Have you ever thought about why Singapore is the top choice for business enthusiasts and entrepreneurs for starting a new business? Have you ever thought about why Singapore is one of the richest countries? Well, whatever your answer is, we know you don’t know about the in-depth truth behind this.
So, let’s help you in knowing the truth and facts behind it.
In this blog, we have comprehensively described why Singapore is one of the richest countries and why it is the top attraction for business development. Just keep reading to the end for knowing the detailed information.
Reasons Why Singapore is the Top Choice for Business Development
Every year thousands of business enthusiasts depart for Singapore with a vision of developing their new businesses and reaching the peak of their life as a businessman. Not surprisingly, most of those business enthusiasts fulfill their vision and goals in Singapore. It is so because Singapore is the perfect destination for business development. There are many reasons for this. Some of the most common reasons are as follows:
Singapore Corporate Tax System- Without any doubt, Singapore Corporate Tax System is the biggest reason why business enthusiasts opt for Singapore to establish their businesses. It is a business-friendly tax system that is levied at a flat rate of 17% on chargeable income. Sometimes, it is called a tax haven because of the bundle of advantages it offers to businesses and businessmen. Here are a few of the benefits of the Singapore Corporate Tax System. Let’s take a look below.
Tax is exempted for foreign-sourced dividends, foreign branch profits, and foreign-sourced service income
Tax exemption for new businesses or startups
Favorable tax policies for people living and doing business in Singapore
Partial tax exemption (PTE) for companies
Development and expansion incentive (DEI)
Productivity and innovation credit (PIC) scheme
So considering these benefits, we can say the Singapore Corporate Tax System is an invitation to foreign investment. To know more about these tax benefits, you can search on the internet. You will find comprehensive information about these tax benefits of the Singapore corporate tax system.
Great Market Scope- Undoubtedly, Singapore is one of the least populated countries in the world but it doesn’t mean it doesn’t have a great market scope. It has, and it opens it up for foreign investment. And that is why it is one of the top attractions for business development.
Comparatively, the Singapore market is smaller than the markets of populated countries. But due to the modern living style and pocket potential of Singaporeans, it has a great market scope for both local and foreign business enthusiasts.
Apart from these two reasons, there are a lot more reasons that stand out Singapore as a great destination for business development. So, if you are an entrepreneur or a business enthusiast looking for the perfect destination to start your new business venture, Singapore can be the perfect destination for you. Just try to know some about Singapore as a perfect destination for business development, consult your legal advisor, then decide whether or not it is a great match for you for your business development.