How entrepreneurs incorporate their businesses and expand to Singapore

Are you an entrepreneur or business owner looking to expand your business? Singapore is a great place to consider. As one of the world’s most prosperous and modern economies, Singapore offers businesses a stable and business-friendly environment. There are a variety of benefits to incorporating your business in Singapore, including access to the robust financial system, the availability of a highly skilled workforce, and ease of doing business.

Establishing amongst a growing startup ecosystem

Singapore has become a preferred destination for startups that want to expand into the Asian market. Here are some reasons why:

1. Access to Talent: Startups in Singapore are often focused on cutting-edge technologies, and as a result, they attract highly skilled and innovative talent. Established businesses can leverage the talent pool in the country to expand their operations or develop new products.
2. Favourable Business Environment: Singapore has a startup-friendly environment, which makes it easier for startups to set up and operate their businesses in the country. The Singapore government has implemented various incentives and support programs to help startups grow their business, including grants and tax exemptions.
3. Innovation Hub: Singapore is a hotbed for innovation and technology, with many startups working on cutting-edge technologies. Startups can leverage the extensive network of research and development facilities in Singapore to develop new products and services

Businesses can take advantage of Singapore’s growing startup ecosystem by:

1. Partnering with Startups: Established businesses can collaborate with startups in Singapore to develop new products and technologies. This can help businesses to remain innovative and competitive in their industries.
2. Accessing Funding: Startups require funding to grow and scale their business operations. There are various funding schemes available in Singapore that businesses can use to invest in or acquire startups. This, in turn, can provide businesses with access to new technologies, talent, and markets.
3. Networking Opportunities: The startup ecosystem in Singapore provides ample opportunities for businesses to network with investors, entrepreneurs, and other ecosystem players. These networks can provide businesses with market intelligence, new business leads, and potential partnership opportunities.
4. Participation in Events and Competitions: There are many events and competitions held in Singapore around startups and emerging technologies. Participation in these events can provide businesses with a platform to showcase their products and services, while also connecting with potential partners or customers.

Make use of attractive tax incentives for your business

The Singapore government provides various tax incentives to attract businesses to incorporate in Singapore. These incentives are designed to help businesses reduce their tax burden and nurture their growth.

1. Corporate Income Tax (CIT) Exemption: Newly incorporated companies in Singapore can enjoy a tax exemption on the first S$100,000 of taxable income earned for their first three consecutive years of assessment. They can also receive a partial tax exemption on the next S$200,000 of taxable income earned during the same period.
2. Start-up Tax Exemption (SUTE): If your startup qualifies for SUTE, and the first 3 years of assessment falls in 2020 onwards, you can claim a tax exemption on your first $200,000 of normal chargeable income. The first $100,000 receives a 75% tax exemption, and a further 50% exemption on the next $100,000 of normal chargeable income.
3. Double Tax Deduction (DTD): Companies in Singapore can claim DTD for expenses incurred on overseas business trips, international fairs or exhibitions, and training courses related to international business.
4. Global Trader Program (GTP): Companies that trade goods on a global scale may enjoy a concessionary tax rate on their qualifying trading income under the GTP if they meet certain requirements.

These tax incentives are designed to encourage businesses to invest in and contribute to Singapore’s economy while providing them with a favourable tax environment to operate.

Accessing Asia through Singapore

Being situated in the heart of Southeast Asia, Singapore is well-connected to the rest of the region, making it an ideal location for businesses looking to expand into the Asia-Pacific market. The country’s world-class infrastructure provides a reliable communication network and transport links to other markets. This has made it possible for businesses to establish regional headquarters in Singapore and oversee their operations across the region.

Many international companies have established regional headquarters in Singapore. Here are a few notable examples:

1. Google – Established in 2007, Google’s headquarters in Asia-Pacific is located in Singapore. The company has a significant presence in Singapore and has made several investments in the country, including the launch of Google Cloud in 2017.
2. Facebook – Facebook opened its first Asian office in Singapore in 2010. The company’s Singapore office serves as its Asia-Pacific headquarters.
3. Procter & Gamble – Procter & Gamble (P&G) established its Asia-Pacific headquarters in Singapore in 2013. The company’s Singapore office oversees operations in 14 markets across the region.
4. Mastercard – Mastercard established its global headquarters for Asia-Pacific in Singapore in 2016. The company’s Singapore office is responsible for driving growth in the region and developing innovative payment solutions.
5. Uber – Uber opened its Asia-Pacific headquarters in Singapore in 2013. The company’s Singapore office is responsible for overseeing operations in 100 cities across the region.
6. Johnson & Johnson – Johnson & Johnson established its Asia-Pacific headquarters in Singapore in 2006. The company’s Singapore office is responsible for driving growth across the region and developing partnerships with key stakeholders in the healthcare industry.
7. Microsoft – Microsoft has a significant presence in Singapore, with its Asia-Pacific headquarters based in the country. The company’s Singapore office is responsible for driving growth and innovation across the region.

The country’s strategic location, strong business ecosystem, and supportive policies make it an attractive destination for businesses looking to expand their operations in the Asia-Pacific region.

Let’s get you started

To ensure the process of incorporating goes smoothly, it is recommended for businesses to seek the assistance of Singapore Corporate Services. Singapore Corporate Services provides businesses with the necessary support to establish their company in Singapore, including legal assistance, accounting services, corporate secretarial services, and more.

With the right guidance and support, businesses can establish their company in Singapore quickly and efficiently. Don’t miss the opportunity to expand your business and take advantage of Singapore’s strategic location and pro-business environment. Reach out to Singapore Corporate Services today to start the process of incorporating your company in Singapore.

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