Why Open a Company in Singapore?
The Singaporean GDP, in 2017, touched 323.91 billion US dollars. In 2018, its economy is still riding the positive wave. As per the Ministry of Trade and Industry (MTI), Singaporean economy expanded 4.3% in the first quarter of 2018. The manufacturing sector showed marked improvement. The services sector, the workhorse of the economy, grew by 3.8% year-on-year during the same period. If you, as a local, are thinking of setting up a company in Singapore, you need to hurry so that you could also benefit from the buoyant trend in the market. You know, it is easy and it takes almost no time.
Ease of Doing Business in Singapore
The unique selling points of Singapore as an investment destination are its lower tax rates, a pro-entrepreneur attitude of the authorities, negligible corruption, and the political stability. As per the report published by the World bank Singapore is one of the top places that offers Ease of Doing Business. Currently, it ranks 2nd, after New Zeeland.
However, one must not forget that it occupied the 1st place for 10 consecutive years. That is why the company incorporation Singapore is still the best option open to you if you are aiming for a offshore company registration in a foreign place. Yes, a foreigner can register a business in Singapore as easily as a local owner.
Home to Multinationals
Singapore ranks high in the top globalized countries in the world. And, it is also the top destination for the foreign direct investment in Southeast Asia. As many as 17,000 multinationals call it their home. They benefit from Singapore’s highly qualified and English-speaking workforce. Relocating or starting a regional office or headquarter in Singapore is very convenient for them. They get to monitor developments in emerging markets in Asia and keep on the life-choices made by 2.5 billion consumers living on the continent.
Why Entrepreneurs, Corporate, Investors, & Professionals Bee-line to Singapore
Singapore welcomes entrepreneurs, companies, investors, qualified professionals with open heart. It supports entrepreneurs in putting their creative and path-changing business ideas into the practice. The companies come to Singapore and benefit from the progressive territorial single-tier corporate tax and Intellectual Property protection laws and policies. They also benefit from numerous bilateral and regional Free Trade Agreements that Singapore has signed with its trading partner countries to eliminate difficulties in cross-border trading.
Corporate & Personal Taxation in Singapore
Singaporean corporate tax tops at 17%. The companies can claim 40% in Corporate Income Tax Rebate capped at $15,000 for YA 2018. The maximum limit of the personal income tax rate in Singapore is 22%. However, still, it is one of the lowest tax rates in the world. And, the Goods and Services Tax, as per the Budget 2018 announcement, is pegged at 9%.
Since the corporate tax is single-tier, the dividends distributed by the Singapore companies to their investors are free of tax. They do not have to pay any Capital Gains Tax in Singapore. They also do not have to pay any inheritance or wealth tax in Singapore.
Singapore as Trading Economy
Singapore is a well-managed trade economy that exploits its geographical location to its extent. It is on one of the busiest marine trade routes in the world and serves as a perfect Entrepot between the East and West. It offers the largest commodity market and first-class logistical support and has trade links with more than 600 harbors throughout the world. It is a well-ordered and almost corruption-less society.
Embracing New Technologies
Singapore is highly flexible in adapting to market changes. It adopts new technologies with vigor. Currently, it is lending a great support to the developments in Fin-Tech, block-chain solutions, etc. It is emerging as the cryptocurrency hub of the world.
Singaporean bureaucracy is pro-business and is fully geared to the betterment of its SME sector. The government offers numerous grants and schemes to them. It offers world-class infrastructure facilities, advanced communication networks, highly-rated air links to the emerging markets in Asia and the well-known places in the world.
Setting Up a Company in Singapore
All these attributes of Singapore attract hoards of entrepreneurs interested in new Singapore company setup.
- The provisions of the Company Law of Singapore allow the Singaporeans and permanent residents to self-register their companies.
- The foreigners need to take assistance from the Singapore incorporation services.
- The online incorporation process needs SingPass ID to login on the BizFile+ web portal made available by the Accounting and Corporate Regulatory Authority (ACRA).
- By submitting the required company incorporation documents to the ACRA, it is possible to register a company in 1-3 days.
Singapore Company Incorporation Package
- Our Singapore Company Incorporation Package is cost effective. We charge a one-time incorporation fee of $699 and there are absolutely no hidden costs.
- Normally, we also offer the best Company Secretary Services at $299/year and the registered office address services at $239/year to our local and foreign clients.
- If you appoint us to register a private limited company, you can save as much as $538 because we offer FREE company secretary and registered office services for the First Year.
What Companysecretarysingapore.com Does for YOU
Know, how our incorporation experts serve you. We, at Companysecretarysingapore.com,
- Apply and get approval for the name of your proposed company from ACRA
- Apply to ACRA for incorporation of your Singapore company
- Memorandum & Articles of Associations (Company constitution)
- Share certificates
- Common seal
- Soft copy of Certificate of Incorporation
- Minutes of the 1st board meeting
- Assistance for opening a corporate bank account in a Singapore bank
After the successful company incorporation Singapore, our experts advise and assist you in opening a corporate bank account for your business in a local bank. They also assist you in getting any permits or business licenses that your business needs. Your business must also have CPF account and we help you in assessing if it requires the GST registration.