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. 

A business plan is more than just a piece of paper. It is a guidebook that will assist you in outlining and achieving your objectives. It is also a managerial tool that enables you to assess results, make effective decisions, and demonstrate how your company will run and expand. In summary, if you’re thinking about starting a business or pitching your idea to investors, preparing a business plan can help you succeed.

Of course, there are business plan writing services but a business plan does not have to be difficult to write. In this complete article, I’ll teach you how to develop a business plan that will bring you the outcomes you need in a timely and easy manner. Don’t fear, you don’t need a business or accounting degree to create an effective business plan. This tutorial will show you how to complete your strategy step by step, without any of the complications or aggravation.

WHY YOU SHOULD WRITE A BUSINESS PLAN?

Are you still unclear if a business plan is worthwhile in terms of time and money? Can’t you just launch and manage your company right away? You could, but you’d be skipping out on several important advantages that a business plan gives. Crafting a well-thought-out and planned business plan boosts your chances of success as an entrepreneur significantly. A solid business plan can assist in the following ways:

• analyse whether your company has a decent possibility of generating revenue
• provide an approximation of your start-up expenditures, as well as how much money you’ll have to invest or borrow
• persuade investors and financiers to finance your company
• provide a profit projection by describing your industry (who your clients will be) and the proportion of the industry you anticipate to reach 
• make money and generate profits from the beginning by implementing an effective and productive marketing strategy
• compete in the industry (by analysing what your competitors lack)
• predict prospective problems so that you can handle them before they become catastrophes

TIPS TO WRITE AN EFFECTIVE BUSINESS PLAN:

• CONDUCT MARKET RESEARCH

The first thing you need is a good understanding of the prospects of your industry and the target market.

Marketing research pursues important goals. Here are just some of them:

make important business decisions, attract investment and financing, find new business opportunities, avoid business failures.

• EVALUATE YOUR BUSINESS IDEAS

Going through your business plan, beginning with a one-page proposal, can assist you to evaluate the feasibility of your business venture long before you start. The greatest thing you could do as you go over everything from your marketing and implementation plan to your opportunities and execution is to receive feedback and evaluate multiple aspects of your business. This might be as basic as getting a supervisor or collaborator to analyse portions of your plan, or as complex as performing market research and directly engaging with your prospective client group.

• SET UP GOALS AND MILESTONES

You should determine what you need to get out of your business from the beginning. Would you like to grow your side business into a full-time business? Are you looking to grow your staff or open a new location? Realizing what you want to achieve and having considerations like these in mind will help you design a business plan that is tailored to meet these objectives. Before you begin, you may not even have every milestone or even precise measures in mind to achieve your goals. That, though, is the joy of going through your company strategy. It will assist you in defining success measurements, fleshing out your ambitions, and further developing components of your firm to meet certain targets.

• KEEP IT CONCISE

Business plans should be brief and to the point. There are two reasons for this:

First and foremost, you need your business plan to be reviewed. Nobody will study a 100-page or perhaps even a 40-page strategic plan. Certainly, you may require supporting material for key areas, but those parts can be included in your Appendix.

Secondly, your business strategy ought to be a tool for running and growing your company. Something you keep using and improving through time. A lengthy business plan is difficult to edit, and it is nearly certain that your plan will be consigned to a filing cabinet, and never be seen again.

• LET YOUR AUDIENCE UNDERSTAND

Write your strategy in wording that your target audience will comprehend. For instance, if your business is building a sophisticated research theory but your venture capitalists aren’t researchers, prevent unnecessary jargon or unfamiliar acronyms. Facilitate your investors by keeping product descriptions basic and straightforward, using words everybody can comprehend. If necessary, you can always include the full specifications in the plan’s appendix.

CONCLUSION

Crafting a business plan takes time, but it is necessary if you want to build a profitable business that will withstand the starting phase. If your company does not have one, it may well be time to begin drafting one. Creating a business strategy might help you define where you’ve been and where you’re heading.