When you are planning to set up your business at a certain location, your main concern would be regarding the benefits the place would offer. It should have the benefits of efficient business-friendly economy, connectivity with the international market, a strong legal system, proper security, and corporate tax benefits. All these basic parameters, which you need to set up a business, are readily available in Singapore. This is the reason why most of the start-ups choose Singapore as the best place for establishing their business. Here are a few compelling reasons why selecting Singapore for establishing your business is a great choice:
Connectivity with the International Market
Singapore is a land of diversified culture that hosts people from multiple countries like the United States, United Kingdom, and other Asian countries. As a former British colony, this island country has a good administrative, legal and taxation framework that resembles the UK and US systems. With the continuous adoption of the western lifestyle, business practices and language, Singapore is more internationally marketable and more economical for the start-ups.
The country’s economy gives easy access to international and domestic businesses that are planning to set up their business in the country and mark their presence. Singapore is considered to be the world’s 2nd most competitive economy as it has a friendly framework designed for every individual. Even the country’s government supports the international businesses by implementing good tax benefits.
Attractive Corporate Tax Benefits
Singapore’s tax laws affect the bottom line with extensive savings and exemptions. This country offers corporate tax rates for international businesses, which give the other countries a tough competition. During the initial three years of establishment, resident corporations are partially exempted from paying the taxes. The most attractive fact about the Singaporean tax system is its repatriation system, which is really beneficial for the businesses that are planning to start their operations in the country.
Committed Intellectual Property Regime
Intellectual property (IP) rights are essential to support an innovation-driven economy and the growth of industry and commerce in Singapore. Singapore Ministry of Law is committed to maintaining an IP regime that is balanced, well-regarded internationally, and supports value creation. The authority oversees various aspects of IP policy, including those relating to patents, trade marks, copyright, registered designs, plant varieties, geographical indications and trade secrets. Specific functions include reviewing and updating Singapore domestic IP protection and enforcement regime so that it supports economic goals; fostering the growth of a vibrant IP services sector; and safeguarding Singapore’s interests in international forums.
High Degree of Personal Safety and Strong Legal System
In Asia, Singapore has undoubtedly the most stable political environment. It offers the socio-entrepreneurs and investors a strong base of security and comfort while doing business. Singapore has a strong judicial system as compared to the other countries in Asia. It implemented anti-corruption laws so that investors can continue business without the fear of bureaucratic malaise.
These are the reasons why a majority of the new start-ups plan to start their operations in Singapore.