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Starting a business in Singapore
If you are a foreign or local entrepreneur looking to set up a business, Singapore is an ideal location to start because it offers you excellent access to all the major Asian markets and global connectivity. Businesses flourish in a pro-business environment:
1. Singapore is strategically located in the heart of the ASEAN making your start up accessible to a population of 2.8 billion within a 7-hour flight radius
2. Singapore’s tax regime is one of the most attractive globally. Its corporate tax rates are very competitive, it is capped at 17% for all businesses. Moreover, the IRS offers companies tax exemptions and tax incentives.
3. Businesses have access to a highly skilled workforce. Human capital is especially important if you are starting a business. Fourthly,
4. Singapore offers a high level of security. With an efficient legal system and a stable government, there is no threat to the going concern of start ups and established businesses.
There are 3 main business entities in Singapore, namely Sole Proprietorship, Partnership and Private Limited Company. The most common entity is the Private Limited Company, which is a business entity registered under the Companies Act, Chapter 50. A Singapore Limited Company exists as a separate
legal entity from its members. This means that business owners have limited liability and their personal assets are protected from liabilities of their business. A company has rights to own properties, has perpetual succession and can sue or can be sued in its own name.
Starting a business in Singapore is quick and easy, it only takes 1-2 days to incorporate your business. It is as simple for foreign entrepreneurs to start up business as it is for local residents. Join us and companyformation.com.sg will help you every step of the way.
Doing Business in Singapore ( A Foreign Perperstive )
If This guide serves as a resource for foreign investors and business associations in giving a quick overview of what is needed to do business in Singapore.
Singapore is a small but wealthy city-state, situated just off the southern tip of the Malay Peninsular between the South China Sea and the Indian Ocean. Given its strategic location where major sea lanes converge, Singapore is a country with economic importance in Southeast Asia. This globally connected, multicultural and cosmopolitan city is often considered as a base for global businesses looking to expand into Asia.
The openness of the Singapore economy has attracted investors worldwide, with many global businesses choosing to site their headquarters in Singapore. The strengths of the market which have set Singapore apart from its regional neighbours are more striking given its size and lack of natural resources. Some competitive factors and winning accolades include:
• Ranked number one globally as the world’s easiest place to do business
(Ease of Doing Business Report 2012, World Bank);
• Ranked number one globally as the country with the best investment potential
(Business Environment Risk Intelligence Report 2011);
• Best Business Environment in Asia Pacific and Worldwide
(Economist Intelligence Unit, Country Forecasts, December 2010);
• Ranked number one globally for having the most open economy for international trade and investment
(The Global Enabling Trade Report 2010);
• Ranked number one globally for having the best protection of intellectual property
(Global Competitiveness Report 2010-2011, World Economic Forum)
• Least bureaucratic place for doing business in Asia
(IMD World Competitiveness Yearbook 2011);
• Founding member of the Association of South East Asian Nations (“ASEAN) and a strong supporter of the ASEAN
Free Trade Area and ASEAN Investment Area with multiple Free Trade Agreements with various trading partners.
To provide global businesses with a pro-business environment, Singapore is a leading provider of services such as international banking, trade finance, maritime finance, insurance, treasury operations, and asset and wealth management within the region. The Singapore government continually promotes Singapore as an attractive destination for foreign investors through the provision of financial and tax incentives. Free enterprise with no restrictions on foreign ownership of businesses is encouraged through a pro-foreign investment policy and nearly all sectors of the economy are open to 100% foreign ownership. With a literacy rate of over 90% amongst a population of over 5 million, Singapore maintains one of the most competitive workforces in the world. In addition, a robust legal system inherited from the United Kingdom ensures that laws are strong and well-enforced in the country.