Advantages of setting up a company in Singapore

Strategic Geographic Location

Gateway to Asia: Singapore's location at the heart of Southeast Asia makes it a strategic hub for businesses looking to access the vast Asian market. Its proximity to emerging economies in the ASEAN region is particularly advantageous.

Global Connectivity: With one of the world's busiest ports and an award-winning airport, Singapore offers unparalleled connectivity to global markets, facilitating international trade and business operations.

Pro-Business Environment

Ease of Doing Business: Singapore consistently ranks among the top countries globally for ease of doing business. This is attributed to its efficient business setup processes, transparent regulations, and lack of bureaucratic red tape.

Political Stability and Security: The country is known for its political stability, efficient governance, and low crime rate, providing a secure environment for business operations.

Favorable Tax Regime

Competitive Corporate Tax Rates: Singapore offers one of the lowest corporate tax rates in the world at 17%, which is a significant incentive for businesses.

Tax Exemptions and Incentives: New startups enjoy tax exemptions for the first three years. There are also numerous tax incentives for specific industries and activities, including R&D, innovation, and internationalization.

No Double Taxation: Singapore has an extensive network of Double Taxation Agreements (DTAs) with over 80 countries, which helps prevent double taxation of income earned in Singapore.

No Capital Gains Tax: Singapore does not impose capital gains taxes, making it financially attractive for investment holding entities.

Robust Legal and Regulatory Framework

Strong Intellectual Property Protection: The country has strict laws and efficient enforcement mechanisms for intellectual property protection, crucial for businesses in innovation-driven sectors.

Clear Legal Framework: Singapore’s legal system, based on English Common Law, provides clarity and certainty in commercial relationships and disputes.

World-Class Infrastructure

Singapore boasts state-of-the-art infrastructure in transportation, telecommunications, and logistics, which are pivotal for efficient business operations.

Skilled Workforce

Talented Labor Pool: The workforce in Singapore is highly educated, proficient in English, and renowned for its productivity and technical skills.

Proactive Workforce Development: The government’s focus on continuous learning and development ensures the workforce stays relevant and skilled in the face of global economic changes.

Government Support and Grants

Start-Up and SME Support: The government offers a range of grants and support programs for start-ups and SMEs. These include the Productivity Solutions Grant (PSG) for technology adoption and the Enterprise Development Grant (EDG) for business growth and international expansion.

Research and Innovation: Initiatives like the Research Incentive Scheme for Companies (RISC) and the Enterprise Innovation Scheme (EIS) encourage businesses to undertake research and development.

Sector-Specific Grants: Various industries such as fintech, biotech, and clean energy have dedicated support programs, including funding, tax incentives, and incubation support.

Internationalization Efforts: Grants like Market Readiness Assistance (MRA) and Global Trader Programme offer support for Singapore businesses expanding their operations abroad.

Skills and Talent Development: Programs like SkillsFuture and TechSkills Accelerator (TeSA) provide resources for workforce training and skill development, ensuring businesses have access to a skilled talent pool.

Quality of Life

Beyond business advantages, Singapore offers a high standard of living, excellent healthcare and education systems, and a multicultural environment, making it an attractive place for expatriates and their families.