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International Business Influence in Singapore by Penny Lee





Article Author Biography
International Business Influence in Singapore by
Article Posted: 01/27/2014
Article Views: 649
Articles Written: 6
Word Count: 499
Article Votes: 0
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International Business Influence in Singapore


 
Business,Marketing,Government
International Business Influence in Singapore

Singapore has become an international business mecca attracting business owners in search of a favorable business climate defined by low taxes, strict privacy laws and a stable government. Countries compete for business investment by offering the tax incentives, safe and relaxed lifestyle, stable government, and regulation-free climate that entrepreneurs appreciate. A recent CNN report predicts that Singapore will soon take over the number one spot as the best country for foreign investment.

Strict Privacy Policies

Privacy protection is at the core of why business executives are flocking to Singapore in record numbers, making it the fourth most popular offshore banking hub in the world. Strict penalties that discourage breaking privacy laws means Singapore is committed to protecting business interests at all costs. Other leading international business hubs are currently struggling to maintain privacy laws amidst growing pressure from government officials in favor of more liberal policies that allow for less protection.

Favorable Pro-Business Tax Policies

Exceptionally low personal and corporate tax rates remain a major reason for the influx of international business interests. There is no denying that one of the best ways to gain the attention of the global business community is to offer better tax rates than your competitors. Corporate tax rates are less than 9 percent for companies with profits of $300,000 or less, and top out at a low 17 percent for companies earning more than $300,000. Additionally, Singapore does not have a capital gains tax. The good news does not stop there, with attractive personal tax rates worthy of mention. The maximum personal income tax rate is 20 percent with a sliding personal tax rate that starts at 0 percent for the lowest wage earners.

Few Bureaucratic Business Restrictions and Red Tape

Rated by World Bank as the #1 country to do business in based on less red tape than all other countries, it is easy to understand why entrepreneurs are getting excited about Singapore. As compared to other countries, incorporating a business is simple and takes only one or two days. In other countries, it can takes weeks or even months to become a legal corporation and be allowed to start a business. For information about registering a business, visit www.company-registration.sg for detailed information about doing business in Singapore.

Summary

International businesses in Singapore enjoy an excellent lifestyle designed specifically for business executives and their families. Lifestyle factors should not be discounted as a big part of overall decision to relocate. As a progressive business hub with English spoken as the official language for doing business, it is not hard to adjust to the culture. Known worldwide as a country free from corruption and a motivated and well educated labor force, Singapore is a force to be respected. With universities ranking at the top of the list in the world, Singapore has taken its rightful place beside other world leaders as a cosmopolitan mecca worthy of attracting top business leaders interested in enjoying the many benefits offered.

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