Singapore is one of the business epicenters in Asia. Its strategic geographical location along with considerable development in various spheres has made Singapore’s economy one of the best performing and most stable in the world. The market conditions are stable and offer immense opportunities for a business to flourish. Moreover, Incorporating a company in Singapore is a less complicated task due to its swift and organized procedures.
Here are the top 7 reasons why you should expand your business in Singapore in 2021.
Easy and Fast Incorporating Process:
Singapore is a liberal country and encourages foreign trade as well as investment. It does not have any stringent restriction of foreign ownership. Also, there is an end number of incorporation alternatives that allow one to relocate the business or operate the business in Singapore from overseas. The company incorporation service in Singapore is systematic, speedy, and straightforward.
High Degree of Personal Safety and Strong Legal System:
The legal system of Singapore is professional and reliable. This is one of the greatest reasons behind the stable political environment in the country. Personal safety is optimum. The companies can peacefully run and manage their business in Singapore due to the establishment of the International Business Development Division. Encouraging business policies and quick reforms allow one to grow and flourish the business multifold in Singapore.
Strategic Pivot Between East & West:
Globalization and fierce competition in International markets have made it necessary to be agile and well-connected. The strategic location of Singapore along with its cordial relations with major global economies and excellent logistic infrastructure makes it easy to connect west with the emerging eastern markets.
Strategic Position and Network of Trade Agreements:
The network of Singapore is exceptional. It is home to some of the top players in the industry. After signing FTA in the year 1993, the Singapore network has doubled up. Today, FTA features 21 bilateral and regional FTAs along with 41 investment Guarantee Agreements.
The abundance of Financiers and Affordable Rates:
The interest rates in the country are quite stable, affordable, and competitive. Currently, the interest rate in Singapore is around 2%.
Low Tax Rates:
Singapore has one of the lowest tax rates in the world. Presently, the income tax rate for corporations is 17%. Moreover, the efficient tax system of Singapore is progressive offering lots of benefits to companies such as waiver on capital gains, dividends, etc.
Excellent Legal Framework:
Incorporating a company in Singapore is safe and reliable due to the existence of a protective and transparent legal framework. Singapore is known to have the finest IP protection in Asia. The comfort and exposure to endless opportunities in global markets make Singapore one of the ideal destinations for expanding business.
Singapore ranks second on the recent Bloomberg Innovation Index despite COVID 19 pandemic and global unrest. Market stability has kept the country at the forefront without affecting its development, manufacturing capability, innovation quotient, and productivity. Thus, Singapore is one of the best Asian Markets to establish and prosper the business. Look for a professional company incorporation service provider in Singapore to boost your business internationally.