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Advantages of Doing Business in Singapore

Category: BusinessStartup Business

Most of us have heard that Singapore is a place, which should be visited at least once in the life. This island country is famous for various reasons and the most prominent one is surely the quality of life of its residents. This country is not only good for spending holidays, but also provides an ideal atmosphere for doing any kind of business. There are number of reasons that convince the capitalists to form a Singapore company.

Every investor looks for few basic things at the very first step. These things include consistency of the government, kind of economic policies, overall law and order situation, available infrastructure and the cost of labor. Singapore is blessed with all the above factors, and possesses traits like low taxes and perfect education system. Further, the economic policies are made by keeping in view long-term objectives.

Singapore is a very small country, but has shown huge economic success in the last couple of decades. Some of the prime advantages that persuade the investors to setup a Singapore company for doing business are;

Ideal Location: The ideally located state acts like a connecting bridge among East and West. Singapore Changi International Airport is continuously rated between the top 5 major international airports of the world. The literacy rate is almost 100% and the English speaking population is best suited for the western organizations to deal with their Indian and Chinese counterparts.

Multicultural Population: This country portrays a beautiful picture of a multiethnic society. That also enhance the possibilities of doing business with people having numerous and different needs.

Discipline: One can experience discipline in all walks of life in this state. According to major international institutions, the level of corruption is very low in Singapore. Bureaucracy is efficient, and there is no compromise on the rule of law, while people generally like to follow time.


 

A Booming Economy: According to all major statistics, the economy of this country has shown remarkable performance and all the above factors contributed their share in that. It is considered as a business place that is open for doing all kinds of international trade, and that is why many multinational organizations, medium size corporates, BVI companies and local firms love to business in this country.

All these positive traits have helped in creating a new service sector in this state. Today, one can find several companies in Singapore that are offering their specialized services to both expatriates and native to form a Singapore company. Many companies have broadened their scope of services, and now they also offer services in establishing (Marshall Islands) MI companies and (British Virgin Islands) BVI companies.

The offshore company formation is the main area of their expertise, but these service providers are equally proficient in the areas of accounting, company formation, secretarial, employment pass application, and all kinds of business advice. Moreover, they also look after matters of taxation, auditing and nominee directors. They take the responsibility of opening bank accounts in Singapore. However, they are not liable for the approval, as it will be in the hands of bank’s officials.

The lowest yearly franchise tax or license fee is 315 Singaporean dollars. There is no local shareholder required to form a Singapore company, and one can open the firm with just one shareholder, while the corporate shareholders are allowed as well. Click here to learn the business culture and ethics in Singapore. 

Singapore Sessions: The Asia Strategy- Outlook for 2012