If you have ever thought about incorporating your company in Singapore —now is the time. With the global economy doing well, this is the perfect time to conduct world business. Gone are the days were Singapore was not one of the first places businesses thought of when thinking of expanding to Asia. Singapore is now and consistently, ranked high as one of the top places in the world to conduct business and start a new company.
In addition to this, Singapore company incorporation fees are the most competitive in years. Using an experienced incorporation service provider such as InCorp is key to ensure your transactions stay hassle-free, and you don’t waste any capital trying to go at it alone. In the country of Singapore, foreign companies must hire a local company incorporation services provider as self-registration is not allowed by non-residents.
What Does It Mean To Incorporate Your Business In Singapore? (Foreigners)
The World Bank has ranked Singapore as the best country in the world to conduct business. Singapore has won that award 10 years in a row. There are many reasons that make Singapore so attractive to businesses. From its robust economy to its low tax rate tax system, to its well trained and productive workforce. The reasons to incorporate your company in Singapore are endless. However, one of the most attractive reasons foreigners, if they are not already, choose to conduct business in Singapore, is the 100% foreign ownership and no currency controls.
Avoidance Of Double Taxation
Taxation can be tough for businesses, and double taxation can be a deal-breaker. Businesses that choose to incorporate in Singapore and want a way to avoid double taxation, have an option. Singapore has a double taxation agreement (DTAs) with over 50 other countries. This helps each country in this agreement, including Singapore, avoid double taxation. In addition to this, with the countries that Singapore does not have a DTA with, they have a UTC with, a Unilateral Tax Credit. This gives businesses a very low chance to suffer any double taxation issues.
Affordable Workforce That Speaks English
Singaporean is some of the hardest working people, and take a lot of pride in their work. Singaporeans from the ages of 18-45 almost all speak English. If you are a foreign company doing business in Singapore and need an English-speaking workforce, Singapore could be just the place you have been looking for. In addition to the hard-working people, wages are extremely competitive and highly sustainable.
Additional Options For Foreign Businesses
Local businesses looking to establish a strong presence in the country of Singapore must provide their local incorporation company in Singapore with the following documents to be submitted to the ACRA on their behalf:
* Memorandum and Articles of Association
* A copy of their Certificate of Incorporation
* Information regarding their Shareholders & Directors
Read more about establishing a business in Singapore at InCorp Global.
