countries and certain industries such as global trading companies, international banks, and offshore businesses can receive further tax exemptions.
Legal System
The legal system of Singapore is very strong and transparent. It has strict rules against fraud, bribery, and corrupt activities. This allows companies to operate safely in the country without the risk of losing revenues to corrupt officials or getting ambushed by bureaucratic red tape.
Ownership
There is 100% ownership of the company to the foreign party and does not require any local shareholders to own any percentage in the company. This ensures that no local party residing in Singapore can oversee or interfere in any business activities taking place in the company and allows its privacy and confidentiality to be secure among the actual shareholders and directors.
Banking
Singapore has many options to choose from in the banking and finance sector. There are many local banks as well as international banks and financial institutions that are offering their services to companies and entrepreneurs. They help you conduct your business with ease, offer private funding to raise investment for start-ups, and also allow international transactions to occur smoothly.
Location
The centralized location of Singapore gives access to the entire Asian market with the most compelling economies such as China, India, and Malaysia. Thus, registering your company in Singapore makes it easier to expand the size of the market to other parts of the continent as well. The workforce of Singapore is also very highly trained and educated. The educational attainments of Singapore’s workforce are known to be the most impressive and they have the highest PISA score in the world.
Conclusion
Singapore is a hub for start-ups, for its pro-business environment is the most suitable for businesses. It offers more than everything that a business needs in order to flourish and expand its growth and development. It has one of the busiest ports in the world and the airports experience heavy traffic as well. It is for all these reasons that thousands of companies and entrepreneurs make Singapore a new home for the establishment and expansion of their businesses.