Growing your business from a local enterprise into a successful multinational requires a number of things: ample capital, good strategies, and a committed team. Another very important component is an appropriate offshore jurisdiction to help propel the enterprise to global status. One of the top foreign jurisdictions for UK investors is Singapore.
The main advantage of taking your business to Singapore is that the country is built on the principles of free trade. Other benefits to expect for opening your business in Singapore include:
Singapore Serves as the Gateway to Southeast Asia
One of the reasons why a lot of investors in the UK are expanding offshore is because of the shrinking local market caused by fast-growing competition and new market dynamics, such as BREXIT.
In addition to getting access to over five million people in Singapore, the country also makes it possible to reach neighboring markets. Its strategic location allows you to reach South Korea, Hong Kong, Malaysia, and the Chinese market, among others. Singapore has also signed more than 24 bilateral trade agreements to help businesses grow across Asia.
Singapore has a favorable tax system, which helps investors retain the bulk of the profits they make from their enterprises.
Singapore’s corporate tax rate is 17%; however, companies can enjoy the partial tax exemption and tax exemption for new start-up companies at a progressive rate based on their chargeable income. More information can be found on the government’s IRAS page
To help investors keep the cost of operations even lower, the country has signed bilateral trade agreements (DTAs), including double tax avoidance treaties, with over 50 countries. This makes the jurisdiction one of the best options if you want to grow your business rapidly both in Singapore and other countries it has signed trade agreements with.
Flexible Requirements for Company Registration
Today, a lot of countries have complex company registration requirements, which can scare away potential investors. For example, investors in some places might be required to wait for months before their applications are considered; registering a company in Singapore is pretty straightforward.
Here are Some of the Main Requirements for Company Registration:
- A minimum of one shareholder.
- A resident company secretary.
- A local company address.
- Share capital of $1.
Singapore is one of the most reputable investment destinations on the globe. It continues to attract a lot of investors, especially from the UK, because of its impressive free trade policies, industrial advancement, world-class infrastructure, strategic location, and low taxes, among other factors. These benefits are only a few of what you can expect from expanding your business to Singapore.
Looking to incorporate in Singapore? Hawksford can help. With clients from 115 countries and an award-winning team recognised by peers and industry bodies, Hawksford promises impeccable client service to your corporate needs. Contact them here.