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.
Suggested Read: 2021 Foreigner’s Guide to Registering a Singapore Company
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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.
It’s Not Just for Big Boys
You might think that your company isn’t big enough for internationalization. But the truth is that it’s not about the business size but your idea. Most companies start small, but international markets offer huge potential. Singapore is an excellent starting position for business success in the entire region.
SCI Experts are on Your Side
Whether you need assistance with registering or running a company, SCI is there to help. Our experts have the advanced skills and experience required to handle business registration, taxes, and more. It only takes a couple of online meetings, and your company is ready to take on the new market. If expanding business in Singapore sounds good, don’t hesitate to contact us today!
Suggested Read: 8 Things to Do After Incorporating your Singapore Company
FAQs in Expanding Business in Singapore
Contact SCI to Help Expand Your Company
SCI can assist in establishing your business in Singapore. From company registration to handling the paperwork, our experts are here for you!