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5 Reasons Why You Should Incorporate a Company in Singapore
Singapore is no longer a small player in the business arena. Home to several multinational corporations, Singapore has gained a strong reputation as the business epicenter of Southeast Asia.
According to the World Bank's 'Doing Business' report for 2020, Singapore ranks second in the 'Ease of Doing Business' category, making it one of the best places to incorporate a company.
As a busy business and financial hub, Singapore is also the nesting ground for talent from all walks of life—perfect if you're on the hunt for a vibrant new team.
With an efficient working environment and highly regulated safety systems, business owners worldwide have flocked to Singapore in search of the best opportunities.
1. Singapore has a stellar location
As one of the world's busiest ports, Singapore sees a significant amount of business inflow and outflow every day.
It's close proximity to some of the world's most significant economies—China and India—also make it a perfect spot to springboard into those markets.
How does Singapore fare in terms of accessibility? Well, Singapore's Changi Airport serves over 100 airlines to more than 350 cities.
Changi Airport has also consistently ranked within the world's top three airports, making it a reputable and trustworthy point of contact for freight forwarders and carriers.
The efficiency and convenience of inbound and outbound flights also makes it easy for business owners to travel for business.
2. Enjoy low tax rates
If you're a new business owner, high tax rates are another uphill climb you'll have to deal with. Not in Singapore. The Singapore government offers one of the world's most rational corporate tax structures.
The corporate tax rate in Singapore is capped at a low 17%. New companies also receive significant tax breaks during their first 3 years of incorporation.
What's more? Incorporating a company in Singapore also opens you to the perks of low tax barriers.
Singapore has signed over 20 free trade agreements with 27 global economies. This means that expanding your company and trading across borders will be easier if you incorporate your company in Singapore.
This is supported by an extensive network of Avoidance of Double Taxation Agreements with over 50 countries. That means that business owners that incorporate a company in Singapore are unlikely to suffer from double taxation.
3. Join a business-friendly ecosystem
The Singapore government acknowledges the creativity of smaller businesses and start-ups. It provides many tax-incentives, programmes and grant schemes to startups to encourage innovation.
As a financial hub, Singapore is also home to local and international banks, many of which are headquartered on the island. This gives new business owners a variety of options and access to capital resources.
By incorporating your company in Singapore, you'll be opening your business to the possibilities of these funding sources.
On top of that, starting a company in Singapore also creates opportunities for a highly diversified team.
Singapore's excellent education system has produced a highly competitive workforce. Its liberal immigration system has also caught the eye of global talent.
This makes Singapore the perfect grounds for new business owners to capitalise on when forming their dream team.
4. Access to a strong legal system and safety
With one of the most stable political environments in the Southeast Asia region, Singapore offers potential business owners and investors security.
The country's low corruption and crime rates also make it an ideal place for entrepreneurs.
So if you decide to incorporate a company in Singapore, rest assured that you'll be protected against these unruly forces.
Singapore also has a strong record in dealing with internal and external corporate disputes. With efficient legal processes and systems, any cross-border or local disputes will be settled quickly and fairly.
5. Take advantage of the speedy incorporation process
Incorporate your company in Singapore under 5 minutes? You bet! Singapore has one of the fastest incorporation frameworks worldwide.
The requirements for incorporating a company are straightforward and easy to complete. It usually takes under five minutes to submit all required documents, and less than a day for the incorporation to be approved.
Wondering how to incorporate a company in Singapore? We've got you covered with a step-by-step guide.
Get a taste of just how efficient incorporating a company in Singapore is, with Aspire! Say goodbye to long waits, hidden fees, or hefty paperwork. Incorporate your company and open a business account on the same day—completely online.
Depending on your company's needs, choose from four different packages. The best part? Save up to 16% on incorporation fees when you do it with Aspire!
Easy, fast, and transparent. Be a part of Singapore's bustling business landscape with Aspire.
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Business banking doesn't have to be hard. At Aspire, we've made it easy, fast, and transparent. So you can focus on what matters — growing your business.
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