Singapore has some of the most generous benefits and incentives for attracting and fostering new businesses of any market I have come across.
From tax breaks for new companies through to investment assistance, Singapore has clearly signaled its intention to lead the way in business growth and development for the broader Asian region.
Already having a generous company tax rate of 17%, it also offers tax relief for newly incorporated companies to the extent that the first $100,000 of profits in each of the first 3 years is exempt from tax.
ENTERPRISE SINGAPORE is a government body which helps promote and nurture the new business development and is often an early port of call for companies that have established a proof of concept idea. Its mission is clear in that it is to help Singaporean enterprises grow and cultivate a vibrant SME community. It does this by making available soft loans of up to $500,000 to SMEs.
In addition to this, there is a wider range of other grants available to companies and businesses that are industry specific.
I have a number of clients who call Singapore their corporate home but maintain operations across Southeast Asia. They have done this to take advantage of what’s on offer here but leverage off the growth of the region.
Now I don’t want to make it sound that Singapore is some sort of “magic cash cow”, as some conditions apply to accessing these incentives. If you want to discuss these and other opportunities here in Singapore, feel free to contact me for a no-obligation chat.
Combining these enticements with an educated and broad talent base, Singapore remains the preferred destination for your Asian expansion.