According to the Wealth Tracking Report, Singapore is becoming the primary choice of business for globe-trotting millionaires. In the past few decades, Singapore has emerged as one of Asia’s major financial and economic hubs and has been able to attract investors and businessmen from all over the world.
According to a recent survey, 1 in 35 Singaporeans are millionaires. Wealthinsight also approximated that the state’s HNWI population steadily grew by 18.3% and will continue to grow, resulting in at least 188,000 millionaires by the year 2020. Most of the millionaires in Singapore are also expats, and their recent growth can be contributed directly to the tax exemptions and incentives that the state’s laws provide.
The incorporation start-up ecosystem of Singapore is very friendly, which has earned Singapore a strong business ranking in Asia. The government initiatives like the robust Intellectual Property Protection and the Transparent Compliance Rules as well as other tax benefits, exemptions and incentives have attracted an astounding number of foreign investors towards the nation. The government funding initiatives and the viability of lax business regulations makes setting up business in Singapore efficient and easy.
Here are some more factors that make Singapore quite friendly for businesses:
Tax Exemptions
Setting up a company in Singapore is quite beneficial for entrepreneurs because of the tax exemption scheme. This scheme allows a new start-up company to be exempted from taxes on its first S$100,000 of income. However, the following income amounting to S$200,000 will be subjected to a corporate tax rate on which there is a 50% exemption.
Financing and Funding
If you are thinking about starting a company in Singapore, but don’t have sufficient financing, you can apply for a financial grant or can raise money from other schemes such as ACE grant, iSPRINT, and iSTART. Venture capital in Singapore has seen a steady rise in investment and crossed the $1 billion threshold in 2014. Early stage financing investments are also supported by the Early Stage Venture Funding Scheme, mostly for technology entrepreneurs. The government has further announced the launch of Early Stage Venture Fund to incentivize the Large Local Enterprise (LLEs).
Easy Access to High Growth Markets
Setting up a business in Singapore will give you direct access to the high value and high growth markets of Asia such as China, Indonesia and India.
Protection of Intellectual Property (IP)
Singapore has constructed a robust system of protection of intellectual property which has become respectable in the world business community. The local regulations allow the companies to set up an IP safeguarding network, especially for research and development frameworks.
Business-Friendly Laws
The laws in Singapore make it one of the best places for doing business. For entrepreneurs, setting up business may be a hassle elsewhere. However, in Singapore, company registration and incorporations require just three steps which can be completed within one days. The digitized registration process is also quite efficient and the compliance services are simple and easy to understand.
Professional Service Companies
If you are looking for a hassle free way to register for a company, hiring a professional firm to take care of the whole process is the way to go. At 3E Accounting Pte Ltd, you will find the ideal solution for all your accounting and business needs. Our experts will help you to identify a suitable business structure for your company as well as avail tax benefits, incentives, exemptions and capital gains regulations.
So what are you waiting for? Starting a new company in Singapore is just a click away. Contact our experts at the 3E Accounting Pte Ltd today to find out about the services we provide.
