Singapore remains to be the best place to start a company 

Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.

by Collen Sylvia Friday, November 05, 2010
Since 2005, Singapore has been consistent in remaining on top slot for being the easiest place to do business for small and medium-scale enterprises based on the latest report of Ease of Doing Business 2010, steered cooperatively with World Bank’s International Finance Corporation.

In a statement released by Geoffrey Walton, World Bank’s business line leader for East Asia and Pacific Business Climate unit, Singapore leads the world in investor protection.

“While Hong Kong, which comes behind Singapore in the Report, provides continuous reforms despite being an already established leader in a business environment, Singapore makes it easy for business investors to deal with their construction permits, getting credit, registering a property, trading across borders, closing a business, and paying taxes.”

Singapore boasts some of the lowest tax rates among the developed countries, apart from offering a few tax exemptions for certain new businesses and industries it wants to lure.

For instance, since 2004, the city-state’s corporate tax rate has plummeted from 22% and thus maintains a flat rate of 17%. Investors whose personal annual earnings amount to more than S$320,000 are subjected to 20% personal income tax rate, the highest among Singapore’s tax rates. The city-state’s reputation as the world’s leading tax junction rests on its fool-proof bank secrecy law.

Also contributing to its top ranking from among 183 world economies in Ease of Doing Business report is its move in amending its tax law just in October, in line with its goal of combating the cross-border tax evasion. As a consequence, the nation was removed from the Organization for Economic Cooperation and Development’s (OECD) ‘gray list’ of nations that do not implement the international disclosure standards.

Its Port of Singapore, one of the world’s largest and busiest will witness no reprieve especially that it represents its extensive network of free trade dealings, and retains low tariff level.

“One key instrumental to Singapore’s efficient financial regulation is the stability of its 3 major banks that adopt a conservative approach to risk management, and yet, able to maintain the abundance of their capital,” says Xieljian Yzak, a Senior Consultant to Asiabizservices, a Singaporean private limited company specializing in providing business solutions to offshore and local entrepreneurs, when asked for a comment on Singapore being a major financial center in Asia Pacific.

“The regulatory approach to real estate trusts, private banks, and hedge funds are attracting new businesses here and abroad.”

Its close distance to China is treated to the city-state’s advantage as it strengthens its trading hub and financial regulator and hence emerging as Asia Pacific’s leader for real estate investment trusts, commodity trading, and hedge fund start-ups.

The authorities provide an easy process for starting a company in Singapore. For one thing, foreign investors may employ a company such as the Asiabizservices in fast-tracking the setup of a Singapore company, along with the processing of working visas. They reserve the discretion in choosing which structure of business they wish to engage in Singapore, for another thing.

For more information, visit:

Asiabiz Services Pte Ltd
120 Telok Ayer Street
Singapore 068589
Phone: (+65) 6242 6533
Fax: (+65) 6303 2670

Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.

General | Categories: financial, business
0    submitted by Collen Sylvia
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