Starting a business for yourself is a goal that most people take if they want to work on their own time and earn more than a salary. That is why many ventures into this area so they can attain further financial independence and stability. If you are an aspiring entrepreneur, a good country where you can do business is Singapore.
Singapore is a country that is pro-business which means that the government is very supportive of businesses regardless if they are small-medium enterprises or large corporations. Either way, these businesses will benefit the country greatly once they complete the business registration Singapore application. If you are considering undergoing the company incorporation Singapore process, here are some reasons why you should push through with that plan.
One of the reasons why many people prefer to start a company in Singapore is because of its economy. Many describe the economy of Singapore as robust and resilient. Singapore is only one of the few countries that have a high employment rate with most of them earning higher than the minimum wage. With more money, Singaporeans have more ability to make purchases. As a result, the country gains more in the economic aspect. That is why businesses that went through company incorporation Singapore registrations also benefit the economy.
In addition, despite the many recessions that occurred in the past decades, Singapore’s economy remains strong. Although we see certain declines in the market of Singapore, it immediately bounces back to its sturdy state. This makes business registration Singapore applicants worry-free in times of recessions.
Unconstructed tax system
One of the reasons why some business owners are doubtful about foreign company incorporation Singapore procedures is because of the tax system. Many entrepreneurs fear their unfamiliarity with the tax system in a certain country. They feel that they might not earn as much as they hope to. However, that is not the case if a company went into the business registration Singapore process.
New companies in Singapore, regardless of whether the owner is local or foreign, are given tax breaks. During the first three years after the company incorporation Singapore registration, companies are given 0% tax for their first SG$100,000 income. In addition, corporate taxes can only go as high as 17%. Thus, businesses incorporated in Singapore are earning a lot in their first years and even more in the long run.
Furthermore, personal tax starts at 0% for new company shareholders or owners. It will eventually rise but the maximum is only 20% for an income of more than SG$320,000. In addition, there are no taxes on dividends given to shareholders. After the corporate tax is removed, the dividends can be given directly to the shareholders without any tax deduction. That is why if you undergo a business registration Singapore application, your business will enjoy an unconstructed tax system.
100% foreign ownership
Another reason why foreigners are skeptical about starting a business in a foreign country is because of the ownership issue. There are countries that require a foreign business to have local ownership. Some require a business to have at least 70% local ownership which can be very disadvantageous to foreigners. However, that is not the scenario if you choose to apply for the company incorporation Singapore scheme.
In Singapore, a business only needs one shareholder in order to meet the business registration Singapore qualifications. That one shareholder can be a foreigner which means a foreigner can own 100% of his or her business in Singapore. Moreover, the country allows these foreign businesses to send their earnings back to their home countries without any restrictions. In fact, Singapore even helps these business owners not get double taxed in their home countries.
As mentioned earlier, the Singaporean government manifested how they are supportive of local and foreign business in Singapore. One of the aspects this was manifested is in the company incorporation Singapore application. Singapore’s incorporation procedure is one of the most direct and easiest in the world. It only takes less than a day to go through the business registration Singapore process. Thus, many, including foreigners, can start a business in Singapore.
Register your business in Singapore through us
Starting a business in Singapore will feel like you are launching a company in your own country. That is because the privileges given to Singaporean entrepreneurs are what is also given to foreign entrepreneurs. Thus, if you are convinced about starting a company in Singapore, talk to us. Visit our website at WLP Group and let’s discuss our free company incorporation Singapore service.