Singapore has been consistently ranked as the world’s most business-friendly country, and for good reason. If you’re thinking about starting a company, here are 6 reasons why you should register your company in Singapore.
Low taxes are one of the main reasons to register your company in Singapore. The tax system is very simple and straightforward, and the tax rates are among the lowest in the world. There is no capital gains tax, no wealth tax, and no inheritance tax in Singapore. The corporate income tax rate is a flat 17%, and there is a very attractive double taxation agreement with many countries. The personal income tax rate starts at 0% and goes up to 22%, depending on your income. There are also many deductions and exemptions that can lower your tax bill even further.
The government of Singapore is widely regarded as being efficient and business-friendly. Starting a business is no easy feat, and there are many important factors to consider before taking the plunge.
Avoid double taxation
When you set up a business, you want to avoid double taxation. The best way to do this is to register your company in Singapore. When you register your company in Singapore, you are automatically exempt from paying tax on the first S$100,000 of taxable income. This means that you will only pay tax on the income that is above S$100,000. In addition, when you register your company in Singapore, you can also enjoy a number of other benefits. These benefits include a lower corporate tax rate, a wide range of double tax treaties, and a favourable tax environment.
Complete foreign ownerships without currency controls
If you’re looking to do business in a foreign country without having to worry about currency controls, then registering your company in Singapore is a great option. Here are a few things to keep in mind:
- You’ll need to have at least one shareholder who is a Singaporean citizen or Permanent Resident.
- Your company must be registered with the Accounting and Corporate Regulatory Authority (ACRA).
- You’ll need to have a physical office address in Singapore.
- Your company must comply with all applicable laws and regulations.
- You’ll need to appoint a qualified Company Secretary within six months of incorporation.
- You’ll need to maintain a minimum paid-up capital of S$1,000,000.00 (or its equivalent in foreign currency).
Singapore supports startups
The Singapore government has been supportive of startups through various initiatives, such as providing funding and grants, as well as easing the process of company registration. This has helped to create a conducive environment for startups to thrive, and many successful startups have emerged from Singapore in recent years.
There are many reasons to register a company in Singapore. One reason is that the workforce is productive. The government has been investing in education and skills training, which has resulted in a well-educated and skilled workforce. This has helped to make Singapore one of the most productive economies in the world.
In addition, when you register your company in Singapore, you can also enjoy a number of other benefits. These benefits include a lower corporate tax rate, a wide range of double tax treaties, and a favourable tax environment. Morrison Management offers tax advisory services to ensure full compliance with regulatory requirements.