Singapore is maturing as an entrepreneurial hub in the global arena. But, have you ever wondered, what drives the seasonal and potential entrepreneurs to flock to the soil of the island nation for company incorporation Singapore? There are numerous attributes which build the reputation of the lion city as one of the prominent startup ecosystems in the world.
The nation’s pro-business stance provides succor to the entrepreneurs through forward-looking policies, progressive tax system, free market economy, advanced infrastructure, skilled workforce, government-backed funding and so on. In a nutshell, it has all the factors that are necessary to starting a business. Any new or established entrepreneur would find it to be the promising launching pad for their dream venture. If you have the entrepreneurial zeal within you, consider to incorporate a company in Singapore and get exposure to the global market.
Before diving deeper into the blog, let us explain brief details about the company incorporation Singapore.
Company Incorporation Singapore:
The easiness and simplicity of the process of company incorporation Singapore never failed to woo the potential entrepreneurs to start their new venture in the city-state. It is mandatory to get register it with the national regulator before commencing the business operation. The Accounting & Corporate Regulatory Authority (ACRA) is the company registrar with whom every business must get registered. The process can be accomplished undertaking two steps of company formation: 1) Company name approval, and 2) Company registration (filing of the application).
One can incorporate a company in Singapore in no time unless the application needs to be approved by the external authority. The regulatory obligations are very minimal, and the process is online, fast and convenient. A Singapore company can be owned by 100% foreign shareholders.
So, what are the other factors that driving global entrepreneurs to land to the shores of Singapore?
Strategic Geographical Location & Good Connectivity
Singapore is ideally located at the junction of east and west. The nation is not only accessible to the emerging markets of the Asian region but also has forged strong ties with robust economies of the far west. It bridges the gap between west and east and promotes a healthy business environment for entrepreneurs from both regions. The Singapore’s port is one of the busiest ports in the world, and Changi Airport has excellent air connectivity with the major cities across the globe.
Progressive Tax Regime
Singapore has a territorial-based tax structure wherein profits made within the territory of the city-state are only subject to taxed. Also, foreign-sourced income is not taxable unless they are received in Singapore. The jurisdiction also follows single-tier taxation policy where dividends are exempted from tax. The headline corporate tax rate is 17%. However, the newly incorporated companies can enjoy zero tax benefits under full tax exemption scheme, and there is a partial tax exemption scheme where existing companies whose annual revenue is less than S$3,00,000 are entitled to enjoy 8.5% tax rate. A series of attractive tax incentives are available for tax residents in Singapore.
Strong IP Protection Law
Singapore ranks top in Asia and second in the world when it comes to strong Intellectual Property(IP) Law. The jurisdiction of the Republic has imposed a robust framework for the Intellectual Property including patents, trade marks, copyright and so on. The enforcement of a strong IP protection law appeals the global entrepreneurs to start their business under the jurisdiction of Singapore.
Singapore boasts of a highly talented and efficient pool of workforce. A considerably high percentage of English-speaking professionals ensure to meet the demand of international and domestic businesses alike. They are technically savvy and innovative in approach. In its drive to upgrade the skill sets of the talents, the government in collaboration with industry and education partner has launched several programs to meet the evolving demands of the businesses. Since the island nation is an epitome of educational industry, it is home to a good number globally-acclaimed schools, colleges, and universities.
Access to Government-Backed Funds
The Singapore government has pumped tons of money in the form of cash grants, incubator scheme, equity program in order to support the startup businesses. ACE Startup Grant, SPRING SEEDS, TECS, ComCare Enterprise Fund are to name a few. The applicant has to meet the certain pre-qualifying criteria to apply for the funds. Apart from government’s fund, the businesses also get a chance to avail private funding from the angel investors, venture capitalists, and private equity firms. Singapore has long been known as investor’s paradise. So, finding an investor for the business is not a tough nut to crack.
High Quality of Life
Singapore offers an excellent quality of life to its citizen in every aspect. Be it education, healthcare, travel, food, art, sports or nightlight. You have a variety of option to choose from. Besides having a clean and green environment, the city-state has a cosmopolitan lifestyle. The healthcare and education industries of Singapore are counted as one of the best in the world. With all theses attributes, the nation promises to offers a high standard of living.
This lion city offers ample opportunities to realize one’s business potentiality and achieve his goals. It is a city of endless opportunity and is best described as the perfect destination for bootstrapping by opting company formation Singapore services.