Benefits of Incorporating in Singapore
Singapore has always been very welcoming towards businesses, both big and small. Starting or incorporating of a private limited company in Singapore holds many benefits that are crucial, especially for start-ups and new companies who need all the help they can get to get their business going and on-track.
Here are 6 benefits of incorporating your private limited company in Singapore:
1. Low Tax Rates
In Singapore, for newly incorporated companies, there is a 0% tax rate on the first S$100,000 of income. The maximum corporate tax rate in Singapore is also very reasonable, capped at just 17% of income. This is extremely beneficial for companies as it helps to ensure that the cash flow in the company will be sufficient for further expansion and growth.
2. Your company can be 100% foreign owned
In Singapore, while the incorporation requires a local director, there is no requirement that requires a local shareholder. This means that a company can be 100% owned by a foreigner, since a director holds no ownership over the company and is solely the person in charge of managing the affairs of the company. To find out more about directorship in Singapore, visit our article on directorship here: Duties of a Company Director
3. Many Pro-growth Policies in Singapore
The Singapore government is very supportive of new companies. They provide many grants, incentives and assistance schemes to start-ups. These benefits are applicable for all companies, regardless of company structure.
4. Good location and Infrastructure
Singapore is located in a good position. It serves as a central point, with convenient access to South East Asia and the rest of the region. Regardless of your mode of transport, Singapore’s infrastructure is well-equipped to get you to your destination. Singapore houses the best airport facility in the world with flights landing and departing every 80 seconds. Singapore also has well-built seaports, roads, transport system and amenities to make sure you stay well-connected in or around Singapore.
5. Low Corruption and English speaking Workforce
The primary language in Singapore is English, making it very convenient and easy to communicate with Singaporeans. In the multi-cultural society of Singapore, you can also find other languages such as Mandarin, Malay or Tamil. We also have a wide variety of Eurasians, foreign nationals as well as dialect speakers, giving you a vast choice of language to speak with. In Singapore, there is also a low corruption rate that contributes to a safe business environment for all companies incorporated or working in Singapore. In 2019, Singapore ranked the 3rd out of 180 countries in the Corruption Perceptions Index, proving Singapore to be relatively corruption-free and safe for business activities.
6. Ease of Incorporation
In Singapore, incorporation for both foreigners and locals are equally and fairly straight forward. There are very few barriers to entry, as well as many experienced corporate secretarial firms that can assist you with your incorporation, helping you to get your business on track smoothly. To find out more about corporate secretarial firms and their duties, find out here: Corporate Secretarial Services
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