Starting and running a corporation is a wonderful yet risky project. Not only can it be a difficult task, but also a costly one. Many businesses fail to grow and succeed because of financial cost. And within a few years of the business starting, it quickly dissolves. All of the smartest business owners who succeed in growing, developing and profiting in business know that one of the first things they must do in order to be successful is look for ways to cut cost without diminishing the product they are trying to sell. There are not many ways to cut cost when running a corporation. If cutting cost were simple, than many more businesses would have been able to stay afloat. However if a business owner is looking for a way to cut cost while running an effective company, then he/she should consider opening a business in Singapore.
A business owner may be hesitant to open a business across seas in Singapore. However it is a safe and cost effective way to operate a corporation with advantages that cannot be had in many areas of the world. One of the biggest advantages to operating a corporation in Singapore is the amount of money that can be saved through taxes. Singapore has tax laws that cannot be rivaled when it comes to saving a corporation money. Singapore is a small country with a small population. And with few resources for trading with other countries, Singapore uses low corporate and personal taxes to allure foreign companies. There are several tax exemptions for a company in its first few years of operation. Overall, taxes in Singapore are significantly lower than a country like the U.S. And unlike other developed countries, the chances of ridiculous tax hikes are unlikely because of Singapore’s desire to draw as much businesses as possible.
In countries like the U.S. tax laws can cripple a business. There is an ongoing battle to increase taxes at a record high for businesses in the U.S. many businesses are worried whether or not they are going to be able to afford these types of tax increases that are trying to be levied against them. This type of uncertainty regarding taxes is not something a new forming corporation wants to face when attempting succeed at such a difficult task as starting a business. The tax law structure in Singapore is ideal for a new corporation’s success and continued development. Read the success case study by China Sonangol.