Why Singapore is the best place to start your business in Asia?
The choice you made where to start your business is very crucial. As each country has its own sets of variables that come into play. Hence, before making any decision, thorough consideration has to be done. If you wanted to start your business in Asia, Singapore would be the best place for your consideration.
Singapore has remained at the top of the list in World Bank’s rankings for the easiest country to do business. As a high-tech, innovative and commercially-geared country, which offers benefits to entrepreneurs and global investors, Singapore accumulates great commercial growth factors.
Apart from that, several proactive steps were taken, such as EntrePass Visa Scheme, to attract high tech firms from all over the world. It allows the business owner to raise initial start-up capital from any source and to apply for permanent residence in just two years. In addition, Singapore also has a well-educated and tech-savvy local population that contributes to convert the country into an open society.
Singapore’s has been identified as a genuine world class leader for incorporating businesses. On top of this, the country itself has ranked highly and been recognized for many business-related criteria. The criteria include:
- Being rated number one in the world by the World Bank for their ease of doing business
- Rated as the number one most politically stable country in Asia
- Consider as the number one labor force country in the world
- Ranking number one country for quality of life in all of Asia
- Reflected as the 3rd wealthiest nation in the world by popular Forbes Magazine.
In addition, when you start your business in Singapore, you will not be taxed when it comes to dealing with capital gain and dividends. Singapore’s relaxed tax brackets carry over to personal income taxes. At the bottom, a person’s personal tax rate may be as small as 0% and max out at 22% when reaching north of $300,000 annual revenue.
For a start-up company, cash flow should be one of the fundamental element in managing your business. When you incorporate a business in Singapore, the government allows companies to apply for government grants which pay up to 40% of technology costs. Not to mentioned, no auditing is required for privately owned companies which qualify as a small company, under Singapore’s national laws.
In short, there is a lot to take into consideration when it comes to incorporate a company. Immediate, short term and long term implications need to be in your consideration when deciding where to incorporate their business. Singapore, is a viable solution for virtually all business and it offers a considerable amount of benefits to any business. 3E Accounting is ready to be your best support when you incorporate your business in Singapore. Please do not hesitate to contact us today for more information!