Benefits Of Setting Up A Company In Singapore
Singapore is a great place to start a business – it’s been ranked as the best country for doing so, and there are many reasons why this is true. Learn about some of the benefits of setting up your company in Singapore.
The benefits of setting up a company in Singapore are numerous. Chief among these are the country’s favorable business environment, which includes low taxes and an efficient regulatory system. In addition, Singapore is a stable and prosperous country with a talented workforce that is well-educated and experienced in business. The country is also known for its reputable banking system and strong infrastructure.
How much does it cost to set up?
If you start your company incorporation in Singapore, it can be very beneficial if you are looking to take advantage of the country’s many economic benefits. The cost of setting up a company in Singapore is generally low, and depending on your business type, there may be other tax breaks or incentives available. Here are some key factors to consider when calculating the cost of setting up a company in Singapore:
- Legal fees: The first step in setting up a company in Singapore is to hire an attorney who will help you create your company documents and set up your company entity. This can run anywhere from S$5,000 – S$10,000, but it is important to factor this cost into your overall calculation since it will impact the overall cost of setting up your business in Singapore.
- Business registration: After hiring an attorney, the next step is to register your business with the government. This process can take around two weeks and will cost between S$200 and S$1,000. In addition to this fee, you will also need to pay applicable taxes (currently between 7% and 10%) on your annual profits from your company.
- Business licenses: Once you have registered your business with the government, it is advisable to obtain various licenses that will enable you to carry out your business legally. These licenses include a business license for yourself (S$800), a trade license for any employees you hire (S$900), and a manufacturing license.
You can also avail of digital secretary service @ $199 / year to help you out with the entire process.
Setting up a company in Singapore can be an incredibly rewarding experience. Not only are the tax and regulatory climates favourable, but the cultural environment is also extremely welcoming to businesses. With a population of over 5.5 million people, there’s always something new happening in Singapore, which means that your business will be able to tap into a growing market. If you’re ready to take your business to the next level, consider setting up shop in Singapore today!