Singapore is not only one of the most unusual and beautiful countries in Southeast Asia, but also one of the most stable economies in the world and almost an ideal place to do business. Convenient location, stable legal system, developed financial infrastructure create a favorable environment for attracting foreign capital. The tax regime, which has a number of benefits attractive to foreign businessmen, also contributes to the attraction of business investment.
Guarantees of investment safety, duty-free withdrawal of profits, absence of double taxation and some other tax incentives help to attract foreign business to the country.
Singapore has tremendous opportunities and economic potential to open and successfully run almost any type of business. The most profitable and in-demand business areas at the moment are:
Singapore derives most of its revenue from the tourism industry. Tourists are attracted by the natural beauty, ecological purity and warm climate of the island, as well as carefully preserved historical sights. In addition, Singapore is known for its annual festivals, carnivals, as well as grand sales for which many people come.
A developing area of the tourism business is business tourism, most often aimed at getting to know the conditions of doing business and finding objects for investment. The country's tourism business continues to develop actively and therefore, despite the competition, it makes sense to open your own travel agency for organizing the rest of numerous tourists. Opening a new interesting place for tourists or any other extraordinary idea can bring a good income.
A promising direction for starting and doing business in Singapore is the service sector. The constant influx of tourists into the country makes the hotel and restaurant business very popular. Moreover, not only large hotel complexes are in demand, but also small and cozy mini-hotels and even churches.
Running the hotel business in Singapore is subject to a number of rather strict standards for the arrangement of hotels and tourist services, but it is thanks to them that the country's hotels are considered one of the cleanest in the world. The catering, entertainment and beauty businesses are some of the promising businesses in Singapore.
Registering a business in Singapore in 2020 remains as attractive and profitable as it was a few years ago. A lot of materials posted on the Internationalwealth portal are devoted to this topic. nfo. So much so that our regular readers, having read the headline, probably sighed in doom with the thought "Well, Singapore again ...". Yes, again. When we have the opportunity to offer our clients especially profitable services, we will talk about them over and over again. Moreover, in 2020, when the coronavirus pandemic, which coincided with another 12-year crisis, provoked a serious revaluation in the global economy. It is to this topic that we want to devote this material.
But first, we want to remind you, dear readers, that Singapore owes its current position not only and not so much to the hard work of local residents or the competent policy of the government. In many, if not all, thanks for its current status as an economic and financial leader, the country owes its first prime minister, Lee Kuan Yew. The man who turned a backward and poor former British colony into a prosperous state.
The methods that were used at the same time caused (and still cause!) heated debates, since they cannot be called humane in any way. Officials who disagreed with the new rules were fired from their posts. Sometimes they were imprisoned. Sometimes they even put them up against the wall. Or they went missing. Probably, such methods in the 21st century could really be called barbaric. But they were the ones who helped Singapore become truly great.
Lee Kuan Yew himself by the end of his life acquired many enemies, turning for some into a deity, for others - into a tyrant. Absolutely polar opinions with no halftones. Either black or white. Probably the way it should have been. Judging people of this magnitude is given not to their contemporaries, but to their descendants. But something else is interesting. When the Great Premiere fell on March 23, 2015, a 7-day national mourning was declared in the country. And even the sworn enemies of Lee Kuan Yew expressed their condolences (not formal, but sincere, human). As they say, feel the difference ...
Returning to our text, we want to note that this historical excursion has a very mundane explanation. With its help, we tried to prove to you that belief in one's own righteousness and focus on results allows in many cases to “ignore” logic. And if you are told that the conceived project is unrealizable, that Singapore is a difficult jurisdiction for a stable business from scratch, do not believe it. It is possible (more than likely!) That this is true. But you have every right to try. For our part, we will do everything to make everything work out for you.
In the context of this thought, it is pertinent to give one historical analogy. On January 1, 1962, an unknown band auditioned for Decca Records. Dick Rowe, head of the artist recruiting department, decided that such music was not interesting to the general public, therefore it was commercially unpromising. But brash newcomer manager Brian Samuel Epstein believed in the guys and kept pounding labels. And in the end he got his way. The group that Dick Rowe "rejected" was called The Beatles. This refusal was the biggest mistake in the history of popular music.
You can contact our experts by e-mail (info @ offshore-pro. nfo), or in any other way, which are described here.
