Starting your company and being your boss is a thrilling experience. Being able to make your own decisions and being the in-charge of your growth has encouraged many individuals in starting their own business. This thrill comes with responsibilities too.
Incorporating your company is one of those responsibilities and critical tasks for any entrepreneur. And if you are looking for accounting services in Singapore, there are some highly qualified service providers.
The responsibilities of running a business haunt many entrepreneurs. Understanding a company’s various business processes, such as finances, accounting, legal, and compliance, bookkeeping can be overwhelming for a first-time entrepreneur.
Hence consulting a professional always helps. If you are looking to incorporate your business, Singapore is the best country to incorporate your company. Here are the advantages that make Singapore the choice for entrepreneurs and business owners to register their business.
Ease of Doing Business
Singapore is known as one of the most efficient countries in the world to run a business. It has ranked top on the World Bank’s Ease of Doing Business survey for nine consecutive years.
Attractive Tax System
Singapore is known for its logical and straightforward tax system. The country has a tiered tax system for personal and corporate taxes, where the newly established firms receive tax breaks during their first three years. This reduces the tax rate to 0% for the first $100k of income. The corporate tax rate is also capped at 17%, giving the new companies breathing time in their initial period.
Singapore has maintained the lowest rates of unemployment while maintaining low inflation. The service industry accounts for 75% of Singapore’s GDP while employing 80% of its workforce. Singapore has no external public debt and a rapidly growing current account surplus. These and many more reasons make Singapore a strong economy that has a very low chance of downfall, making it a preferable country for incorporating a business.
100% Foreign Ownership
Singapore allows a foreign business person to own 100% of the stock of a company incorporated in Singapore. He/she doesn’t need any local shareholders or partners to do so. This allows you to register a company with your desired capital structure and distribute the ownership according to your needs. In addition to that, there are no limitations on the capital amount that you can bring from the home country to invest in your company registered in Singapore.
Support System for Startups
The Singapore government has created a startup-friendly environment to support and help the startups to grow. The government provides tax incentives, grants, incubations and various support schemes to help the startups to grow. You can easily find various service providers such as legal firms, security, compliance and accounting services in Singapore.
There are so many other benefits of registering a business in Singapore, such as,
- Established infrastructure
- Productive workforce
- Geographic location
- Lesser corruption
- Strong IP protection laws
- Positive fund-raising environment
So if you are looking to register or incorporate your business, Singapore is one of the best countries to do so.