If you are searching for best company incorporation services in Singapore then you must read this. Singapore is one of the most lucrative business destinations in the world. The economy is developing at a fast pace and the country is expanding its horizons. It is geographically well situated and has become South Asia’s warehouse.
Every ship that passes through that region stops at Singapore. It is pepping up its entrepreneurial activity and welcoming multi-national companies and investors to start a company in the region. Singapore is undoubtedly the best country for business. It provides you the perfect environment to flourish and strive.
The country’s taxation system is transparent and so is the legal system. It has a well developed infrastructure like special economic zones, communication channels, technology parks, economic parks etc. The labour is cheap and highly skilled.
Singapore provides various tax exemptions to new start-ups and small companies. It has a well defined and established tax system that’s completely online. The income tax on corporates is also quite low as compared to many developed and developing economies around the world. The companies only have to pay corporate tax @ a flat rate of 17%. There are no cesses or other taxes applicable on it.
Company incorporation in Singapore is quite easy. To newly incorporated start-ups, the Government provides a tax exemption of 66% on first $300,000 earned in the first year of incorporation. They only need to pay tax on 33% of their profits. Similarly, the government also offers partial exemption of around 56.5% on first $390,000 earned by the company.
Another way the Government assists entrepreneurs is by preventing double taxation. It has taken the initiative and entered into a number of contracts/ treaties with various countries to prevent double taxation and reduce tax burden.
Global Investor Program
Singapore Government has started an initiative named Global Investor Program wherein it provides permanent residency or citizenship to potential foreign investors who can invest at least $2.5 million for a period of 5 years or more. The program is started by Contact Singapore. This is a way the authorities search for serious investors and award them with permanent residency.
ACE Start-up Grant
ACE Start-up Grant is one of the most promising grant offered by SPRING Singapore. The Action Community for Entrepreneurs (ACE) grant is for new start-ups and provides funding to entrepreneurs. You can raise a maximum of S$50,000 from it. Through the grant an entrepreneur can raise S$7 for every S$3 he contributes. The eligibility criteria for the grant are:
- A new start-up venture
- Must own at least 51% equity
- Must be a key managerial p
- Personnel and work on full time basis
- The company must be 0-6 months old.
The main criteria behind allotting the grant are the concept, business feasibility, potential market and specialization.
Idea Inc. Challenge
The Idea Inc. Business Challenge is conducted by SPRING Singapore along with Nanyang Technical University (NTU). It is offered to entrepreneurs between the age of 18-26 years. The cash grant of S$65,000 is awarded to the winner. The eligibility for the grant is:
- A new entrepreneur
- A team of minimum 2 and maximum 6 participants
- At least 1 member must be a resident or citizen of Singapore
- Participants must be of age 18-26 years
- Ready to incorporate a private limited company in Singapore.
Technology Enterprise Commercialization Scheme (TECS)
The grant is managed by SPRING Singapore and an entrepreneur can raise as much as S$750,000. The grant is available to start-ups in their early stage of the venture. The grant can be availed in two stages, viz. Proof of Concept (POC) and Proof of Value (POV). The grant under POC is capped at S$250,000 while POV is capped at S$500,000. The application process is rigorous. In order to qualify for the grant one needs to undergo a thorough check.
There are various other grants and incentives provided by Singapore Government and other organizations to lure potential investors. Singapore is a heaven for businessmen as it provides a variety of resources. To get more information about other schemes visit us at www.acctrust.com.sg. You can also schedule an appointment at +65 6635 2171. Get in touch with us today to know more about grants.