There are many different ways you can upgrade your incorporation, and it is important to be informed of all the different avenues for doing so. Ideally, you should work with a lawyer who can advise you on the benefits and drawbacks of all your options. However, in this post we will go over some of the best methods for Singapore Business incorporation Singapore.
Singapore is one of the most robust economies in Southeast Asia. It provides a stable commercial and legal environment to help all businesses succeed. These 15 ways can get your Business incorporation Singapore.
1. In-house Incorporation Solutions
The first and best strategy for incorporating in Singapore is to have a corporation set up right in your own company. This can be done by either having an employee or an outside service company help you with the process. You will require capital of about S$1000 for operational expenses. For more details on this method, refer to the article ‘How to Incorporate a Company in Singapore’.
2. Make Use of Payroll Tax Refunds
Another way to raise your Singapore corporate income tax is to use Singapore’s payroll tax refund system. This requires a small fee, and can help you avoid paying corporation tax which may sometimes be higher than the value of your income.
3. Make Use of Capped Personal Income Tax
While Singapore’s personal income tax rates are quite high, there is a maximum amount that can be taxed. Your Business incorporation Singapore will be taxed at 17% if your income is more than S$320,000. For incomes between S$320,000 and S$330,000, you will be taxed at 20%. Income over S$330,000 will be subject to 30%.
4. Make Use of Local Financial Markets
You can participate in local stock markets such as the Singapore Exchange (SGX). This is a great option because it allows you to gain access to the corporate infrastructure of one of the best developed stock markets in Southeast Asia.
5. Make Use of Direct Investing
While this is an investing strategy and not a way to incorporate, it is worth mentioning that investing into off-shore enterprises and private companies can be done through direct investment platforms. This can be set up with a Singapore incorporated company and is referred to as “Singapore direct investment”.
6. Going Public
If you want to expand your business over time, incorporation in the US is one of the best ways to do so. This is because US companies have a higher chance of going public. This can help businesses with growth potential raise capital for expansion and acquisition opportunities.
7. Make Use of Singapore’s National Research Foundation
If you want to engage in research and development activities, you can apply for financial support from the National Research Foundation. Through this, you can improve your business competitiveness in a global market.
8. Make Use of Government Procurement
This is a tricky one because it requires a lot of bureaucratic red tape. However, if it comes off, it can be a great way to get government contracts.
9. Partnership
Partnerships between Singapore-based companies have grown rapidly over the last few years thanks to improvements in collaboration platforms and the Master Plan for Ease of Doing Business. This can be a great way to get government contracts, raise cash for expansion and make use of each other’s resources. However, this is only possible if you have a business partner which has its own Business incorporation Singapore.
10. Make Use of Singaporean Trade Agreements
This is a good option if you want to enter an entirely new market. Singapore has trade agreements with over 45 countries in the region, as well as agreements with 100 Asian countries. Through these ties, you can get access to local markets from which you can expand your business.
11. Take Part in International, National Or Regional Events
If you want to engage in international events, such as exhibitions, conferences and market visits, this will help raise visibility for your business. It is important to find out about the level of competition for these events before going ahead with them.
12. Play the Stock Market In Singapore
This can be considered a risky endeavor because it involves capital risks and short-term fluctuations in stock prices. However, it is a good option for stocks and other financial instruments in order to generate short-term capital, as well as long-term gains.
13. Seek Assistance from the Singapore Business Incubators and Accelerators Association
The Business Incubator and Accelerator (BIA) model was created by Singapore government to help small companies reach their full potential. It is a good option for small businesses trying to get market traction in the early stages of their operation.
By registering with the BIA, you can make use of a wide range of services and programmes for your business. These include workshops, conferences, in-house training, mentoring and advisory programs.
14. Brand Singapore
Branding is a great way to set yourself apart from the competition and build brand loyalty. It can help create a sense of community between your business and customers as well as help recruit staff members who identify with your vision.
15. Send Your Business Representative to the US
This will help you get a first-hand view of how your business can be conducted in the US. This can allow you to make plans for future expansion and take advantage of some of the best practices that American companies have incorporated Business incorporation Singapore