Setting up a company in Singapore could prove to be the right decision for you. It is one of the main Entrepot that lies between the East and the West. It is a perfect location for starting an offshore business.
Benefits of Opening an Offshore Business in Singapore
Singapore authorities, on their part, does a great job in attracting foreign business and foreign direct investment. Read on the reasons why registering a Singapore offshore business is a better solution.
Easy
Company Incorporation
The procedure to set up a company in Singapore is simple. Normally, you can incorporate a company in 1-3 days. You are allowed 100% shareholding in your company.
There only three steps to complete: Company name approval, submission of incorporation documents, and registering your company with the Company Registrar, ACRA. A registered filing agent can help you with these steps.
Lower
Tax Rates
You can save on taxes by registering a company in Singapore. The corporate and personal income tax rates are entrepreneur-friendly. There is no tax on capital gains tax and inheritance.
A new company gets 75% of tax exemption on its first S$100,000 taxable income. Next, S$200,000 is taxed at 50%. 17% of tax is levied on taxable income above S$300,000. The dividends are tax-free.
Strong
Banking Network
Singapore is a leading financial hub in Asia and offers numerous options in banking facilities. You can open multi-currency accounts for your business and transfer funds in and out of Singapore whenever you need.
You will need to visit a bank to open a corporate bank account. The process may take 2-15 days.
Pro-Entrepreneur
Political Environment
Singapore is politically stable and can play an important role in your business' success. You benefit from pro-business environment, transparent, and red-tape free transactions.
Singapore offers a strong legal system, Intellectual Property protection, multi-lingual workforce, and a healthy respect for creative business ideas.
Currently,
Singapore is occupying the 2nd spot in the 'Ease of Doing Business'
indicator in the World Bank report. It also offers world-class infrastructure,
communication networks, a competitive market place, sea and air connectivity
with the major destinations in the world. It is a place to set up your offshore
business.
This blog gives us more insights and inspiration towards knowing about company formation in Singapore and benefits of offshore business in Singapore.
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