Why you should incorporate your company in Singapore – Singapore is one of the best place to live and work in the world. Being one of the richest countries in the world, Singapore is full of opportunity. Singapore is one of the main financial hubs in the world and definitely so for the South East Asian region. Singapore has also a strong base in terms of trading with one of the busiest sea and air ports. Singapore has one of the best governments with a fast and efficient system in place.
We will like to share with you what are some of the reasons why you should incorporate your company in Singapore:
1. Singapore is one of the most efficient in business starting and dealing
The Singapore system is about efficiency and also about getting things done right and fast. You are able to set up a company in Singapore in just a few hours and get your bank account open in almost the same day if you visit the branches. There are no other countries that can do this other than in Singapore. We all know that in the business world, fastest person always wins. You are able to win big when you are able to function fast and able to get something done when others are sleeping.
Singapore is also fast in dealing because most business work longer hours than other countries and are glad to support your needs as time goes by.
2. Singapore has a strong rule of law and the courts mean something in this country
Contracts signed in Singapore are governed by tight laws. If you client or your counterpart has a company in Singapore, signing it in Singapore means performance of duty. If the other party fails to deliver, take this item to court and get paid for damages. Most business will have to go with the law because Singapore is tightly governed based on law. Unlike other countries that have rampant corruption, everything in Singapore goes by the books.
3. Singapore has one of the lowest corporate taxes and personal taxes in the world.
With an effective max rate of 17% , Singapore has one of the lowest tax rates in the major financial hubs. Singapore is reliant on businesses for her budget, so corporate taxes are important to the government. The rates have not changed much for many years and this is why most businesses in the region choose Singapore as the headquarters for their businesses because the rates are so low and so competitive.
Low corporate taxes also comes with low personal taxes, instead of paying most of what you earn to government, you are able to take the profits and enjoy your gains.
4. Singapore has a strong currency that is controlled tightly by the Singapore government
The Singapore currency is one of the strongest currencies in the world right now. And since Singapore is reliant on trade for the economy survival, the government controls the currency very strongly. This is one reason why most business headquarter and trade in the Singapore dollar because it is so stable, you wont end up losing out on profits because of the fluctuating currency.
The Singapore dollar is also controlled within a band and everyone in the world knows that this is something that the Singapore government does, so you can expect good returns when you use the Singapore dollar to hedge your business.
5. Singapore has a strong financial system
If you want to make big transactions in a day, that can be done in Singapore. Most banks are present in Singapore and this allows most business to work closely with the rest of them that are set up in Singapore. Profits are clocked in Singapore and that can be transferred to other financial hubs easily because of the strong financial status that this country has.
Incorporate your company with Koh Management Pte Ltd today.