Despite ongoing difficulties brought on by the pandemic, 22,100 Singaporean businesses expanded internationally in 2021. So saying it is a global business hub giant in Southeast Asia is apt.
As for the plans for 2022, Singapore is predicted to have the best startup ecosystem in the Asia Pacific region. More than 3,800 tech-enabled startups and 12 unicorns call it home, contributing to an ecosystem worth $89 billion.
Singapore is ideal for both domestic and foreign enterprises to operate, according to numerous economists and the Index, owing to the country’s stable political environment, open business policies, respect for patents and intellectual property, sophisticated infrastructure, and trained workforce.
We want to pitch Singapore to entrepreneurs who have a solid business plan and are searching for how to register a company in Singapore. Here are some of the reasons why your company should partner with Singapore.
1. Low-cost financing:
Because Singapore is Asia’s leading wealth management and investments centre, firms can easily access private and commercial banking services to finance their growth at cheap interest rates. There are 128 commercial banks, 31 merchant banks, 365 fund managers, and 604 capital markets services license holders. Numerous tax breaks, funding options, and financial subsidies attract companies to establish their national corporations.
2. Attractive tax laws:
Singapore has one of the lowest tax rates in the world, making it a desirable location for international investors. Because you won’t have to pay significant taxes on your profits, making money and expanding your company without being concerned about how much you lose to the government will be simple.
Non-resident corporations are exempt from taxes for the first three years of taxable income. Additionally, the Singaporean government created “Double Taxation Avoidance Agreements” to shield its suppliers from amassing taxes on earnings earned abroad.
3. Reliability of infrastructure and location:
Singapore is home to a renowned, cutting-edge international airport, first-rate roads, structures, subways, and other technological infrastructure. All of these are crucial for Singapore’s business environment.
Singapore’s geographic location also affords it the distinctive benefit of having access to the entire Asian population, particularly to other commercial centres like China, India, Australia, and Malaysia. Consequently, if you intend to conduct business in Singapore, you will be able to establish crucial and advantageous trade ties around the area.
4. No corruption:
Due to the frequency of corruption, there may be some suspicion when conducting business in Asian nations. Singapore is a significant exception, though. Because of the high standard Lee Kuan Yew set for moral rectitude and his leadership of the country, the majority of government officials are paid exceptionally well, corruption is severely punished, and there is almost no corruption in the nation. Therefore, if you incorporate a business in Singapore, you can be assured that you won’t be at the whim of dishonest government officials and that your firm will flourish or fail based only on its own merits. The majority of Singaporeans are devoted upholders of the law.