Sunday, May 26, 2024

Why Choose Singapore for Business?

Singapore is one of the leading investment destinations today, and most UK investors have taken notice. Whether you are an investor in financial services, manufacturing, or import-export industries, Singapore might be the perfect offshore investment hub to help thrust your enterprise into a global multinational.      

It is true that investing offshore is a major decision, but the benefits associated with it are remarkable. To help you make this crucial decision, here is a closer look at the benefits to anticipate for registering your company in Singapore. 

Important Facts about Singapore

Singapore is an island city state on the Malay Peninsula in South East Asia. The country comprises 63 satellite islands, which, together, are host to 5.7 million people. Here are other facts about Singapore that you need to know as a UK investor: 

  • Singapore is one of the Four Asian Tigers, but it has surpassed the others in terms of Gross Domestic Product (GDP). Other members of the Four Asian Tigers are Taiwan, Hong Kong, and South Korea.
  • The country is one of the most attractive investment destinations on the globe. It is host to more than 7,000 international companies.
  • Singapore is one of the founding members of ASEAN and its performance is largely associated with that of the region.

Strategic Location and Good Connectivity

Today, Singapore is host to some of the leading companies on the globe, in part, because of its favourable  location in Asia. As a UK investor, you will not just get access to the local Singapore market, but also the fast-growing Chinese and Indian. With a combined population of more than two billion, accessing the two markets can rapidly grow your company’s sales and profitability. 

The infrastructural development of the country has made it a hub like no other in South East Asia. From its world-class roads to ports, everything in this island city functions well and efficiently. Changi International Airport serves more than 80 global airlines that connect it to over 330 cities on the globe. Besides, the seaport infrastructure is also ranked one of the busiest on the globe, offering more than 200 shipping lines. 

With this connectivity, moving raw materials to your company, and finished products to the market and staff is very convenient. 

Impressive Support for Businesses

For more than ten years, Singapore has consistently been featured at the top of the World Bank’s Ease of Doing Business reports. This is largely facilitated by the Singapore administration’s commitment to nurture businesses and steer them to success. Another area where Singapore scores impressively well is intellectual property (IP) protection, which helps businesses optimize returns from their inventions. 

Singapore also does very well in providing businesses with access to capital for growth. As a financial hub with over 128 commercial banks, accessing capital for deals or product development is not a challenge. Even when the time comes to expand your business to other cities in the region, the financial institutions will be there to provide the required funds.  

Attractive Tax Frameworks

Profits give businesses the capital needed to continually grow. Many jurisdictions have high tax rates that take away a bulk of the revenue. Singapore is different. The country has an attractive tax framework that helps to achieve two things: encourage business growth and ensure the bulk of profits remain with the investor. 

Here is how: 

  • Singapore’s corporate tax rate is 17% however companies can enjoy the partial tax exemption and tax exemption for new start-up companies in a progressive rate based on their chargeable income. More information can be found on IRAS page
  • To help companies avoid double taxation, the country has signed many bilateral trade agreements with different countries across the globe. A good example is the UK-Singapore free trade agreement signed in December 2020.
  • Furthermore, the country does not tax capital gains and dividends from businesses.

The benefits of expanding your business to Singapore are evident, from its impressive tax regime to its strategic location in the heart of Asia. These attributes make it irresistible for investors. No matter the area of interest, be it tourism or manufacturing, the chances are that your enterprise will thrive after taking it to Singapore, a place that will not disappoint          

Looking to incorporate in Singapore? Hawksford can help. With clients from 115 countries and an award-winning team recognised by peers and industry bodies, Hawksford promises impeccable client service to your corporate needs. Contact them here. 

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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