From past few years, Singapore is reflected as an ideal location & a global business magnet that offers opportunities to many businesses. Singapore is the first choice for many businesses to set up their headquarters/branch. Convenient taxation schemes & better infrastructure makes Singapore one of the most competitive Asian country in terms of doing business. Surprisingly, it is also the world’s most suitable & easiest place to set up a business.
Jim Rogers, Chairman of Rogers Holdings, moved to Singapore in 2006 & discovered what rest of the world is discovering now. He very soon recognized Singapore as one of the most competitive economies to boast a world-class infrastructure. Many aspiring entrepreneurs or even established businessmen flock to Singapore due to its taxation policies & stable economy. Doing business in Singapore can help you harness the following benefits.
- Best Geographical Location
Any business can fully profit from the advantageous location of Singapore. Singapore boasts one of the biggest & busiest port in the world. Singapore’s Changi Airport which serves over 13 million passengers annually is said to be the best airport in the world. This is one of the reasons why Singapore is accessible to many different businesses which can be directly or indirectly operated from China, U.S, India or any other country. Singapore which is considered as a commercial and financial hub also serves as a gateway to the European & Asian markets.
Singapore is often referred to as ‘Asia’s economic tiger’. It is because Singapore offers many choices in terms of premises for businesses. Businesses, whether situated in the suburban region or in a civic district, will always get top class infrastructure and premium facilities. Relocating your business to Singapore gives you an access to the global market of 2.9 billion people. It is simply because of geographical location as it is situated in the heart of South-East Asia.
Convenient Tax Schemes
There are many numbers of entrepreneurs who end up setting their business in Singapore due to better economic conditions, government policies, technology, and convenient tax policies. In fact, convenient tax schemes are the most advantageous part of doing business in Singapore. Singapore follows a territorial tax regime i.e you only have to pay tax on business which takes place in Singapore. Aspiring entrepreneurs, established businessmen or any Foreign businesses that wish to set up their headquarters in Singapore can approach Sandhurst Corporate Tax. Here are some of the many reasons why Tax Schemes in Singapore are so appealing –
- Newly established businesses can enjoy approximately 9 percent tax rates for up to profits of $300,000.
- No withholding of tax on dividend distribution by Singapore companies.
- Newly established companies are liable to zero tax on the first $100,000 net profits.
- Singapore follows the one-tier tax system. This means Tax paid by a company on its income is the final tax and shareholders will no longer be taxed on their dividend income.
- Singapore has been maintaining one of the world’s lowest GST rates which is 7%v
