Asia is a massive continent, but in this diverse region why is it that it stands out in a place ideal for starting a business in Singapore for foreigners? Why is it perfect for opening a regional headquarters, a branch office or a representative office? What makes it so unique and so inviting to investors and foreign businessmen?
The Four Reasons Why Foreigners Flock To Singapore
- The City’s Beauty – Singapore with its strategic city planning, excellent infrastructure never fails to amaze visitors. It’s comprehensive city plan that allows the mix of urban and ecological is not only beautiful, but it shows just how much the nation cares for the environment.
- It’s Strategic Location – Singapore is strategically placed to the central hub of trade between Southeast Asia and the rest of the world. Its location is perfect for allowing commerce and trade to flow through the country. Businessmen can easily reach other prime locations around the world such as Hong Kong and Kuala Lumpur from the city’s ports and airports.
- Excellent Workforce – the country’s skilled workers is something the nation can boast of consisting of literate and highly educated professionals. Add to that, the fact that Singapore is an English speaking country, this makes it a lot easier to communicate to foreigners and other Asian countries.
- Pro-business Environment – the stable government and business-friendly environment that does not possess a red tape culture allow for traders and entrepreneurs to create their own start-up businesses without having to deal with complications and bureaucracies. The clean and transparent government also provides for the growth of trust between businessmen and government officials.
Benefits in Starting a Business in Singapore for Foreigners
Benefits of Setting Up A Regional Headquarters in Singapore
- Strategic Location in the Asian market – by setting up your Regional headquarters in Singapore you can have access to trade routes to major Asian cities. This will make it easier for your company to do trade and get more investors into your business.
- Clean and Transparent Government – you won’t have to worry about being asked for large amounts of cash just to be able to infiltrate the market. Singapore boasts of a corruption-free government so you can rest assured that you are safe in doing business here.
- Business Friendly Registration – the country has been ranked as #1 by World Bank as the easiest place to do business. The requirements to start-up a company here will not be bombarded with too many requirements and super strict regulations that would end with you just giving up.
- Access to Numerous Double Tax Treaties and a concessionary tax rate – you have access to the different double tax agreements that the city has with significant countries around the globe. Aside from double tax benefits, you can also apply for a concessionary tax rate (15%) if you meet the requirements.
Benefits of Setting Up A Branch Office In Singapore
- Cost efficient – Branch Office set in Singapore are free from tax such as corporate tax even capital tax gains, Singapore also allows repatriation of income earned abroad tax-free.
- Business Friendly registration – the country is a very friendly place for businessmen, you will find that setting up your branch here is easier and lacks the hassle and numerous requirements of most developed countries.
- Clean Government – the country boasts of a trustworthy government so you won’t have to worry about corruption taking place while you register and do business in the country.
- Perfect Business Location – the country’s far-flung reaches to trade routes and good relations with other countries makes it convenient for you to reach other markets should you wish.
- Minimum Staff Requirements – you only need to have two Singaporeans as part of your staff, this makes it easier for you to fill the vacant positions in your branch office with your own team or hire new ones according to your preferences. Getting the required work visas such as Employment Pass or Entrepass.
- Easier Maintenance – a branch office lacks the complexity of having to run a company since it is not recognized as a separate legal entity it will be easier to maintain than establishing a new company altogether.
Benefits of Setting Up A Representative Office in Singapore
- Tax-Free – a representative office set in Singapore is not taxed by the government; you can easily set up your representative office worry free of tax deductions.
- Great Demographics Reach – its strategic locations will make it easier for your company to do your research in Asia
- Business Friendly Environment – the clean government and digitalized registration system make it easier for any entity to register a representative branch in the country. You can be assured that you won’t be placed under rigorous paperwork requirements and long lengthy discussions just to set up your representative office in the country.
The country’s transparent system makes starting a business in Singapore for foreigners advantageous and welcoming for any businessmen. This system will help turn a process that usually takes months into days with the excellent business registration system in Singapore. Whether you are choosing to open a regional or international headquarters, a branch office, a representative office, or even a subsidiary company, you can rest assured that the country’s open-armed system will not only help you start your business but give you the leverage of entering other markets.
Singapore’s business-friendly economy is not only a place thriving with opportunities for you and your business, whether branch, representative or subsidiary, but it allows you to create a step towards expanding your business not just in the country but the region as well.