Opening up your business to new frontiers is always an exciting affair. In the heart of South East Asia, Singapore is seeing a trend where not just the biggest corporations, but many up and coming firms are setting up offices in the city. You too can help your business grow by having a presence in this dynamic island nation.
For a decade now, Singapore is known as the easiest place to do business for small and medium firms, and this reputation along with many other reasons is helping the economy move from strength to strength. There are certain areas where Singapore is heads above the rest when it comes to starting a business. According to the World Bank, you can set up a new business in as less as 6 days, an almost unreal timeframe for entrepreneurs in other developing markets.
What makes Singapore the Number One business destination?
What most businessmen and companies find very attractive about Singapore is its infrastructure. One can start from the transportation – Singapore’s airport is considered one of the best in the world. Singapore is located at a vantage point, close to all the economic hubs of South and South-East Asia, while the Far East and the Australian hubs are just a few hours’ flights away. Within the city, Singapore boasts high-quality office space, business accommodation and efficient public transport. You do not need to own a car in this country. The city has a highly evolved telecommunications and internet infrastructure.
Singapore also has some of the best housing and health standards in the world. A favourable climate and substantial green cover add to the highly integrated public systems. Law and order problems in the country are almost nil and Singapore has a reputation of the highest business ethics standards.
A Lifestyle made for Success
Singapore is an ideal foil for aspiring and forward-thinking businessmen in many ways. The city-state boasts the best in lifestyle and entertainment. The nightlife around Marina Bay is legendary – home to a stock of luxury hotels, resorts and getaways. When you move your business to Singapore or have a representational office, you will also get to spend time in a bustling and cosmopolitan city.
Singapore’s many identities come to the fore in its culinary attractions. Eating out and spending time outside is ingrained in the Singaporean culture. You will have access to all the foods of the world. Singapore’s retail sector is also another facet that drives the local economy. All in all, the city enjoys high living standards to go with the fertile economic base it provides.
Work with the Experts
To reap the benefits of setting up a business in Singapore, you will need to satisfy certain criteria and complete some pre-requisites. It is best that you get in touch with professionals familiar with such a scenario. Here are some of the services that you will need as you wish to start a new business or relocate an existing business.
With the help of a good consultancy, you can take full advantage of the country’s business policies and understand the tax benefits through the eyes of a professional. Company registration is one of the important steps in your endeavour. A very popular incentive is the tax exemptions given to EPCs (Exempt Private Company) and there are benefits in creating subsidiaries too. Consultancies like Sandhurst help you negotiate the transfer pricing obstacle and help you find the best corporate structure.
Corporate governance and secretarial services is another important facet to cover when you start a business in Singapore. These services are the link between various company stakeholders, including directors, shareholders and regulatory bodies. Compliance and regulatory requirements need to be satisfied fully to be able to forward with a new business in Singapore. A professional consultancy service will ensure that there is no conflict of interest as the new establishment reaches a point of materialization.
Accounting and tax is another important pillar of your Singapore business plan. Once your company is registered locally, you will need tax compliance services every year. Maintaining accurate data and records is very important in a diligent system like Singapore’s. Experts will give you top bookkeeping solutions and you can also get consultancy on how to leverage the different tax incentives and related criteria.
Get in touch with the experts who will help you have a seamless transition of the business to this thriving city-state. Websites like https://www.e-sandhurst.com/ offer a plethora of consultancy services, from registration to accounting help. Having a business presence in a city like Singapore is credential in itself, as your brand will also gain from the overall reputation of the city. Learn more about business opportunities in Singapore and get closer to a life-changing decision.