Many foreigners invest in Singapore every year. The reasons are simple, Singapore is a friendly country to do business. If you are planning to start a business in Singapore, the first step is to familiarise yourself with the legal requirements.
You need to understand what it takes to start a business in a foreign country. The first step is to apply for a work permit. You need to be sure that you can work in Singapore before you even start the process of registering a company. Here are some reasons to start a business in Singapore:
Easy Registration Process
Singapore is very accepting of visitors. Unlike other countries, it does not have a lot of barriers for people willing to start a business. You go through the stress-free process of applying for a work permit and later registering a company.
It might take an average of six months to get everything approved for you to start your business. This is a shorter time compared to other countries that require you to wait for a longer time before you are given the mandate to operate a business.
Location
Many people love doing business in Singapore because of the location. Singapore is located near the busiest port in South Asia. The fact that it is located near a port means that you have a more natural connection with other neighboring countries.
It is easier to import and export goods through the busy port. If you want to a flexible country in terms of movement, Singapore is an excellent country to consider.
Tax System
The tax system in Singapore is friendly and especially to small businesses. If you are running a small business, you need to make sure that you retain as much profit as possible. Singapore charges are as low as 17% for companies.
This is quite low compared to other countries. It has also signed a double taxation clause with other countries, and this means that you are not likely to be taxed twice once you decide to do business with these countries.
Workforce
Research has shown that Singapore is one of the countries with skilled and affordable workforce. If you start a business in Singapore, you will get skilled personnel to run your business.
Singapore citizens are educated, and they have a positive attitude towards work. They are also productive, and you are likely to achieve more once you start the business.