We find that Singapore company incorporation or Singapore offshore company formation is becoming a compelling choice for most global businesses that are seeking the best global business environment to operate from.
(PRWEB) May 27, 2010
According to The Global Enabling Trade Report 2010, released by the World Economic Forum on May 19, 2010, Singapore topped the list for 'The Economy Most Open to International Trade' in its Global Trade Enabling Index. On the same day, the results of the IMD World Competitiveness Yearbook 2010 revealed Singapore's #1 ranking as the 'World's Most Competitive Economy' surpassing Hong Kong and USA. Both the indices are indicative of Singapore's business efficient policies and institutions that not only enable cross border trade but also facilitate business conduct and expansion in the region.
SingaporeSetup.com, a business information portal that provides information about incorporating a new company in Singapore, asserts that foreign businesses that choose to register a Singapore company are well positioned to take advantage of the country's pro-business policies. The primary benefits of setting up a business in Singapore include ease of company formation, low taxes, stable political climate, excellent business infrastructure, and efficient regulatory environment, among others.
The IMD report considers several factors in determining its competitiveness ranking, one of them being the ease of new company incorporation. Singapore company formation can be accomplished in less than 1 day with minimal formalities and devoid of red-tape or bureaucracy. A Singapore company also benefits from Singapore's tax system that is characterized by low tax rates (headline corporate income tax rate is flat 17%); single-tier tax system (no taxation on dividends distributed to shareholders); territorial tax system (no taxation on foreign sourced income that is not remitted into Singapore), no capital gains tax; low GST rate of 7%; tax incentives; and tax exemptions. Unlike most countries in the region, Singapore's political climate is stable and free from corruption. The country has developed excellent transport and communication infrastructure and has also set in place state-of-the-art business support infrastructure. Above all, the regulatory system is efficient and transparent.
The IMD World Competitiveness Yearbook ranked Singapore as #1 for business efficiency, #2 for government efficiency, #5 for economic performance and #11 for infrastructure among the 58 economies that were included in the study. It also noted Singapore's resilience during the economic crisis. According to Ms. Catherine Lee, a senior editorial board member of the SingaporeSetup.com site, "Singapore's economic growth during the first quarter of this year has exceeded initial forecasts and expectations and that in itself is a strong indicator of Singapore's future. In fact Singapore was one of the early countries to have exited from the recession, despite being a trade dependent economy. The government is pragmatic, forward looking and drafts policies using a pro-business approach. It is not surprising that Singapore stands out for its business and government efficiency." Foreign entrepreneurs who choose Singapore as the jurisdiction for business setup or expansion will benefit from these business-enabling policies, asserts http://www.SingaporeSetup.com.
In the Global Trade Enabling Report, Singapore was highly ranked for its improved market access, efficiency of customs administration and import/export administration, availability of infrastructure, and general business environment. "Singapore fosters an open and liberal trade policy. Minimal import/export restrictions, extensive trade agreements, provision of sophisticated logistics, and industry-specific tax incentives make Singapore's international trade regime highly attractive. We find that Singapore company incorporation or Singapore offshore company formation is becoming a compelling choice for most global businesses that are seeking the best global business environment to operate from," added Ms. Lee.
More information about incorporating a Singapore company can be found at http://www.singaporesetup.com/singapore-incorporation-by-foreign-entrepreneurs/