Singapore is an attractive place for expanding your company, with its excellent geographic location and connection to the rest of the Asian and global markets. Its strong economy makes expanding business in Singapore an excellent strategic move. Here are some benefits of firms expanding their business in this country.
The Economy Is Thriving
Reports from the World Bank demonstrate how Singapore changed in the last 50 years, transforming from a nation with poor infrastructure into a high-income economy and a truly global hub in the last half-century. The country has a thriving economy with steady growth.
Inflation and unemployment rates are low, and there are even foreign investment programs. That means expansion need not be a significant drain on your budget and resources, as the Singapore Government provides financial and other assistance to welcome you to start your business into the Singaporean market.
Minimal Corruption and Favorable Taxes
Singapore does not have a capital gains tax, and the 17% flat corporate tax is extremely competitive globally. In addition to the low taxes, Singapore Business also benefit from other start-up incentives and tax reliefs.
It’s worth noting that the corruption is also minimal. Not only are bribes subject to harsh penalties by the local laws, but most employees have satisfactory working conditions.
100% Ownership of Your Company
If you are wondering why you should expand your business in Singapore during the pandemic, this is an important reason. Many countries require your local branch to nominate local stakeholders. However, Singapore allows for 100% ownership to remain in your hands even if you are a foreigner, an attractive point for many offshore businesses.
Read more on why businesses should expand amidst pandemic at this Singapore Company Incorporation blog.
