Choosing a place for your company’s headquarters can be hard, especially if this is the first time your company is branching out, or you’re planning to break into a new market. So, should you choose to set-up your headquarters in Singapore? Why choose Singapore when there are other starting hubs like Kuala Lumpur, Bangalore, or Hong Kong even? Discover the four reasons why you should set-up your headquarters whether regional or international in Singapore.
One of the main reasons to choose Singapore is the support you can get from the government. Singapore’s government promotes a pro-business environment which makes it’s easier for foreign companies to open up headquarters here. An excellent example of this pro-business environment is the pace that you can register your company. Singapore makes use of online transactions for all its government agencies, and this makes it easy and fast to transact and register any company. Aside from this fast-paced transactions, government agencies dealing with business also boast of user-friendly sites and lots of resource materials. This abundance of how-to’s and guides will help foreigners like you understand how the country’s business sector works.
Another reason for Singapore’s reputation as a pro-business country is its tax incentives for corporations and businessmen. Foreign businesses based in Singapore, who plan to base their regional headquarters or international headquarters here can apply for the Pioneer Certificate Incentive (PCI) or a Development and Expansion Incentive (DEI). A PCI and a DEI grants companies tax exemption or a concessionary tax rate of 5% or 10%, respectively. Compare this tax rate with the 17% corporate tax that most companies have to pay and you realise just how much you can save by placing your headquarters in Singapore. And this tax incentive for headquarters in Singapore lasts for five years.
Another factor is that companies with headquarters in Singapore can also benefit from the country’s 84 full Double Taxation Agreements. The list of these countries can be found here.
If there’s one thing that can wow any investor coming to the city, it’s the infrastructure and the overall look of the city. A city with high tech facilities shows the state of the country’s technology. And great infrastructure means that the roads, bridges and other sectors of transport are working well. A great transportation system means faster and easier modes of travel, as well as the flow of goods in and out of the country. Also, a well-planned city boasts of giving a higher quality of life with its emphasis on housing, employment, accessibility and the safety of its dwellers.
By planting your headquarters in Singapore, you are allowing your company to enjoy the country’s high-end infrastructure and well-praised city planning. This means that you won’t have to deal with problems such as heavy traffic, a slow inflow of goods and a lousy transportation system.
Headquarters in Singapore have access to the country’s abundant pool of highly skilled workers. The country has long focused on its education system, making its populace highly literate and highly skilled. The country boasts of a topnotch workforce which can be at your disposal once you set up your headquarters in Singapore.
Singapore has connections to the different countries neighbouring it like Malaysia, Thailand, Vietnam, e.g. ASEAN countries, China, South Korea and Japan. The country’s well-established reputation makes it easier for you to conduct business and open branches in the countries neighbouring it.
Another main point for planting your headquarters in Singapore is its strategic location, with its proximity to growing economies such as those of most ASEAN countries. This position makes it easier to access, conduct business and enter different markets found in Asia.
Stationing your headquarters in Singapore offers a lot of benefits for your company from tax incentives and a pro-business environment to excellent infrastructure and a dependable highly skilled workforce. You can be sure that your headquarters can strive and achieve its goal.