Singapore is an outstanding destination for offshore investment. It is an island country, situated between Indonesia and Malaysia. The economy of the country is every growing and there is no political instability. It offers secure and progressive business environment to foreign businessmen. Investment areas like IT, travel, retail and export-import can be started in Singapore without any trouble.
Singapore offers a huge tax relief to its investors. It offers tax free businesses to investors who have just started an occupation and there is no capital gain tax lavished. The GST rates are normal than other countries. Auditing of a business is not done if the annual turnover is less than S$5M. Foreign investors whose business is situated in Singapore but the income is generated outside the island, it is completely tax free.
Business Formation Rules
Easy to understand and easy to follow business rules have been setup by the government of Singapore. There are various industry-specific tax benefit rules have been made in order to attract more and more foreign investors. According to the business setup rules, it is mandatory to appoint at least one director and the director should belong to Singapore. It is mandatory to appoint a company secretory. It should be one shareholder. The company registered address should be local.
Company Formation Agencies
To setup a business in Singapore easily and fast, it is good to take assistance from a foreign company formation agency. From online, you can locate such agencies. Go through their services and analyse your needs. Compare services and prices to choose the agency that fits well to your budget. These agencies offer various types of business formation deals. There are different types of company formation package offered to choose from—Bronze, Silver and Gold. Business owners who have required a little help can choose the Bronze package, covering minimum services. Those who want complete assistance can choose the gold package. A standard premium package includes head to toe company formation services. It offers to register the company that is time consuming if you are going to do this on your own. It helps to open a foreign bank account. Moreover, complete office setup assistance is provided. Accounting related assistance is also offered in which VAT, tax, profit and loss calculation are done by expert accountants. Office assistance is also provided. Offer letter preparation and various types of paper work assistance are offered.
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