Expansion to Asia as the First Step to Business Success
Until 2000, both the US and Europe accounted for 2/3 of the economic growth in the world. However, today, things are different. Emerging economies like Singapore, China, India, and Malaysia are truly giving the two continents a tough competition. In fact today, Asia has become the central hub for doing business. If you’re a foreign business owner and you still haven’t expanded your business operations in Asia, then now is the right time.
Expansion to Asia is the first step to business success. The advantages of doing business in Asia are huge as compared to other parts of the world. Let’s take a closer look at what these advantages are and how setting up business operations in this continent can help take your business to greater heights:
Enjoy Tax Exemptions
By setting up operations in Asia, you can easily expand your business, grow profits while enjoying tax exemptions on profits earned. Here’s how:
Singapore offers newly founded businesses corporate tax exemptions for the first 200K Singaporean dollars. And did you know that capital gains in Singapore are exempted from tax? Additionally the country has signed double taxation treaties with more than 62 countries including Japan, Germany, France, China, Canada and the UK, offering amazing tax exemptions to start-ups. Likewise the country has also now adopted the broad based consumption tax, also referred to as GST (Goods and Services Tax). And let us tell you here that Singapore by far has one of the lowest GST rates in the world.
Skilled yet Cheap Cost of Labour
The best part about setting operations in Asia is that you don’t have to relocate your skilled labour force. Here, labour is both skilled and cheap. You can find dedicated employees with the right skill-set and start your operations in a new setting in the fastest time. Language may be a barrier but if you have someone who understands the local language, this obstacle will become easier to overcome. Did you know that Singapore’s labour force has been ranked number 1 in the world and that Japan’s labour force is recognised for its loyalty?
Low-Cost and Easy Company Registration
Setting up business in Asia is relatively easier. In fact, it’s much easier and low-cost to set up operations in Singapore as compared to China. China’s company registration process is slightly complex because of its legal framework and bureaucracy. However, setting up business in Singapore is as easy and simple as it can be. All you need to do is register with ACRA and just simply provide all the required documentations while meeting their simple requirements and you’ll be able to start operations in Singapore in just 1–2 days.