How Entrepreneurs can take advantage of Singapore’s Business Environment from Overseas
The fact that Singapore is continually ranked as the easiest place to do business has attracted the attention of several foreign entrepreneurs from all over the world. Many entrepreneurs and investors from world over have chosen to setup a business in Singapore and then relocate to the country to take advantage of its incredible business infrastructure, growth opportunities and liberal taxation regime. However, not all entrepreneurs are able to relocate to Singapore due to their existing business commitments or due to personal reasons such as family commitments etc. However, the great thing about doing business in Singapore is that even such entrepreneurs who do not want to relocate to Singapore can easily incorporate a business in the country and still take advantage of its pro-business policies.
Singapore allows foreign entrepreneurs to own 100 per cent of a Singapore Company. They are allowed to go ahead and register a business in the country without even having to visit Singapore. Even banks in the country have started allowing remote opening of a corporate bank account to facilitate transactions between the foreign entrepreneur and their Singapore Company. All the foreign entrepreneur or investor needs to do is contact a professional company registration firm in Singapore and get them to register their Singapore business.
Ideally the foreign entrepreneur should choose to register a Singapore subsidiary company. This is the same as registering a private limited firm but having a foreign owner. By doing do, the foreign entrepreneur can safeguard their own personal assets from any kind of liability or claims arising out of their Singapore business. Also by registering a subsidiary company, they can take advantage of all the business benefits and tax incentives on offer by the Government of Singapore.
Singapore also follows the territorial taxation system whereby foreign sourced income is not taxable unless it is deemed as remitted to Singapore. Hence as long as the foreign company is managing the business from overseas and its income is sourced from outside of Singapore, you don’t have to pay taxes until that income is remitted inside the country. Apart from the territorial taxation system, Singapore has one of the lowest corporate taxes for any nation at only 17 per cent. There are no capital gains taxes or taxes on dividends.
Foreign entrepreneurs are also allowed to visit Singapore on a standard visa and attend to company matters in the country. There is no requirement to obtain a special business visa if the entrepreneur is living outside the country.
Author Bio
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about Singapore subsidiary company and Establishing a Singapore company.
Processing your request, Please wait....
