Singapore is one of the easiest countries to start a business in. Unlike other countries, things like company registration in Singapore are efficiently streamlined to simplify the process for any budding business owner. Although some business owners still find the country’s registration process tiring, the benefits of registering your business far outweigh the hassle.
Starting a business in Singapore is a well-structured journey, beginning with the registration process. The Accounting and Corporate Regulatory Authority (ACRA) is the governing body responsible for overseeing company registrations in Singapore. Whether it’s a sole proprietorship, partnership, limited liability partnership (LLP), or private limited company, Singapore provides a range of options to accommodate diverse business models. Singapore provides a range of options to accommodate diverse business models. You can also find other information on company structures for Singapore in our previous article.
Now, let’s explore the compelling benefits of Singapore Company Registration.
6 Top Benefits of Company Registration in Singapore
1. Lower Corporate Tax Rate
Friendly corporate tax rates in Singapore, particularly towards SMEs, include up to S$200,000 of your company’s income being exempt from corporate taxes. The exemption is applicable for the first three financial years, and if your company fulfils certain shareholder requirements.
Even where tax is payable by your company, it will be at a flat taxation rate of 17%, which is a far lower corporate tax rate than other developed regional economies, such as Japan and South Korea. The foreign tax policy is also another positive factor to consider for company registration in Singapore.
2. Stable Political Climate
Singapore has a strong rule of law and a stable political climate. It is consistently at the top of global ranking lists with respect to “ease of doing business”, and means you can make business plans in the country with confidence.
Some of the examples include:
- Singapore, ranked by the World Bank as the first, among 190 countries, for its effectiveness in enforcing contracts;
- Singapore ranked by Transparency International as the third amongst 180 countries, for being deemed to have the least corruption in its public sector;
- Singapore ranked as the top Asian nation amongst 113 countries in the Rule of Law Index that is compiled by the World Justice Project;
- Singapore is ranked by the Heritage Foundation as the second-freest economy amongst 186 economies in the world.
3. Robust IP Protections
Singapore is internationally renowned for its protection of intellectual property rights. Moreover, the development of intellectual property in Singapore can attract additional business incentives like tax deductions on research & development expenses. The country has also been ranked #3 in the world, and #1 in Asia for having the best protection of intellectual property rights, in the 2018 World Economic Forum’s Global Competitiveness Report.
These reasons make Singapore company registration a consistently high choice for research and technology-led organisations.
4. Employment Market and Skilled Workforce
Singapore is an excellent choice to find talent for your organisation and ranks consistently high on workforce metrics, including the BERI’s labour force evaluation 2015, which ranked Singapore number 1 on measures of Legal Framework, Relative Productivity, Worker Attitude, and Technical Skills.
In addition, Singapore is also an excellent country to attract and retain global entrepreneurial talent, ranking first in Asia according to INSEAD’s Global Talent Competitiveness Index (GCTI).
5. Central Location in Asia
Singapore is situated in the heart of Southeast Asia and is a gateway to an emerging market of more than 600 million people. Market access to India, China, Hong Kong, Indonesia, Malaysia, and the Philippines is very close at hand. With a large portion of Singapore’s workforce speaking English and bilingual in Mandarin, Tamil or Malay, it is a great place to connect to these markets. For more information, check out our article on which countries to incorporate in Asia.
6. Convenient Incorporation
One Singapore dollar. That is all the paid-up capital you need to register a business in Singapore.
Lanturn offers company registration in Singapore and employment work pass services. All we need from you are the proper documents. Once documents have been collected and registered with ACRA, incorporation of your legal entity or branch offices can usually be completed in a day.
The other requirements for Incorporation are:
- Company Secretary to be appointed
- A local director (citizen or permanent resident)
- 1 Shareholder
- A local Singapore address is to be used as the registered address
If you are looking for a good reference for the Singapore company registration process, you can download for free our ebook on starting a self-funded business in the country.
Lanturn Singapore Company Registration Services
Lanturn can incorporate your company in Singapore for just S$500. All you need to do is fill in our 5-minute incorporation tool and appoint us as your company secretary. We also have a number of Singapore company registration packages with different add-ons that you can pick and choose according to your business structures.
Once the company is incorporated, you will receive a certificate of incorporation from ACRA and Lanturn will continue to support your business every step of the way as your company secretary. Already have one? Don’t worry, Lanturn can make the transfer hassle-free for you. Our online platform allows you to manage your compliance deadlines, submit your invoices and accounts payable, and communicate directly with our corporate secretary and accounting specialists. This means you can focus on your business while we take care of the rest.
If you’d like to discuss your company registration in Singapore with incorporation experts, reach out to us today.
