In its 50th year as a sovereign nation, Singapore has reaffirmed its belief in the country’s internationally acclaimed business-friendly ecosystem, making the city-state an appealing location for incorporating and promoting profitable businesses.
In his New Year’s message to Singaporeans, Prime Minister Lee Hsien Loong mentioned that the economy grew by 2.8% in 2014; this despite the fact that China, Singapore’s primary revenue source, and the West are still experiencing economic slowdowns.
He stated, “SG50 will be a time to look back, give thanks for what we have accomplished, and look forward to the future confidently.”
Well, Mr. Lee’s optimism is supported by a plethora of solid arguments. Let us list a few of them:
What are Singapore Regulatory Policies for Company?
Rankings of Singapore The Ministry of Finance (MOF) of Singapore claims that the country’s corporate regulatory policy places an emphasis on “development and facilitation rather than control.”
As a result, Singapore is not only one of the busiest ports in the world but also a leading oil refining and distribution center, as well as a manufacturing hub for electronic components.
In addition, it is home to the Singapore Exchange, the fourth-largest foreign exchange market in the world, Asia’s second-largest over-the-counter derivatives trading center, and the leading commodities derivatives hub in the region. You Can make Company Registration in Singapore Online and Easily!
Singapore is the largest manufacturer of jack-up rigs used in off-shore oil exploration and drilling, despite the fact that it does not possess any oil reserves. 70% of the global market is held by Keppel and SembCorp, two domestic conglomerates.
Facts that made Singapore a great place to Work?
The fact that Singapore is ranked seventh in the 2013 International Property Rights Index, second in Asia in the 2013 Global Innovation Index, and the only Asian nation in the top ten in the 2013/2014 Global Competitiveness report from the World Economic Forum is further evidence of its success.
Singapore has made sure that its copyright and intellectual property laws are strong and in line with international IP protection laws in order to make it easier for businesses to relocate there. In point of fact, the World Intellectual Property Organization (WIPO) was so impressed with Singapore’s dependable IP environment that it made the decision to establish its first Asian regional office there in 2009.
According to the Global Financial Centers Index Survey 2013, Singapore is the fourth-ranked financial center in the world in terms of its level of competitiveness.
The country is home to some of the world’s most well-known brands in captive insurance, offshore insurance, and risk management. Recently, Singapore’s total assets under management surpassed S$1 trillion.
The government of Singapore has also recently launched a program called Future Singapore to investigate and propose solutions to issues related to health, aging, healthcare, urban living, and lifestyle.
Business leaders in Singapore Numerous developing nations, including India, have expressed a desire to learn about the city-state’s strategies for urban sustainability.
What the Singapore Business Model is Successful?
Furthermore, Singapore is unparalleled in terms of governance. It has one of the lowest rates of crime in the world, making it the least corrupt country in Asia, according to Transparency International’s Corruption Perceptions Index.
Advantages of incorporation While the aforementioned are Singapore’s general advantages, what about its advantages for incorporation of companies? Find out by reading on.
Competitive Tax Policies: One of the lowest corporate tax rates in the world, no controlled foreign company rules, no capital gains or estate tax. When you add in 75 comprehensive double taxation treaties and 8 limited treaties, you can see why Singapore is home to approximately 7,000 multinational corporations.
Access to low-cost labor and emerging markets in the vicinity and proximity to emerging economies are additional advantages.
Excellent Connectivity Additionally, Changi International, the world’s best airport, hosts over 80 international airlines that operate daily flights to more than 190 cities in 160 countries. This location also houses major logistics companies like UPS and FedEx, ensuring that cross-border trade and business connectivity run smoothly.
Tax Abatement Notably, despite the fact that the corporate tax is calculated at 17% based on the company’s chargeable income—that is, taxable revenues less allowable expenses and other allowances—the effective tax payable is much lower when various government schemes, subsidies, and incentives are taken into account.
These include the Foreign-sourced Income Exemption (FSIE), the Start-up Tax Exemption (SUTE), the Productivity and Innovation Credit Scheme, and the Corporate Income Tax Rebate (CIT).