Singapore Company Incorporation offers cost effective business solutions for companies and entrepreneurs wishing to establish a presence in Singapore, ranked as the most competitive place to do business. Singapore consistently scores high marks in global and regional rankings of the factors that matter to businesses. These range from political risk to workforce productivity, from the quality of life to the prospects for making profits.
Singapore is not only the easiest place to do business in the world but it is also the most competitive country in Asia. With such incentives, it is no doubt why Singapore is often a first-choice for entrepreneurs planning to incorporate their company.
Policy and Taxes In light of Singapore’s positive attitude towards business, the government has ensured an infrastructure of policies and laws that encourage entrepreneurship and commerce. Singapore has a network of double taxation avoidance agreements, involving over 50 countries, to ensure fair taxation of all companies incorporated in Singapore and has the most extensive network of free trade agreements (FTAs) in Asia, with key world economies.
Furthermore, there are 35 Investment Guarantee Agreements (IGAs) in place which are structured to protect Singapore-based companies from non-commercial risks in their overseas investments. This adds on to the establishment of Singapore’s Economic Development Board (EDB), International Enterprise (IE) Singapore and SPRING Singapore, which are all organizations that work towards encouraging company formation in Singapore.
Company Incorporation taking the stated incentives for Singapore company formation into account, other key points of incorporation must be noted. For Singapore incorporated companies with corporate turnover/sales below S$5mn, statutory financial audits are not required. Furthermore, registration for GST (goods and service tax) is only necessary if sales exceed S$1mn and non-resident Singapore companies enjoy GST refunds from the government. Another major selling point is that unlike jurisdictions such as Dubai, there is no requirement to rent or purchase a physical office in Singapore, in order to complete incorporation. Virtual office services are legally accepted and can be organized by a local professional services firm.
It is very easy to start a business in Singapore thanks to entrepreneur friendly policies and highly-simplified procedures. AsiaBizServices offers a comprehensive range of business support services for clients wishing to establish a base in Singapore.
With our ever growing resources and articles on Singapore company incorporation, we aim to provide you with a one stop hub for starting your company in Singapore.