SG advantage
Setting up a business in Singapore is a highly appealing option for entrepreneurs and companies due to several key advantages:
Business-Friendly Environment
- Ease of Doing Business: According to the World Bank's report, Singapore ranks 3rd globally for ease of doing business.
- Global Competitiveness: The World Economic Forum ranks Singapore as the most competitive economy in Asia and 3rd globally in its Global Competitiveness Report.
Legal and Regulatory Support
- Strong IP Protection: Singapore ranks 2nd globally for intellectual property protection, according to the World Intellectual Property Organization (WIPO).
- Business Regulations: The World Bank’s Ease of Doing Business rankings underscore Singapore's highly efficient regulatory environment, with top marks in areas such as starting a business, enforcing contracts, and resolving insolvency.
Attractive Tax Incentives
- Corporate Tax Rate: With a corporate tax rate of 17%, Singapore offers one of the lowest rates among developed nations. Additionally, there are various exemptions and incentives that further ease the tax burden, especially for startups.
- Tax Benefits for New Businesses: New companies can enjoy a 75% tax exemption on the first SGD 100,000 of chargeable income, as well as a 50% exemption on the next SGD 100,000, making it an especially attractive destination for emerging businesses