Why Choose Singapore?
As one of the leading finance and business economies in the Asia Pacific region, Singapore offers a wealth of opportunities for company operations.
With a solid infrastructure, a culture built around nurturing and supporting growth, and a stable economic environment, more and more companies are choosing to base their headquarters in Singapore. Wellstead Corporate Solutions facilitates an approach that uses the full range of advantages that come from operating in this location, such as:
- Cost Effectiveness – Singapore’s corporate tax rate is capped at 17% on profits over $300K (profits under $300K are taxed at just 8.5%), making it one of the lowest in the world. Companies basing their headquarters here can also benefit from the Double Taxation Avoidance Agreements that Singapore maintains with over 60 countries around the world. There are also no taxes on dividends or capital gains, and even personal tax rates are low, capped at 20%. This makes it an ideal environment for entrepreneurs and companies.
- Strategic Location – Singapore is the centre of an international business hub, both geographically and from a trading perspective, with the Asia Pacific region being one of the fastest growing markets in the world. It connects seamlessly with the rest of the world’s markets, with a solid foreign exchange and securities industry backed by 24 hour financial trading. Singapore also features centrally on many major international flight routes, connecting Southeast Asia to Europe, the Americas and the Middle East.
- Stable Economic Climate – Singapore’s government is consistently found as one of the least corrupt systems in the world, as well as having a sound judicial system that has been in place for many years. Transparency in business operations is valued very highly, and this helps shape the widely accepted ethos for general business conduct. The introduction of a goods and services tax (GST) allowed the government to rely less on income taxes, solidifying the economy by taxing consumption, and making it more competitive on a global scale. The GST rate of 7% remains low when compared with the rest of the world.
- Positive Business Environment – With an excellent support network and infrastructure built to support business growth, it is an extremely favourable environment for both global businesses and start-ups to. Singapore’s positive business environment and economic stability also helps to attract foreign investors, and with the World Bank ranking it as the easiest place to do business, it is becoming increasingly well-known as one of the world’s best places to start up or base a company.
- Excellent Infrastructure – Singapore’s infrastructure is inherently pro-business, and has been designed with a financial sector that is both well-established and regulated. The industry has advanced technological capabilities, excellent regulations in place for the protection of Intellectual Property, and a strong legal framework.
- Skilled Workforce – Singapore is in the unique position of being a highly developed Asian country, with English as its primary language, and a highly skilled workforce. There is excellent availability of local labour, as well as flexible immigration policies designed to support the use of foreign talent. With a diverse skill set and international focus, Singapore’s labour force has been voted the best in the world.