Why Singapore Is The Most Ideal Place To Start A Company
Singapore received the Best Business City in Southeast Asia in 2009 Business Traveller
Asia-Pacific Travel Awards, Top on the Global Enabling Trade Index as the country most open to international trade and investment in World Economic Forum Global Enabling Trade Report 2009 and Fourth Best Country for Business - Forbes Best Countries for Business Annual Rankings 2009. These awards assure that Singapore is a good location to start a business.
Singapores popularity for being a pro-business country provided a strong attraction for foreign businessmen and companies. Most foreigners recognized the ease of doing business in Singapore since they are handed with a number of options for business setup.
There are three major reasons why foreigners would wish to establish a new business in Singapore. First is the comfort to incorporate a business in Singapore, next are the favorable taxes and last is the exemplary quality lifestyle in the country. The government of Singapore makes sure that both financial and facilitation assistance is available for new and existing Singapore companies. This is a representation of how the government helps businesses realize their full potential and goals.
It is ideal to start a Singapore company because of the following reasons:
100% foreign ownership allowed
Minimum paid-up capital of $1 only
Company incorporation in 1 day
Minimum 1 shareholder and 1 director
No taxes on first 100K taxable income annually for first three years of a new Singapore company;
Less than 9% tax rate on taxable income of up-to 300K annually
Low overall flat tax rate of 17% on taxable income above 300K
Zero taxes on capital gains and dividends
Work visa available for company owners wishing to relocate to Singapore to run their new Singapore company
No exchange controls or restrictions on repatriation of profits
It is important to note that under the countrys corporate law, foreign businessmen, companies, and investors are prohibited to self-register their own business which means that they are required to hire a professional firm (which must be accredited by the Accounting and Corporate Regulatory Authority) that will perform all the processes involved in Singapore company incorporation.