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Why You Should Incorporate a Company In Singapore

Singapore has been consistently ranked highly for how easy it is to start a new business in the country. The World Bank Group rated Singapore as the best country in the world in its “Doing Business” survey in 2016; the tenth consecutive year it has done so.

In this article, we’ll take you through key factors that make Singapore an attractive place to incorporate a company for both local and foreign entrepreneurs.

1. Robust Economy

Singapore has no external public debt and a growing current account surplus and is actively investing its capital abroad. The state makes judicious use of its good financial condition – it funds housing, education, transport, and healthcare subsidy programs. These very attributes make Singapore an extremely robust and professionally managed economy. A small country with limited natural resources yet achieved such a well-to-do free market economy is a testament to the wisdom and planning of its founding leaders.

2. Low Corporate Tax Rates

Due to low tax rates and other pro-business perks. Singapore has acquired a pro-business approach to investors by providing more benefits, hence attracting more investments all around the world. As a result, Singapore is home to many start-ups and SMEs thanks to its multitude of tax incentives and tax support for small businesses.

3. Efficient Process For Incorporation

As one of the most efficient and bureaucracy-free regulatory frameworks in the world, Singapore has ranked number one on World Bank’s Ease of Doing Business survey for nine consecutive years. The requirements for incorporating a company are straightforward and the procedure for doing so is simple. It takes less than a day to incorporate a new company in most cases. Similarly, the annual compliance requirements are simple and devoid of unnecessary or complicated paperwork.

4. Strategic Geographical Location

Given its extremely centralised location in Southeast Asia, Singapore serves as a physical and metaphorical gateway to the continent’s 3 billion people. Some of the world’s most vital economies such as China, India, and Malaysia are a short plane ride away. Singapore’s port is among the busiest in the world. Singapore’s Changi Airport is a world class airport catering to approximately 20 million passengers every year and provides direct flights to nearly every major city in world.

5. Stable Political and Economic Climate

Singapore keeps its political system transparent, the policies relaxed, and corruption non-existent as a means of facilitating entrepreneurship growth and success. People in Singapore stay politically informed. They brand bribery and the abuse of authority as they acknowledge that these acts are crucial to their country’s international status and image.

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