Of all the countries in Asia, why should you choose Singapore as the place to start your business? Why Singapore? Is it because of the tax incentives you can get? Or because of the country’s great infrastructure, trade routes and location?
Singapore is well-known throughout the world as a business-friendly nation. A nation that ranks 1 in intellectual property in Asia. Rank 1 for sustainability. Rank 2 for ease of doing business. And ranks 3 as a competitive market in the world. This means that it is the best at protecting your intellectual rights in Asia. No worries now about people stealing your work. It got 2 rankings for sustainability, and this means that you don’t have to be worried about hurting society and Mother Nature, because the city is built with great consideration for the environment.
The city rank 2 in ease and convenience of doing business, which means there is no hassle to pass through unlike other countries. And lastly, it rank 3 for the most competitive market; this means that you have a highly skilled workforce, excellent infrastructure such as transport and buildings, and great economic security.
With that said, what else do you know about the Lion City’s economy?
One of the main reason why you would pick this city-state is the Tax Incentives. Singapore is notorious for giving tax incentives to start-up companies. The word notorious may bring up negative thoughts, but for you who will receive government grants, there is nothing negative about it.
Start-up companies in Singapore, foreigners or residents of the country enjoy a boost from the government. This boost comes in the form of a tax incentive that gives you a tax exemption for three years. This is just one of the tax benefits you can get if you choose to start your business in Singapore. You will receive 100% tax exemption for the first $100,000 chargeable income you have for the first year. And additionally, you will receive a 50% tax exemption for the next $200,000 chargeable income you will earn. And get this, you can enjoy this tax exemption for three years!
You can get a Pioneer Certificate Incentive from the government if you are a foreigner planning to conduct a new business in Singapore. These businesses must be geared towards making significant investment and contribution to the economy. It also applies for investments made towards the advancement of capabilities that help the Singaporean economy attain global leadership for the said industry that you choose. In simpler terms, this means that if you start a business that can help the Singapore economy gain worldwide recognition, then you will receive the Pioneer Certificate Incentive from the government.
Another incentive that you can get when setting up a company in Singapore is the RISC or Research Incentive Scheme for Companies. This incentive is for companies that dedicate their time and resources towards innovative activities. If the company you plan to set-up in Singapore has anything to do with science and technology, then this incentive is for you. It comes in the form of a tax incentive that gives a tax deduction to your taxable income.
There are other grants that you can tap into; these also give advantages of tax incentives and even government funding. These include:
For more information visit the following websites:
By choosing Singapore as the place to do business you are not merely opening the door to a very lucrative market, but you are also giving yourself the access to tap into tax incentives by the government. Singapore lives up to its name as a business-friendly nation, by providing aid and grants to start-ups foreign or residents. You can be sure as well that heavy policies and a red-tape culture will not hinder the registration process of your company. So, what are you waiting for? Start your business in Singapore now!