What Sets Company Incorporation Singapore Apart from Others?

If you are keen on establishing your business empire in a pro-business environment, you should consider registering your company in one of the best South Asian country i.e. Singapore. The bureaucratic hurdles involved in the process of company incorporation Singapore are very minimal. It might be the major factor that drives global entrepreneurs to visit and establish their bases in this island nation. There are also a set of advantages which have transformed Singapore into a prominent start-up ecosystem in the region.

Company Incorporation Singapore

Singapore Company Registration Process is Easy, Fast, and Effortless

As mentioned above, easy process of company incorporation Singapore attracts the global entrepreneurs most to set up their bases here. It takes hardly one to three days to complete the process as long as you are complying with the statutes. ACRA (Accounting & Corporate Regulatory Authority) regulates the laws of companies. The process could be accomplished undertaking two simple steps- 1) Company Name Approval and Registration and 2) The Company Registration.

The authority has made the process fast and easy by computerizing it. An online business portal called BizFile+ of ACRA is being used to carry out all the formalities vis a vis company registration. Under Singapore jurisdiction, 100% foreign ownership is allowed. In addition, no any specific approval is required for a foreign individual to own a company in Singapore.

Taxation Regime of Singapore is Progressive in Nature

Secondly, Singapore taxation is often considered to be one of the vital driving factors behind the massive influx of foreign entrepreneur aspirants to the shores of this island nation. The Nation offers one of the lowest tax rates in the world, and its plenty of incentives and benefits are the boon for the startup organizations.

IRAS (Inland Revenue Authority of Singapore) is responsible for collecting the taxes. The headline tax rates for corporate income tax and personal income tax are 17% and 22% respectively. The rate of GST (Goods and Service Tax) is one of the lowest in the world i.e. 7%. Additionally, the nation has more than 70 comprehensive double taxation agreements with various nations.

The availability of full tax exemption and partial tax exemption schemes for start-ups and existing companies enables the new businesses to pay zero and on-going companies to pay less effective taxes to the authorities. The absence of capital gains tax which translates to no tax on dividends are making the taxation regime even more lucrative one.

Wealth of Government Grants and Private Investment Schemes are Easily Available

In a bid to wipe out the funding problem faced by most of the startup businesses, the government of Singapore has rolled out a series of funding initiatives including cash grants, equity financing schemes, incubator schemes, debt financing schemes, and tax incentives. Additionally, there are plenty of angel investors, venture capitalists available in Singapore. The presence of major international banks, financial institutions, investment management firms has also created generous financial incentives for investors there.

Conclusion

All in all, Singapore is perceived as a paradise of businesses for having a set of advantages that are mentioned above in this article excerpt. Apart from those, there are a few more attributes which make the island nation a robust business hub. The state-of-the-art infrastructure, diverse culture, political stability, strategic geographical location, seamless immigration policies, strong intellectual property law and talented workforce are to name a few. After going through this guide, one can easily figure out what sets company incorporation Singapore apart from others.

About Us (Bio):

SBS Consulting is a leading corporate firm in Singapore that consistently strives to make the company registration easier for the both foreign and local clients alike. The expert team of SBS extends their end-to-end support to entrepreneurs until their business is ready to take off.

Contact us: 
SBS Consulting Pte Ltd
High Street Centre, 
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: (65) 6536 0036 
Email: info@sbsgroup.com.sg