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Legal Entities and company registration in Singapore
The legend says that Singapore was given its name by a prince of a civilization in Jakarta. The prince travelled to Singapore seeking to expand his kingdom’s area of governance and upon stepping on the grounds of Singapore, he saw a huge creature resembling a lion. The prince named the island “Singapura”, which translates into “Lion City”, in Malay.
Singapore, officially named the Republic of Singapore is a sovereign city-state and island country in Southeast Asia. It lies off the southern tip of the Malay Peninsula and is 137 kilometers north of the equator. The country is highly urbanized, and little of the original vegetation remains. Known to be a great cosmopolitan city with its territory being under constant expansion, which is achieved through land reclamation.
Singapore today consists of world-class living environment, high rise buildings and gardens and it is currently inhabited by a vast variety of cultures and ethnicities coexisting in harmony.
Singapore is one of the world’s major commercial hubs, with the fourth-biggest financial center and one of the five busiest ports. Its globalized and diversified economy depends heavily on trade, especially manufacturing. It places highly in international rankings with regard to education, healthcare, government transparency, and economic competitiveness. Singapore’s legal system has its roots in English law and practice. With the arrival of the British, English law and customs were adopted.
Singapore runs on a pro-business environment basis, and has successfully managed to attract sizable foreign investments and business entrepreneurs worldwide with year-on-year increase in new company registration. Owning a company in Singapore among other things brings a certain amount of prestige with it. There are no difficulties in realizing your dream of turning your ideas into business and in addition receive substantial amount of profits. Contrary to many Western nations, the procedure of incorporating a company in Singapore takes merely an approximate of 1-2 days, thereby its government rightfully obtaining the reputation of being able to offer efficient time management and assistance when opening a company in Singapore.
Why form a company in Singapore?
- Strategic location of Singapore
- Singapore is rated #1 in the world by World Bank for ease of doing business
- Singapore is rated #1 as the most politically stable country in Asia
- Singapore is rated #1 as the best labor force in the world
- Singapore is rated #1 in Asia for quality of life
- Corporate tax rates are about 8.5% up to $300K profits and a flat 17% above that
- There are no dividend or capital gains taxes in Singapore
- There is no estate/death/inheritance tax in Singapore
- Personal tax rates start at 0% and max out at 20% above $320K