Setting up business in Singapore enjoy great benefits
Singapore is a top-class world city to Work, Live and Play. It is a globally connected, multi-cultural city which set it apart from other countries and has been consistently ranked #1 for world’s easiest place to do business. It has stable political institutions, world-class infrastructure, well developed capital markets, highly educated work force, rich cultural traditions, and an attractive tax regime.
Attractive tax rates
Singapore offers one of the most efficient corporate and personal tax regimes in the world. Base on Year of Assessment 2012, personal tax is ZERO for chargeable income below S$20,000 and starts at 2% for income exceed S$20,000. The highest personal tax rate is 20% for income exceed S$320,000. Whereas for corporate tax, the effective tax rate for taxable profits up to S$300,000 is as low as 6%. For taxable profit more than S$300,000, tax rate is 17%. Capital gains in Singapore are not taxable.
Rated #1 – world’s easiest place to do business
Singapore is ranked #1 for world’s easiest place to do business by World Bank in “Doing Business 2010 Report. Singapore consistently achieved high ranking in many area
Ranked #2 – worldwide with best investment potential
Singapore is ranked No.2 worldwide as the city with the best investment potential for 16 consecutive years by BERI Report 2010-I
Best place in Asia to Live, Work and Play
Singapore is the best place in Asia to live, work and play by Quality of Living Worldwide City Ranking, Mercer survey, June 2010
Other top ranking
- Singapore is ranked first for having the most open economy for international trade and investment by the Global Enabling Report 2010
- Singapore is ranked the most competitive country in the world by IMS World Competitiveness Yearbook 2010
- Singapore is the best business environment in Asia Pacific and worldwide by Economist Intelligence Unit, December 2009
- Singapore is ranked 4th in the world and 1st in Asia for having the least corruption in its economy by IMS World Competitiveness Yearbook 2010
- Singapore is ranked the most transparent country in the world and Asia by IMS World Competitiveness Yearbook 2010
- Singapore is ranked 7th in the world and 2nd in Asia for having the most motivated workforce by IMS World Competitiveness Yearbook 2010
Singapore has no restrictions on foreign ownership of business. The repatriation of profits and the import of capital are freely allowed. It is one of the best places to set up your business.