{"id":13835,"date":"2023-12-21T09:58:47","date_gmt":"2023-12-21T02:58:47","guid":{"rendered":"https:\/\/fazz.com\/?p=13835"},"modified":"2024-01-19T15:44:57","modified_gmt":"2024-01-19T08:44:57","slug":"business-account-singapore","status":"publish","type":"post","link":"https:\/\/fazz.com\/en\/newsroom\/business\/business-account-singapore\/","title":{"rendered":"

Why You Should Set Up a Business in Singapore: A Global Business Hub<\/p>"},"content":{"rendered":"

Global elites rank Singapore as a key business hub<\/a> in the world. Its current status and popularity are the result of decades of exponential growth and other factors. Singapore is a financial powerhouse with an open banking and financial services sector.

Singapore’s financial services industry has grown steadily due to its pro-business environment and robust economy. The country is home to over 200 banks with full licenses, offshore banking licenses, and restricted licenses. Moreover, its strong transportation system and excellent telecommunications infrastructure make it a reliable place for businesses to operate.<\/p>

According to the Global Financial Index 2022, Singapore was ranked as Asia’s best financial center<\/a>. Its unique ability to serve both Asian and Western customers made it an invaluable bridge for businesses looking to penetrate new markets. For companies who are aiming to move or expand their business to Singapore, there are countless benefits, which we will discuss in the following section.<\/p>

Advantages of Doing Business in Singapore for Foreign Entrepreneurs<\/strong> <\/h2>

Singapore is the ideal destination for entrepreneurs who are considering expanding their business in foreign markets. The primary advantage of doing business here is that running a business in Singapore is hassle-free and easy compared to several other countries.<\/p>

This is due to a strong and open economy, outstanding tax laws, excellent infrastructure, a strategic location in Asia, and a highly skilled local workforce. Therefore, corporations, entrepreneurs, and ventures of all sizes consider it the best place to incorporate their startup or relocate a business.<\/p>

Here are the top reasons that make Singapore attractive to foreign entrepreneurs and organizations. <\/p>

Strategic Location in Asia<\/h3>

The convenient location of Singapore is a major benefit. The country is nestled in the heart of Southeast Asia, surrounded by economic superpowers like Japan, China, and India, as well as emerging markets such as Indonesia. Doing business in Singapore allows foreign entrepreneurs to establish beneficial trade connections throughout the region. Singapore is regarded as a premier International Maritime Center and has one of the busiest ports in the world. In addition, Singapore’s Changi Airport is a hub in the Asia Pacific region that provides businesses access to major Asian markets.<\/p>

Robust Economy<\/h3>

Singapore has a thriving free-market economy fuelled by finance, manufacturing, and trade. 80% of the workforce is employed in the services industry, which generates 75% of the country’s GDP. Due to this, the country maintains a low inflation and low unemployment rate. Today, Singapore’s economy is ranked as the most open in the world by the World Economic Forum<\/a>.<\/p>

Outstanding Tax System and Favorable Tax Laws<\/h3>

One of the significant benefits of doing business in Singapore is that it has an outstanding tax system in Asia that offers several tax benefits, which are usually not available in other countries. It imposes no tax on capital gains or on dividends from businesses. There’s no tax on overseas income and on assets from gifts or inheritance. <\/p>

Additionally, there is a single-tiered approach to personal and corporate taxes in a country. Moreover, new businesses receive significant tax benefits for the first three years, which reduce their liabilities to 0% for the first SGD 100k income.<\/p>

Established Infrastructure<\/h3>

The city-state boasts astonishing infrastructure. It has a world-famous international airport, commercial buildings, highways, subways, and technological infrastructure. All these play a crucial role in doing business smoothly in Singapore. <\/p>

Highly Skilled Workforce<\/h3>

Singapore is renowned for its excellent education system, which produces the most highly skilled workforce in the world. Singaporeans are well-known for their hardworking and disciplined nature, along with their technical and educational expertise. This makes it easier for businesses to recruit the world’s best talent for their company.<\/p>

Honest and Stable Government<\/h3>

Businesses require a supportive political environment to grow and thrive. Singapore’s government is stable, orderly, and honest that enacts laws, determines priorities, employs strict penalties for corruption, and establishes rules using a pro-business approach. Also, the government provides various funding, grants, and subsidies for local and foreign startups.<\/p>

How to Register a Company in Singapore as a Foreigner<\/strong><\/h2>

It is relatively easy for foreigners to register a company in Singapore. A foreign entrepreneur can set up a company in Singapore in one of three ways:<\/p>