Singapore is one of the few countries that have consistently topped the charts in providing sustainable infrastructure and a skilled workforce to the business community. Factors such as an open economy and stringent property rights rules make this country looked upon by the global business federation as the country has been consecutively awarded the top global rank, followed by the likes of Hong Kong, New Zealand, and the USA in 2020.
Let us point out the advantages of expanding your business internationally in Singapore:
1. Robust economy without currency control:
The finance, trade, and manufacturing sectors primarily contribute to the growing economy of this country. Almost more than 80% of the eligible workforce is employed. Thus there is a significantly low rate of unemployment and inflation.
Another striking feature of the economy is that no extra cost is involved in processing foreign currencies, which otherwise causes hefty prices in other countries. Foreigners can own entire stakes in any organization without the support of local shareholders or partners. With this ease of profit repatriation, which businessman wouldn’t like to explore the international market?
2. Simplified tax laws:
The flexible tax rules in Singapore are one of the primary factors in promoting the ease of doing business there. There is a considerable amount of tax benefits on personal and corporate levels. The companies starting have 0% of liability in the first three years until they gain an income of S$100k. Corporate taxes are capped at 17%, reducing the risk of rising interest rates.
3. Robust infrastructure and unique geographical location:
The way this nation is located in the heart of Asia, it can form strong business ties with the neighboring countries, which are business hubs, such as China, India, Australia, etc. The way technology and art have integrated into designing the entire layout of this place make the people awestruck with its state-of-the-art buildings, well-maintained roads & highways, and other technological structures.
4. Reduced Corruption:
The government policies and guidelines are framed so that people earn well and lead a normal life with all the world-class amenities. So, people have no greed to resort to corrupt methods such as forgery, bribes, or corporate fraud. Hence, it makes Singapore stand out among its other counterparts in Asia. Business owners and start-up leaders are tempted due to such a corruption-free environment for establishing their firms.
Now, first things first, any business needs to have an independent business account registered. So that financial security is guaranteed, payments, purchases, and all business transactions can be managed from one domain. The following procedures must be followed to acquire a Singapore business account:
- A registration certificate needs to be presented, which states “Doing business as”, which means the organization’s registered name.
- Credit Score of the owner or already built enterprise, one of the two factors is taken into account.
- Any documentary proof that shows the company is registered with the government, such as a tax certificate, land purchase agreement for the office space, etc.
- Personal identification of the person seeking the business account is strictly required, depending on the person’s country of residence and the issued certificate of identity by the government of that specific country.