7 Benefits of Setting Up Your Business in Singapore

 

Singapore gained independence in 1965 and has quickly become famous, safe, clean, green, and orderly. Prudent economic management, first-class infrastructure, and low taxes make it attractive for investment, and it’s probably the best-run country in the world. However, you’ll still need the population’s different cultural traditions and backgrounds to maximize your success doing business in this country. In this article, we’ve outlined the benefits of doing business in Singapore.

#1 – Attractive Tax Rates

Singapore offers the most efficient personal and corporate tax regimes in the world. Based on the year of assessment 2012, people who are tax resident in Singapore have personal tax liability starting as low as 0 percent to a maximum of 20 percent for income that exceeds $320,000. While for corporate tax, newly incorporated companies are allowed a tax exemption of the first $200,000. For taxable profits above $300,000, tax rate is flat at 17 percent.

Capital gains in this country aren’t taxable, and dividends issued to shareholders are exempted from tax following a one-tier tax policy. In addition, Singapore adopted a broad-based consumption tax known as Goods and Services Tax. In order to maintain competitiveness, this country has maintained one of the world’s lowest rates at 7 percent.

#2 – Strategic Geographical Location

Singapore Strategic LocationAs Singapore is situated in the heart of South-East Asia, the entrepreneurs can venture easily into other Asia countries. The country is classified as a premier International Maritime centre and the port is one of the busiest in the world. The international airport, maritime centre, and strategic location make Singapore a prime location where entrepreneurs can venture out easily into other Asian countries for investments.

#3 – Multi-Cultural Population

In the fast globalizing world of today, we’re capitalizing on the strength of diversity. Singapore is a globally connected country that has the unique blend of lifestyles, religions, and cultures. When doing business in this country, it’s vital to remember that open migration policy has created a cosmopolitan environment in which one in four people are from abroad. Therefore, the diverse population that comprises predominantly of Indian, Chinese, and Malay doesn’t assume any identity yet different ethnic groups unite comfortably as Singaporeans.

#4 – Easy Company Incorporation

Known for its pro-business environment, an individual can easily turn ideas into business and achieve impressing profits in Singapore. Compared to other countries, the procedure usually takes approximately 15 minutes to incorporate a company in Singapore. However, it can take approximately 14 days to 2 months in case the application needs to be referred to other authorities for review or approval. For people who want to incorporate a local company but aren’t in Singapore, an online platform is available for them. Alternatively, you can also contact the incorporation consultant at http://www.nomineedirectorservices.com.sg to help with the incorporation procedure.

#5 – International Trading

For companies with income that arise from cross-border activities, this country has established avoidance Double Taxation Agreements with other international jurisdiction. In addition, Double Taxation Agreements makes clear the taxing rights between Singapore and her treaty partner on different kinds of income. These agreements also provide for tax exemption or reduction on certain types of income.

#6 – Thriving Economy

According to the Singapore economic Development Board, Singapore is ranked the third best worldwide as the easiest place to do business. It’s also ranked at the top as the most open economy for international trade and investment, and the best business environment in Asia Pacific. These conditions have made Singapore the most competitive Asian country and the best place to do business.

#7 – Smooth Efficiency

Singapore is known for quality, integrity, productivity, and enforcement of the rule of law. This well established country is also trusted internationally. According to the world’s competitive report in 2015, Singapore was one of the top three least corrupt countries in the world. In addition, the level of infrastructure is high and seems to operate flawlessly. The roads are perfectly constructed, the trains run on time, and the healthcare services are world class.

Conclusion

With a thriving multicultural free-market economy, it’s clear that international organizations can significantly profit from the above benefits of doing business in Singapore. However, international organizations that are doing business in Singapore or are employing Singaporean counterparts must have a series of cross cultural training programs. This is to make sure that they understand the subtleties of the business in Singapore and also the culture on all levels of business. Not that Singapore has doesn’t on foreign ownership of business. The import of capital and repatriation of profits are freely allowed. This is the best place to set up your business.

 

Startup Tips for Young Entrepreneurs

Business-Start-UpMany people think about starting their own business. The reasons can be numerous, but one of the main reasons that people use is the lack of money – they don’t have enough to provide for themselves or for their family, or they simply want to create more income out of something.

 

The truth is that doing this can be good and productive, but there is also the truth that if anyone wants to start this, they need proper guidance and the right tips to follow to be successful.

Well, if you are thinking to start a business of your own, it’s a very good approach.

 

Some very important and necessary factors must be taken into consideration and considered as startup tips for young entrepreneurs, which are explained here:


Reasonably priced office space

There are a lot of reasonably priced places to start a business. If you choose a small space and you support your business with some money, then your expenditure will be less. A lot of technology that is used in any area can work from any place, because the best part of their service can be provided over the internet.

 

cat111Gain know-how from experts
Business mentoring is the perfect key to the success of the entrepreneur. You don’t know the whole thing and so require experts around you to help you. A common error that young businesses create is trying to do the whole thing. Their secret is for kind other citizens praise your own weaknesses.

 

Networking actions
Network actions allow you to get work and other businesses to praise your work. Valuable leads can establish at both the free business-networking actions and the more specialized fee based business actions.

 

Cash flow is key
You’ve heard about moneymaking businesses going under right. This is because they ran out of money. They had got sufficient leads and business, but could do the job since their cash flow can dry. This is because they didn’t plan correctly.

 

Planning
You’ve heard of a business approach. Well, you require one. The business approach isn’t a static document also. It changes all through a business life cycle. If you are unsuccessful to plan, you plan to fail.

 

Pricingbusiness-services-banner
Your cost must reflect your knowledge. As your practice grows, so will your earnings. At first, work may be limited, but try not to move away from the specialization. It is fine to do the odd job which is not part of your occupation, but stays paying attention on your business plan.

 

Marketing
You have to get the word out that your product or service exists. But most prominently you must use your presented resources informing the accurate people that your product or service exists. This is where market study comes into it.

 

Sales
So you’ve started to get attention in your services but you’re having complexity closing that sale. Are you asking the exact questions? Don’t push too firmly. Make associates with them. Ask them about their business. Come across out what they desire.

 

Quality
Do a first-class job and deliver your product and service to a high standard and your clientele will refer their friends to you. It you do a terrible job of lower quality, then your ex-clients will surely tell their friends not to use you.

 

Get paidbusinesswoman
If you don’t get rewarded then your cash flow will suffer (refer point 4 above), it should be division of your business plan (refer point 5 above) to maintain your required cash flow. If you don’t get rewarded then you will be unsuccessful.

Don’t get back on your decision – stick to it and use all the tips that you can find for creating the business of your dreams. With the right implementation and with the right business help, you will surely be successful in anything that you think about.