(PRWEB) January 27, 2011
Recently released statistics by Singapore’s Economic Development Board shows that foreign companies invested S$12.9 billion in fixed assets in 2010. The investment commitments made in 2010 are expected to contribute S$14.4 billion in value-added per year to the country's GDP growth and are set to create 21,300 new skilled jobs. According to Singapore offshore company formation portal - http://www.SingaporeStartup.com, Singapore’s business friendly environment and strong economic growth in the Asian region are key factors driving foreign investments into the city-state.
Singapore hopes to attract foreign capital investments worth S$14 billion this year, which will in turn create 19,000 jobs. Mr. Darren Leow, editorial team member at SingaporeStartup.com cites factors such as the ease of setting up a business in Singapore, Singapore’s low tax rates, accessibility to world-class infrastructure, availability of a talented workforce, and its strategic location in Asia’s high-growth region as the prime motivators for foreign companies to make long-term investment commitments in Singapore.
The World Bank has ranked Singapore as the world’s easiest place to do business. It takes just two procedures and 24 hours to setup a Singapore private limited company. Moreover, there are no restrictions on foreigners who want to do business in Singapore and 100% foreign ownership of a Singapore company is allowed.
Taxes in Singapore are also a major reason for foreign companies to relocate to the city-state. Singapore’s corporate tax rate on profits up to S$300,000 is less than 9% while profits above S$300,000 are taxed at the rate of 17%. Companies also benefit from industry-specific tax incentives and an extensive tax treaty network.
Foreign companies find Singapore an attractive operational base, especially for conducting R&D activities, as it offers world-class physical, research, and business infrastructure. Singapore’s workforce that is talented, productive, and highly efficient is also highly advantageous in attracting foreign companies and investment.
Singapore’s strategic location in Asia makes it the perfect gateway for foreign companies seeking regional expansion. Asia is well positioned to emerge as the next global economic growth engine and foreign companies that are keen to tap into the region’s immense business potential find it beneficial to set up their base in Singapore.
Singapore has been garnering considerable foreign investor interest over the past few months. A recent report by the UN Conference on Trade and Development affirms that Singapore is one amongst the Southeast Asian economies to have attracted booming FDI inflows in 2010. Energy giant Royal Dutch Shell , Germany’s Bayer Haelthcare, US-based IT services company CSC, the Hanglong Group from China, Rolls Royce, Nestle, HP, and Fujitsu are among the many companies that invested heavily in Singapore in 2010.
“Several foreign firms have made multi million dollar investment commitments in Singapore contributing to the nation’s economic growth and creating large scale job opportunities.This year, P&G is investing S$250 million to build its innovation center in Singapore and will continue to expand its research operations in the city. We are positive about Singapore’s investment outlook for this year,” added Mr. Leow.
More information about starting a business in Singapore can be found at http://www.SingaporeStartup.com.