A few good reasons to start your business in Singapore
By Sayantan Khamaru, Date-10.01.2019
maps. But, it has made its spot bright and clear in the trends and charts of the global economy. Singapore has become one of the best places for doing business in the world. The small business success rate in Singapore is very high. People from around the world are coming here to invest their money or start a new trade.
In the following, the top reasons are enlisted to give you a better overview on why Singapore has become every entrepreneur’s common destination.
- Ease of Doing Business: According to the World Bank, Singapore ranked 2nd in the world and 1st in Asia at the Ease of Doing Business Index, 2019. This is enough to describe the efficiency and easiness of setting up a business here. According to the reports from the last quarter, 55.9% of multinational companies have a registered office here.
- Simple and Small Tax Slabs: Singapore also offers one of the lowest taxation rates in the world. The Corporate-Tax rate is only 8.5% for the income up to $300,000 and a 17% flat rate of over $300,000. The personal Tax rate is between 0% and 20%, for every dollar you earn above $320,000, you need to pay 20% as tax. Moreover, there is no Capital Gain, Death, Inheritance, and Estate Tax in the country, making the handover of business is also very easy.
- Loan and Funding: Bank loans sometimes become essential for setting up a business. Depending on the type of your loan, only 1% to 13% interest rates will be applicable during repay. You can also apply for grants and funds from other available sources.
- Geographic and Political Condition: The geographic location is very suitable for import and export, through and from the country via advanced Seaports and Airports having low tariffs. Singapore is also topped at Political Stability, Quality of Labor Forces, and Quality of Living Indices in Asia.
- Visa Policy: Simple visa policy and low visa fees offering easy access to the country for foreigners.
Many other reasons can be described, but these are the causes that are attracting the entrepreneurs and investments for the country.Tags: Business, Business in Singapore, Business Success, Business Trends, Business Trips, Ease of doing business