WHY SINGAPORE

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Singapore has a territorial and remittance tax regime which taxes income sourced in Singapore and foreign income remitted back to Singapore. Income are taxed at a flat rate of 17%, with a partial exemption scheme granting partial tax exemption for the first S$300,000 of taxable income.

To encourage entrepreneurship, the start-up tax exemption scheme was introduced to provide newly incorporate companies generous tax exemption in the first three years of assessment for taxable income up to the first S$300,000.

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Ease of Initiating a Business

According to World Bank’s Doing Business 2013, Singapore is the top of the list of all major business destinations in the world as a result of its down-to-earth and easy-to-use business setup processes.

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Premium Legal System

Singapore is the most politically stable country in Asia. As a result most international business entrepreneurs and investors naturally develop the tendency to explore and initiate the business opportunities here. Additionally, its legal system is also definitely one of the most organized in Asia coupled with strong anti-corruption laws which ensure businessperson able to operate the business unworriedly and easily.

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Business-Friendly environment

Singapore prides itself as number one for the most open economy for investment and international trade. World Bank ranked Singapore as the easiest place to do business in the world. Besides that, Singapore government has introduced many grants to help the investor in the initial stage. Singapore’s economy has been thriving by leaps and bounds and as a result of this distinction, it has been able to win numerous honors and international rankings by World Bank’s Doing Business Report, the World Economic Forum’s Global Competitiveness Report and Global Information Technology Report as well as Economist Intelligence Unit’s Country Forecasts Report.

These honors and ratings speak volume to the business system, its potentiality and infrastructure Singapore manages. Therefore, Singapore is able to catch the attention of the multinational corporations (MNCs) to set up their business here and coincidentally many of which have opted for Singapore as their business headquarters, according to Singapore’s Ministry of Trade & Industry (MTI) report.

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Extensive Connectivity

Singapore is one of the most developed countries in Asia. As an international air travel hub, its strategic location means you are well connected to different parts of the world. Singapore Changi International Airport takes care of more than 80 international airlines and it serves as a major international airport to transport millions of people from over 160 countries daily.

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Comprehensive Intellectual Property Protection

As per a survey conducted by World Economic Forum’s Global Competitiveness during 2011 – 2012, Singapore has won the spurs in the industry for offering premium IP defense, infrastructure and perks in Asia.

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Dynamic Financial Hub

Singapore is presently a dynamic financial hub to 123 commercial banks, 154 fund managers and 291 capital markets services license holders. The country not only leads in wealth management and savings in Asia, but in fact is also the fourth largest Forex trading center (the Singapore Stock Exchange).

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Personal Tax Structure

Singapore has low personal tax rates. It adopts a progressive tax system. Personal income tax rates vary between 0 – 20 %, with the highest rate kicking in at S$300,000.

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Corporate Tax Structures

Singapore has a territorial and remittance tax regime which taxes income sourced in Singapore and foreign income remitted back to Singapore. Income are taxed at a flat rate of 17%, with a partial exemption scheme granting partial tax exemption for the first S$300,000 of taxable income.

To encourage entrepreneurship, the start-up tax exemption scheme was introduced to provide newly incorporate companies generous tax exemption in the first three years of assessment for taxable income up to the first S$300,000.

As a matured tax jurisdiction, Singapore has concluded double tax agreements (DTA)with 78 countries. These DTAs serve to relieve double taxation of income earned in treaty countries.

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