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Doing Business in Singapore vs Philippines: The Comparison of Advantages in Doing Business in Singapore and the Philippines
Investors consider several factors when thinking about starting a business. In terms of doing business in Singapore vs Philippines, there are some notable differences between the two.
Every country in Asia has an advantage of its own, and Singapore and the Philippines are no different. While the two share several commonalities, the Southeast Asian neighbours also have key differences that investors need to consider business-wise.
Singapore vs Philippines, Which Is Better for Business?
Let’s look at how doing business in Singapore vs Philippines would be like for investors. The following areas should be given some thought since it is going to affect your business operation:
|Ease of Doing Business||Ranked as top one in the world. Consistently voted the easiest place in the world to do business||Ranked #124 in the world|
|Speed of Registering a Business||Within 24 hours or an average of 2.5 days||28 days|
|Corporate Taxes||Lowest in the world (0-17%)||30%, Fringe benefits tax is 35%, Profit remittance tax at 15% and Corporate income tax at 2% after a business has been operating for 3 years|
|Value Added Tax (VAT)||7%||12%|
|Transparency (Rated by Transparency International)||84/100 (The highest an Asian country has scored)||34/100|
|Work Visas for Foreigners||Employment Pass or Entrepass||Work Visa|
|Business Language||English, Malay, Mandarin, Tamil||English (the second language), Tagalog|
Ready to Incorporate?
Whether your choice is Singapore or the Philippines, either way, 3E Accounting can help. Doing business in Singapore vs Philippines is accessible in both countries when you’ve got the right team of experts on your side. Let us help you handle the hassle of the Philippine incorporation process so you can focus on making your business a success. For more information on 3E Accounting’s company incorporation services, contact us today.