With the growing level of competition in business an entrepreneur must think about taking their business overseas to a country like Singapore which has a pro business environment. A few decades ago the most common practice was a BVI company. Setting up a business in the British Virgin Islands was very popular however the Asian economies are growing and this creates an opportunity for a business to explore their opportunities.
In order to move forward with an offshore company formation the business owner will need to do some research to fully understand the benefits. Some key benefits of incorporating a business in Singapore is the low tax rate. These favorable taxes allow a business to preserve their capital for expansion and since Singapore has free trade agreements with many nations it will help reduce any costs associated with tariffs.
When an individual is considering company formation in Singapore they have a few different options to choose from. One choice is company incorporation however there will need to be a nominee director in order for the company registration can be valid. This nominee director will have to reside in Singapore full time in order to meet the requirements.
A few major benefits of operating a business in Singapore include access to a well educated work force. This coupled with low income taxes allow a business owner to make the most of their resources without worrying about losing precious capital to taxes.
Another key benefit is the access to capital since Singapore is one of the major banking centers in South East Asia. The majority of the world banks have set up offices and the fact that contract law is strictly enforced presents a great opportunity for entrepreneurs.
Prior to making the decision to open up an office in an overseas location it might be wise to actually visit the country and get some insight on how business is conducted. One of the superior benefits is the strict laws against corruption so an entrepreneur will have more confidence in conducting business. There are also incentives for companies to open up and hire local employees.
If a business owner is ready to move forward with the setting up their business in Singapore they could do it on their own or enlist the help of a firm that specializes in these services. In order to register a business in Singapore the company will need to have articles of incorporation drafted and have their proposed business name approved by the Accounting and Corporate Regulatory which is responsible for monitoring businesses.
Since this country is relatively small in land size the cost of office space is another consideration with some of the more prestigious locations charging rents that are on par with New York City or Tokyo. Aside from the cost of office space other expenses are very manageable and in line with most western countries. With the constantly growing level of competition in business constantly increasing a business owner will need to be proactive to ensure their company remains viable in the new economy.
