Unlock Business Growth: The Benefits of Incorporating Your Company in Singapore
Singapore stands as a beacon for entrepreneurs seeking to establish or expand their businesses. This vibrant city-state offers a stable political and economic environment, a pro-business legal framework, a skilled and diverse workforce, and a strategic location in the heart of Asia. Let’s delve into the compelling benefits of incorporating your company in Singapore and how you can seamlessly navigate the process.
1. Tax Advantages: Minimize Your Tax Burden
Singapore boasts a low and competitive corporate tax rate of 17%, placing it among the most tax-friendly jurisdictions globally. Additionally, qualifying companies can benefit from various tax incentives and exemptions, including the start-up tax exemption, partial tax exemption, pioneer incentive, and development and expansion incentive. These schemes can effectively reduce your tax rate to as low as 0% for the first three years of operation. Furthermore, Singapore’s extensive network of double taxation agreements with over 80 countries ensures you avoid paying taxes twice on the same income.
2. Ease of Doing Business: Streamlined Operations
The World Bank ranks Singapore as the second easiest place to do business globally, owing to its efficient and transparent regulatory system, robust protection of intellectual property rights, simple and fast company registration process, and excellent infrastructure and connectivity. With the necessary documents and information, you can incorporate your company in Singapore online within a few hours. Additionally, you can leverage government support and initiatives promoting entrepreneurship and innovation, such as grants, loans, subsidies, and mentorship programs.
3. Access to Markets: Expand Your Reach
Singapore serves as a gateway to the vast and dynamic markets of Asia, particularly China, India, Indonesia, and Malaysia. Its strategic location at the crossroads of major trade routes grants easy access to over 4 billion consumers within a 7-hour flight radius. Additionally, Singapore’s free trade agreements with 25 economies can lower your trade barriers and costs, enhance market access, and protect your investments. Moreover, Singapore’s status as a global financial hub provides a wide range of banking, financing, insurance, and other financial services to facilitate your business operations.
4. Quality of Life: Elevate Your Lifestyle
Singapore not only excels as a business destination but also offers an exceptional living and working environment. The city-state boasts a high standard of living, a safe and clean environment, a cosmopolitan and multicultural society, a vibrant and diverse culture, and a world-class education and healthcare system. You and your employees will relish the convenience, comfort, and opportunities that Singapore has to offer.
Conclusion: Embark on Your Singapore Journey
Incorporating your company in Singapore unlocks a wealth of benefits that can propel your business growth and goal attainment. If you’re keen on establishing your company in Singapore, reach out to us for expert advice and assistance. We are a leading corporate service provider equipped to guide you through every aspect of company incorporation, from selecting the appropriate business structure and name to filing the necessary paperwork and opening a bank account. Our comprehensive services also encompass accounting, taxation, payroll, compliance, and more. Contact us today to discover how we can empower your success in Singapore.
Frequently Asked Questions
How long does it take to incorporate a company in Singapore?
While we strive to incorporate your company within 60 minutes if all necessary information is provided, there is no guarantee that every application will be processed this quickly. Some applications may be referred to the relevant authorities and may take 14 days to 60 days to process.
List Of Referral Authorities:
Board of Architects (BOA) Singapore
Council for Estate Agencies (CEA)
Ministry of Culture, Community and Youth (MCCY) – Charities Unit
Ministry of Defence (MINDEF) – Defence Industry & Systems Office (DISO)
Ministry of Education (MOE) – Private Schools Section
Ministry of Foreign Affairs (MFA) – ASEAN National Secretariat, Singapore
Ministry of Home Affairs (MHA) – Registry of Foreign and Political Disclosures (RFPD)
Ministry of Law (MinLaw) – Legal Services Regulatory Authority (LSRA)
Monetary Authority of Singapore (MAS)
Professional Engineers Board (PEB)
Singapore Tourism Board (STB)
How to choose a company name in Singapore?
In Singapore, two companies can’t bear the same name. So, you have to come up with a unique word or word combination. In case that your desired name is taken, you may try to chance of being referred to a Referral Authority due to having an identical name.
Can a foreigner be a director in a Singapore Company?
Yes! A foreign individual can be the director of a Singapore-based company. However, Singapore does not permit Corporate Directors but they can be Corporate Shareholders.
What happens after Incorporation?
Once incorporated, BEAUFORT will send you a Business Profile containing all your company details and your company UEN (Unique Entity Number) which you can use to register for license and opening a bank account.
What business structures are available for Singapore business registration?
A private limited company (PTE. LTD.) is a Singapore Company in which the shares are held by less than 50 persons. Most privately incorporated businesses in Singapore are registered as private limited companies.
Limited liability partnerships (LLP) allows companies to operate as partnerships while enjoying the benefits of a private limited company. LLP are separate legal entities. Partners will not be held liable for any losses or debts from the business.o Sole proprietorship essentially means there are no partners in the business. This means the owner can earn all the profits but also bear higher risk if anything happens.