Singapore is the Easiest Country to do Business in Globally Benefits of Hiring Professionals for Incorporation of Company in Singapore
Benefits of Hiring Professionals for Incorporation of Company in Singapore
There are various parameters for a country to pass through to become a preferred destination to conduct business. One of the major parameter that favors this country is incorporation of company in Singapore. It is very easy to start a business and tax system makes it more profitable. Read on, to get a clearer picture.
Steps to be Followed While Incorporation of
S
ingapore has been consistently topping the chart of World Bank’s “Ease of Doing Business Index” since ten years. It has maintained its rank all through from 2006 to 2015. The major attribute contributing to this status is the ease with which incorporation of company in Singapore can be done. A number one position on this index indicates that the country has better and simpler regulations for business and stronger intellectual property rights for the ventures that are incorporated in the country. Topping this Index, Singapore has proven time and again that it is the best investment destination for both local and foreign ventures. It is due to this, that the country attracts many foreign entrepreneurs to break the geographical barriers and incorporate their companies in Singapore. Singapore also have many corporate service providers such as Quick Company Formation who help entrepreneurs through the registration process and also in managing their businesses in foreign land along with following their statutory regulations with much ease.
The “Ease of Doing Business Index” is a combination of various parameters critical to formation and operations of business in any country. A better than average score on all parameters lead the country to become more conducive and favorable for business ventures. Ease of Incorporation of company in Singapore is one of the major parameters where it score very high.
These parameters include the following: Incorporation Starting the business Dealing permits
with
construction
Getting electricity Registering property Getting Credit Protecting Investors Paying taxes Trading across borders Enforcing Contracts Resolving insolvency
 Good practices  Transparency regulations
in
business
As per the Index of 2014, Singapore has been on the top position followed by Hong Kong SAR, New Zealand, the United States, Denmark, Malaysia, South Korea, Georgia, Norway, and the United Kingdom. To quote an example, a company in Singapore can be registered in 3 steps within 2.5 days on an average. In contrast, company registration in India involves multiple steps and takes more than 30 days. Singapore offers very strong and robust intellectual property law as opposed to Australia and India. When you will be initiating incorporation of company in Singapore you will know better, why it is a preferred destination for budding entrepreneurs. Getting finance in Singapore is relatively easy through many government run schemes, private funding and alternate channels that give a kick start to new ventures. Singapore is also considered to have one of the lowest taxation (effective)
in the entire world with special benefits to new companies and local residents. It has a single tier tax system with flat 17% corporate tax rates and no tax on dividend and capital gains. Trans border transactions are encouraged by Singapore through low custom duties and double taxation treaties with more than 70 countries which save companies who are operating from more than one country from the perils of double taxation. Singapore also ranks higher compared to other countries in terms of low corruption rate, good governance, robust infrastructure and much more. Statutory bodies such as ACRA are also known for their liberal polices while Singapore is known for its easy reforms. A host to more than 7000 offshore companies, it is both practically and theoretically the best jurisdiction to establish ones business in. While the process of incorporation of company in Singapore is going on, you should consult an able agency to guide you through other processes to make you feel at home.
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