Start Your Business in Singapore with BoardRoom’s Help
Singapore is one of the leading Asian countries when it comes to business. They have a pretty stable government, so they have tons of tax benefits. Furthermore, Singapore has a pretty robust economy. So if you’re one of those thinking about setting up a business, you will need the help of BoardRoom, well-known for company incorporation. Why? They have a corporate secretarial service that can deal with the company registration from start to finish. So if you want to know the various benefits of growing your company in Singapore, make sure to read on to find out!
A Stable & Robust Economy
As mentioned above, Singapore is well-known for its robust economy. That means they have a very low unemployment rate. Furthermore, the country doesn’t have any public debt, and they are actively investing its capital abroad. You can be sure that Singapore won’t fail you when push comes to shove. Plus, the country ensures to make use of their excellent financial condition by funding housing, education, transportation, and health care through various programs. All of these attributes make Singapore a very well-balanced economy that will continue to flourish for many years to come.
An Impressive Tax System
Since Singapore has a very stable government, they continue to maintain its attractive tax system. Therefore, they offer low taxes for companies, especially new ones. For instance, you’re not required to pay taxes after your first S$100,000 profit. This tax break can help you grow your profit. Plus, the corporate tax rate is capped at 17%. Furthermore, the personal tax rate is at 0% and raises up to 20% only for incomes above S$320,000. In addition, it levies no tax on capital gains and dividends received from businesses. That’s what makes this country an excellent place for entrepreneurs to start their dream businesses.
No Currency Controls for Foreign Ownership
If you’re a foreigner thinking about setting up a business in Singapore, now’s your chance! Here, foreign nationals are allowed to have 100% ownership of the stock from a Singaporean incorporated company. That means you’re allowed to set up a company with the type of capital structure that you want. At the same time, you can distribute its ownership to suit your particular needs. Moreover, there are no restrictions on the amount of capital you want to bring from your home country to start your company in Singapore. So it’s a free for all type of deal!
