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Why Singapore Is The Best Place In Asia To Set Up A Company In 2017

The following article is an interview we have done with the company incorporate professionals at Director Plus. They are the top Singapore company incorporation service provider who assist business owners to set up their business in Singapore. Through their years of business experience in Singapore, they shared with us some reason why 2017 is the year to form up your Singapore firm.

If you are hoping to start a company in 2017, finding the right place is a critical first step. Singapore has for years been lauded as a hub for business, and one of the world’s hottest start-up ecosystems. With more than 3,600 active start-ups, the country is ranked second in terms of business funding. The country is projected to experience rapid growth in the coming few years than previously expected. This is attributed to a number of factors, including political stability, ease of setting up a business, attractive taxes and flexible immigration policies.

We have rounded up 6 reasons why the global business community should consider investing in Singapore in 2017.

why-you-should-invest-in-singapore

A Gateway to Southeast Asia

Often referred to as economic powerhouse of Asia, Singapore has its roots as a business port connecting East and West. A commercial and financial hub, Singapore is accessible by companies to the major Asian markets. Also, the best airport in the world – Changi Airport – serves more than 80 local and international airlines carrying millions of passengers to different cities every single day. A number of leading logistics companies are also based in Singapore ensuring that business connectivity as well as cross-border trade run smoothly.

Ease of Company Incorporation

Well-known for its business friendly environment, entrepreneurs can easily turn their ideas into business and get significant profits in the country. Setting up a company in Singapore is fast and easy, although the government has stringent rules to ensure legitimacy of the business and to maintain the country’s reputation. If all the documents are in order, the process can take 10-15 minutes. Realize that you may have to wait for 14 days to 2 months if your application needs to be passed to other government agencies for review or approval.

Attractive & Flexible Tax Policies

Singapore boasts one of the world’s most efficient personal and corporate tax regimes. People who are tax resident in the country have personal tax liability starting from 0% and goes up to 20% for income that exceeds S$320,000. While corporate tax is capped at 17% on the basis of the company’s income, the effective tax payable is much lower taking into account the many government incentives, schemes and subsidies. Add to it, 75 double taxation agreements and you will realize the reasons why thousands of multinational are headquartered in Singapore.

Government Support

Singapore is known for a smooth-running bureaucracy, which works flawlessly to help startups thrive. The government is one that passes laws, decides priorities and sets rules using a rational methodology. The government also provides loans and grants to new start-ups and existing corporations in Singapore. Examples include SPRING Singapore which offers micro-loan programs, loan insurance scheme, Local Enterprise Finance Scheme and Start-up Enterprise Development Scheme. This is owing to the Singapore’s progressive nature and its hunger to become the region’s economic powerhouse.

Access to Skilled & Low-Cost Labor

We have heard a million times that a skilled labor force is a key factor for a successful business. Being a knowledge-based economy, Singapore boasts an educated and professionally qualified labor force. The workforce is both multicultural and international, attracting experts from all the four corners of the world. Unlike other countries, Singapore has no labor trouble and no minimum wage rules, making it an ideal place to incorporate a company. Although it should be noted that employers must pay Skills Development Levy (SDL) and Central Provident Fund (CPF) contributions for their employees.

Transparent Business Haven

Clear-cut rules, simple and effective laws, the best protection of intellectual property, speed and scalability are what you should expect in Singapore. The courts are under a common law jurisdiction, meaning they will handle your case fast and professionally. Compare this to other countries in the region and you will realize why some 8,000 multinationals are based in Singapore. Furthermore, the country works on a system that most countries are acquainted with in terms of culture, language as well as legal systems. It is one of the best, if not the best place to set up your company in 2017.

Final Verdict:

Singapore is one of the world’s largest financial centers. Being a leading financial hub, it offers an attractive place for the incorporation of companies. If you are considering setting up a company in the region in 2017, then Singapore is an excellent place to turn your ideas into money.

 

 

 

 

What is entrepreneurship all about and how can you be one?

Entrepreneurialism is one of the most important concepts in the economy. Simply put, entrepreneurship refers to the capacity and willingness to generate a business idea, develop it to a venture and manage it to become a viable business venture; entrepreneurs take risks to make profits from the business developed. Entrepreneurialism results to the development of large business ventures as well as medium and small businesses but all are developed by entrepreneurs thus entrepreneurialism does not only lead to the creation of international and large business, it also comprises of the small businesses. Entrepreneurs play a critical role in the growth of any economy; it is at the heart of development. Becoming an entrepreneur enables individuals to better their lives by creating themselves a reliable source of livelihood while making growth contribution to the economy.

It is the dream of many of the people to become successful entrepreneurs. The process of becoming an entrepreneur is not a smooth one, the first obstacle that hinders most from becoming an entrepreneur is the risk involved and the second major obstacle is capital. The objective this guide is to guide you through the process of becoming a successful entrepreneur. In this guide, we will look at what makes entrepreneurs successful and also the reasons that lead to the failure of startups as well as entrepreneurs. We will also highlight the process of developing successful product/service and introduce it in the market.

The concept of entrepreneurship should be approached with due diligence, every single step counts. Becoming an entrepreneur means resolving to solve a specific problem at a profit, this means you will be offering a solution and people will be paying you for it. The process of becoming an entrepreneur involves the following steps.

1. Generate a Great Idea

This is the initial stage of becoming an entrepreneur. The idea that you choose significantly determines whether your venture will be successful, most of the time it is ideal for an individual to choose an idea that they are passionate about. The process of idea generation requires you to highlight some ideas that can be transformed into a business. After generating a number of ideas, now you come to the second stage which involves ideal evaluation. Evaluate the different ideas depending on their viability and their likelihood to become successful in the chosen market. A good idea should be acceptable in the market, offer a solution to customers and be able to compete in the chosen market. The idea you select should be financially viable; this means that the cost to finance it should be less the expected returns and hence capable of generating profits.

2. Make a Plan

Developing a strategy is an essential step in becoming a successful entrepreneur. A plan requires that you do extensive research, collect market data and use the data to make a data-driven market and product development decisions. The plan should highlight different strategies to introduce the product n the market and make it competitive. A marketing plan should be drafted to act as a guide in the process of making the products famous in the market. Pricing strategy and promotion strategy should be outlined.

3. Get Marketing Right

Marketing is one of the critical business function for newly developed products or services; it should be approached with due diligence. Marketing is crucial to the success of new brands, getting it right will help you in introducing your brand in the market and creating awareness.

4. Get a Mentor

The whole idea of entrepreneurship is derived by the creativity but borrowing to the already developed principles that have been tested and known to be effective. Using your creative idea then aligning them to some of the successful business principles is the reason you should get a mentor.

Entrepreneurs are known to have some particular traits. Below are some traits and characteristics of successful entrepreneurs.

  • Risk takers. Most entrepreneurs who are successful today took significant risks to get their ventures to where they are now.
  • Determined
  • Hard working
  • Know how to network
  • Passionate about their work
  • Leadership qualities
  • Highly motivated
  • Have a competitive spirit
  • Creativity

The above are some of the traits of successful, although every entrepreneur doesn’t possess each and every trait it listed above most have these or some of these traits.

Adopting and following the above process will help you in becoming successful and avoiding probable pitfalls that make most of the entrepreneurs fail.