There’s no doubt about it – Singapore is gorgeous.
From the beautiful beaches to the nightlife, it’s fairly obvious why Singapore is a popular tourist destination.
But why are companies registering there?
There are a surprising number of good reasons.
The top five reasons companies registered in Singapore are the Ease of Doing Business, the Incorporation Opportunities, the fact that It’s a Great Place to Work and Live, that It’s Simple to do business there and that It’s Cheap to do business there.
Many countries can claim 2 or 3 of these things, but Singapore is unique in that it’s got them all.
Today we’ll look at why so many businesses register in Singapore, what the benefits are, and how to do it.
We’ll also look at possible future steps such as incorporation just to drive home why registration in Singapore is a great option.
If you’re used to doing business in America, trying to do business abroad can prove surprisingly difficult.
America is consistently one of the easiest places in the world to do business.
The World Bank ranks America as tied with South Korea for the fifth easiest place to do business, but Singapore ranks second.
In fact, the World Economic Forum crowned Singapore as the world’s most open and competitive economy in 2019 – an impressive feat for a country with under six million people.
The World Economic Forum also rated Singapore above South Korea, Hong Kong, and China as the most innovative economy in Southeast Asia.
Simply put, Singapore is a great place to do business.
Registering your business in Singapore opens your business up to the opportunities that the small nation provides, and it’s a great first step towards becoming a multinational.
Singapore is a great market, but it’s a small one.
While you may want to get your feet wet in southeast Asia by registering in Singapore, eventually, you’re going to want to branch out.
Incorporating in Singapore is a great path down the road for a variety of reasons.
There’s plenty to like about Singapore’s business-friendly tax system:
Note that some countries have laws aimed at making incorporation on foreign soil for tax purposes ineffective.
For example, according to Canadian law, if you did something just to evade taxes, it’s tax evasion and you’ll be punished.
Check with your legal and accounting teams before making any major decisions about incorporation.
Registering your company in Singapore means bringing tax revenue and potentially human capital with you, so Singapore is eager to expedite and accommodate registration.
You can even register your corporation electronically, although there are certain requirements that must be met.
There are companies online (google “register company in Singapore”) that are willing to get you started for as little as $400, and while we can’t vouch for any specific company, Singapore’s legal system is open, robust, and efficient; the country is renowned for its lack of corruption.
Keep in mind that although the Singapore government won’t charge you an arm and a leg to register, there are still logistical costs to be considered.
Registration isn’t as complex as incorporation, but it does require both paperwork and legwork.
There are plenty of reasons why Singapore is an amazing place to live and work, and your employees located in Singapore will appreciate them.
Some of those reasons are:
If those aren’t enough reasons for you, remember that Singapore is also a popular tourist destination.
The people there are used to catering to international crowds, and they’re generally familiar with Western culture.
In fact, English is the most widely spoken language in Singapore.
Those are the top five reasons for registering your company in Singapore.
Of course, you can register your company in multiple countries so registration in Singapore doesn’t preclude registration elsewhere.
Singapore is an excellent place to get your registration feet wet.
If you still aren’t convinced, an exploratory business trip to Singapore might change your mind.
US News and World Report ranks Singapore as the 11th best place to visit in Asia… but just because it’s a tropical paradise with temperatures in the 80°s year-round doesn’t make it a vacation, right?
Regardless, you should stop by the Accounting and Regulatory authority while you’re there.
Alternatively, you could go here for limited partnership registration info and here for limited liability partnership registration.
Singapore’s friendly rival city for company incorporation in Asia has to be Hong Kong.
Hong Kong provides a slight edge over Singapore in terms of its tax system and boasts a possibly faster company incorporation system compared to Singapore depending on your industry.
If in the end, Singapore isn’t your ideal choice, don’t give up hope on an Asian registration venture.
Incorporate your business in Hong Kong with Air Corporate, and we’ll get your business approved and open for business with a local Hong Kong bank account in 11 currencies.
All under 48 hours.
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