Singapore was ranked #2 in the World Bank’s Survey of Ease of Doing Business. Its multicultural and multilingual environment makes it the perfect place to start a company. It is also known as the gateway to Southeast Asia, with many international companies setting up regional offices in the sunny island.
Here’s a look at why Singapore is the best place to start a business:
1. Start a company with $1 in 15 minutes
The Accounting and Corporate Regulatory Authority is the regulator for all corporations in Singapore. Fortunately, ACRA has made it extremely simple to start a company in Singapore.
Firstly, seek approval for a company name. Approval will be given in as little as 10 minutes. Next, choose the type of company, appoint a company director and start a company with as little as $1 in paid up capital.
2. Attractive tax system
Singapore has one of the simplest and lowest tax regimes in the world. Typically, no tax is applicable on local dividends and capital gains. Startup companies are eligible for tax exemption, with 0 taxes paid up to the first $100k in earned income.
Singapore has also signed tax treaties with many countries around the world, giving Singapore tax residents significant tax breaks.
3. Support for startups
Singapore’s government is extremely pro-growth and pro-innovation. Tax reliefs and funding sources are available to startups. The government also runs many programmes to help the startup community. The MAS FinTech Festival, StartUp SG Grant and ACE Community of entrepreneurs among almost hundreds of incentives and programmes available to startup founders.
Looking for corporate services or to incorporate a company in Singapore? Contact us (email@example.com) for assistance.