An increasing number of individuals and small to medium private business are rapidly incorporating their business in Singapore. Singapore offers a great infrastructure with healthy professional business environment with budding professionals in all fields. The immigrant policies reflect the country’s invitation to the world’s talent to increase the country’s growth.
The regulatory of the business policies are less strict and is an open business legislation. This means anyone who has passed the visa test can set up their business in Singapore with proper plan and funding. Moreover, Singaporean government has ensured policies and laws which are easy to follow. Even their taxation is not very hard and promotes growth of small to medium entrepreneurship and commerce of each and every segment.
Check their economic status
Singapore have been consistently topping the list in world class business by the World bank every year. This is only possible due to its business-friendly policies. Singapore has very low custom duties which means the export and import costs are low in comparison to any other Asian countries. This protects the young businessmen, their investors and also helps the start up to employ fresh talent.
According to the recent survey, Singapore remains at the top of Business reports. The business index continues to remain higher. The ratio of startups to old business enterprises are almost equal and the startups are on rise.
According to the Global report of business competitiveness Singapore has ranked third just after Switzerland and has lost only marginally to the US. Needless to say, Singapore is the best and the safest place for any start up to grow, thrive and be successful.
Understanding Singapore as Business Destination
Singapore has well-structured economy and has free market economy which means anyone can be an investor to the startup of the country. Moreover, it has strict laws and regulations against corruption and black money. Therefore, every money earned is accounted to the government.
To make it easy on the business entrepreneurs, it has very low tax on income and per capita GDP in comparison to the developed countries. Not only the country laws are beneficial for any startups to make their profit margin but also it gives protection to both skilled and unskilled labors. For workers the country follows only One Visa response that is easy to apply and get.
The regulatory changes have introduced new authorities that also allows international fund managers to transfer and carry out their operations smoothly throughout the country. Undoubtedly, Singapore is rising as one of the preferred Asian locations for hedge fund and short-term fund raisers.
Banking and its synchronization with start up
Singapore is working predominantly in the wealth management section. Various small finance organizations have also opened up to help the startups giving short term loans with low interest. If required, the financial organization also provides financial advice to new entrepreneurs.
Setting up an office in Singapore
The best and most attractive selling point of Singapore is that you don’t need to rent or purchase a physical office set up in Singapore for incorporation. Unlike other countries, virtual offices are legally permissible and it can be easily set up by local legal firm. Additionally, Singapore charges only 17 percent tax on total earnings along with various other tax exemptions as a startup. Also, there is no capital gain tax in Singapore.