Starting a business in Singapore (2024)

Why choose Singapore?

Singapore is situated in the heart of Southeast Asia, enabling businesses to access a market of more than 600 million people. Recognised as a global financial hub that attracts and connects international corporations, Singapore’s extensive reach can be vital for companies looking to establish a regional or global presence.

Additionally, Singapore’s port is among the busiest globally. Strategically located at the crossroads of the main trade and shipping routes of the world, the country is classified as a premier international maritime centre.

Singapore has long earned a reputation as one of the world’s most advanced economies. Despite its small domestic market and lack of natural resources, Singapore successfully weathered through the financial crises of 1997 and 2008.

Today, Singapore’s economy is one of the most stable in the world, with no foreign debt, high government revenue, and a consistent current account surplus.

Singapore is known for its pro-business environment which attracts sizeable foreign investments. It is ranked among the easiest places in the world to set up and manage a business.

Singapore law also allows local corporations to be 100% foreign owned. Parent companies that form Singapore-based subsidiary companies can also enjoy the benefits of Singapore incorporation.

Among Singapore’s unique advantages are its low effective personal and corporate tax rates. The corporate tax rate is capped at a flat rate of 17% on a company's chargeable income. New companies may also take advantage of exemptions and tax breaks to pay even lower rates.

There are no capital gains taxes in Singapore, which follows a single-tier tax policy; for income that has been taxed at the corporate level, dividends can be distributed to its shareholders tax-free.

Singapore’s legal system is based on adopting English common law, as well as best practices from other mature legal systems, Singapore’s modified legal system has received global recognition for its efficiency and integrity.

Singapore’s commercial legal system is known for its fairness and impartiality, making it the natural choice of venue for dispute resolution, especially mediation and arbitration, and trial in Southeast Asia.

Singapore provides a robust intellectual property (IP) rights regime, backed by a trusted legal system and strong IP infrastructure. The government’s IP policy is attuned with the aim of encouraging innovation, creativity and growth of industry and commerce in Singapore.

In addition to registering a trademark in Singapore, Singapore businesses can also file for global trademark registration locally, as the country is a signatory to major IP conventions and treaties, such as the Patent Cooperation Treaty, Paris Convention and more.

Singapore has a world-class and productive workforce – a key ingredient for the success of any business. Continuous training initiatives have also been put in place to prepare workers for future challenges.

The country is renowned for being a multiracial society. Its citizens originate from diverse backgrounds, giving it the capacity to offer workforce solutions requiring multilingual and multicultural sensitivities.

Singapore provides a variety of visa schemes for qualified entrepreneurs and working professionals. The government is always looking to attract foreign investments and augment its local workforce with high-level talent from across the globe, which is in line with the flexible immigration policies of Singapore.

If you are an entrepreneur who needs to relocate to Singapore to run your business or hire foreign professionals, the government has established several work visa categories.