According to HSBC’s 10th annual “Expat Explorer: Broadening Perspectives” survey, Singapore is still considered to be the best place to live in the world as an expat. The report also lists the reasons why expats love Singapore. The reasons include,
– Bumper salaries
– Economic status
– Tax redemption and more
Three-quarters of expats polled in Singapore said that the city-state offers better earnings potential than their home country. They also reported 42 per cent increase in their annual income since the move.
Singapore ranks No 1 in the world for city infrastructure and this ranking factor plays a major role hen multinationals decide where to incorporate companies in Singapore. Moreover, Singapore has easy access to transportation, drinkable pure water, reliable electricity and more.
In this article, we have listed the top reasons why foreigners opt for Singapore company registration.
Ease of Doing Business
According to a report published by World Bank group, Singapore ranked among top 2 out of all the countries around the world, which means that the report ranks Singapore the most business-friendly country.
Did you know Singapore is the top 10 in the world in the list of countries having lowest tax rates? Yes, the corporate tax rate in Singapore is 17% which is less compared to other countries such as India (34%), Australia (30%) and Switzerland (17.92%).
Moreover, Singapore follows a single-tier tax policy, in which there are no capital gains taxes in Singapore. It also maintains one of the world’s lowest GST rates (currently 7%), ranking below the global average VAT/GST rate of 16.4%, and the Asia-Pacific average of 10.5%.
Telecom and Internet Facilities
If you are deciding on incorporating a branch office in Singapore, availability of fast and reliable telecom and internet facility is extremely significant. The telecom and internet facilities span the entire city-state and its development level is high.
Many statistical reports state that 54% of Singapore’s workforce is highly skilled than the percentage in New Zealand and Australia. Moreover, Singapore has high-skilled employment in Asia Pacific and this is the biggest reason for so many companies and entrepreneurs to subsidiary company registration in Singapore.
Flexible Immigration Policies
If you are looking to relocate to Singapore for setting up a business, then you don’t have to worry about Singapore’s immigration policies. They have open immigration policy that makes it easier for foreign professionals to gain Singapore Permanent Residence status.
In addition to this, the incorporation process is very easy and can be completed within three days at a relatively low cost.
The author of this article is working with a leading Singapore company registration firm to set up a business firm to Singapore clients and foreign investors. Visit https://www.singapore-company-registration.net for more information.