Why should you incorporate your company in Singapore?

Singapore is among the top travel destinations and business centres in the present-day world.

Numerous factors include tax benefits, government policies, strategic location, political stability, which have all contributed to attracting 26,000 international companies for business and trade.

Singapore is a consistent mention in the Top 10 list of World Economic Forum’s Global Competitive report and a notable mention in research and development and intellectual property protection.

Early incorporation secures the company title and propagates the legal agreements required to finalize the business.

Avoid any intellectual property disputes, and you can establish a larger equity share in the market for your profit.

Incorporation also attracts investors and enables SME financing services.

Advantages of incorporating your company in Singapore –

  • Taxation

Singapore follows a one-tier corporate tax system.

The final tax levied on chargeable income, which is the taxable revenues excluding any allowances.

The rate of taxes stands at 17%.

Startup rebates

The Government also provides subsidies and incentives, such as Start-up Tax Exemption (SUTE) for start-ups and Corporate Income Tax (CIT) rebate.

Personal tax rates vary between zero to 20%, applicable to any permanent Singapore resident or foreign national working in Singapore beyond 183 days.

  • Grants

Companies secure funding usually from banks, venture capitalists and private funds.

The Action Community for Entrepreneurship (ACE) and SPRING Singapore are government bodies supporting both national and foreign companies with funding.

Micro-loan programmes and loan insurance schemes are also available.

The Innovation Capability Voucher (ICV) scheme allows companies to apply for vouchers that redeem professional services, hardware and technical solutions.

  • Work Visas

Singapore has adopted an open immigration policy.

Foreigners eligible and qualified to work in Singapore can receive a work visa from the Ministry of Manpower.

Depending on the terms of employment, work permits, employment pass is available.

  • Workforce

Singapore stands out with quality universities for science and engineering.

The local workforce works on improving their expertise and skillset, ultimately becoming assets to employers.

  • Wage Policies

The employer and employee negotiate the wages in Singapore as there no strict regulations.

Employers looking for foreign workers need to satisfy minimum wages for a work permit.

Singapore mandates two schemes for employers to contribute to their employees’ welfare – Central Provident Fund (CPF) and Skills Development Levy (SDL).

How to incorporate a company?

Accounting and Corporate Regulatory Authority (ACRA) registers all companies in Singapore, irrespective of the scale of business.

Local agents must represent foreign companies looking to incorporate a Singapore subsidiary or a holding company.

Organizations involved in finance or manufacturing cigars may require special licenses.

Fill-up the above form to find out more about incorporation in Singapore and all the benefits.

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