Singapore is an ideal location for global businesses to site their headquarters. Strong trade and investment make it a very competitive Asian country and an easy place to do business. According to the country’s Ministry of Finance (MOF), Singapore’s corporate regulatory policy focuses on “development and facilitation rather than control”, making it a welcoming environment for new business presences.
It also has the world’s fourth largest foreign exchange market, Asia’s second largest over-the-counter derivatives trading centre, and region’s leading commodities derivatives hub. Singapore has great government and private funding for start up companies. There are over 123 commercial banks, 154 fund managers and 291 capital markets service license holders which enable business owners to raise funds at ratios as minimal as 1% annually, making the accessibility of financing a straightforward process.
The Government also provides financing to new start-ups and existing companies in Singapore. Examples will include SPRING Singapore which offers micro-loan programmes, or loan insurance schemes such as such as Start-up Enterprise Development Scheme (SEEDS) or the Enterprise Finance Scheme (EFS) by Enterprise Singapore. There is also an Innovation and Capability Voucher (ICV) scheme that companies can benefit from.
Singapore also boasts of no controlled foreign company rules, no capital gains tax or estate tax, and one of the lowest tax rates in the world. Along with 75% comprehensive double taxation agreements and 8 limited treaties are reasons why Singapore attracts so many multinational companies.
Aside from this ideal business environment, Singapore is ranked as one of the top cities in Asia in terms of quality of life. Contact us here for expert guidance on expanding or starting your enterprise in Singapore.