In English, the corresponding terms are much more informative and vivid. It is they (pro business/pro growth) that are called the main factors of Singapore's success. They do not indulge business here, do not attract investors with zero taxes, do not guarantee complete anonymity or the ability to open a company in 2 hours without any "unnecessary" questions. All these features of "pure" offshore companies of the 1990s era are not present here. The country is attracted by something else - the orientation of legislation, government and public attitudes towards promoting business and constant growth, regardless of the current political situation, the balance of power between the great powers or global economic difficulties.
In other words, they will not, figuratively speaking, take you by the hand and lead you through all the stages of business development, but simply will not interfere. If necessary, they will help with capital, protect them with the necessary laws and will not "flood" the company with excessive taxes. Simply put, they will create the very conditions for business and growth that we have made in the subheading.
The same arguments can be made when the conversation touches on Singapore's interest in highly skilled professionals. This tendency is not so pronounced, but, nevertheless, it is present in the life of the city-state. If you have a working profession, or do not have a sufficiently high qualification, there is clearly no need to talk about comfortable immigration. Even obtaining a long-term visa will be a problem.
But if you are truly an expert in any field and have the knowledge and experience sufficient to compete successfully with “ordinary” people, a bright future awaits you in Singapore. And not sometime in 5-10 years, but, figuratively speaking, here and now. This approach is generally not quite typical for Asian jurisdictions, but it nevertheless gives excellent results.
Online business in Singapore is a real opportunity to enter the business world of the entire Asian region and firmly gain a foothold in it. The procedure for opening/registering a company that will work through the network is simplified as much as possible. The laws governing online business are well thought out and understandable. Singapore has a developed business and information infrastructure, the market is actively developing, legal services of nominee services (director, shareholder and company secretary) are available to business people.
Basic Benefits of Running an Online Business in Singapore:
If you don't have a working idea, registering a company in Singapore for online business makes no sense. The Internet and network infrastructure is only a way to implement a specific project. If you are unable to offer the customer a product, service, or service that he needs, the market will swallow the new company.
It often happens that our client wants to invest free funds in a business, but he does not have a clear understanding of how to proceed. In this case, we will work out several of the most promising options, discuss them with the customer and offer specific business implementation schemes.
It is almost impossible to do it independently, without knowing the peculiarities of Singapore, its market, the mentality of its inhabitants. Therefore, before starting the registration of a company for online business in Singapore, discuss the situation with our experts. The best way to do this is through an individual consultation (complete confidentiality is guaranteed). Email for communication - info @ offshore-pro. nfo.
When you have a working idea, you should draw up a business plan. This is not a panacea and not a detailed algorithm for further actions. First of all, a business plan is a roadmap for future actions, and registration of a company is only the second point of what needs to be done. We'll talk about the first one now.
Answers to questions you should know before (!) registering a company in Singapore:
When all this is done, make the necessary adjustments. Let the direct registration of a company in Singapore happen a little later, and you will spend "extra" money. But you will do everything possible to make your business successful. This approach does not guarantee success, but it significantly reduces the associated (inevitable) risks.
It is not possible to register an online business in Singapore on your own. Therefore, you need to get a minimum of real knowledge, and it is better to do it BEFORE registering, and not during it. If you do not accept risks and are accustomed to the maximum predictability, contact the experts of the International Wealth portal. This option is the most optimal.
Vitaly Nechaev was born in Ussuriisk, studied in Kaliningrad and abroad, and in 2012 he took a chance and moved to Singapore. “I was lucky to find a job before moving, otherwise it would have been difficult,” he says. Two years later, he opened his own business. His company Vostok VR provides VR services to clients such as Visa, Johnson & Johnson, Uber, Petronas Malaysia: "In 2014, there were few offers on the market, there were no big players, which opened up opportunities for small companies like ours."
Vitaly told Rusbase about the local mentality, the difficulties of learning the language and the peculiarities of local laws, which, on the one hand, make it easier to do business, and on the other, create difficulties for expats in their work.
I am 33 years old. I was born in Ussuriisk, and after graduating from the Suvorov military school I moved to Kaliningrad, where I studied at the European Business School at the Faculty of Economics (now EBSh IKBFU. - Approx.). Kaliningrad differs from the rest of Russia: almost every Saturday-Sunday people go abroad for coffee or shopping.
My program also included six months of study in Ireland and Germany, where I improved my English a lot and learned German from scratch. I was 18 years old. I didn't stay in Germany, although I really wanted to. Without start-up capital and a local diploma, starting a business or getting a job would be difficult. In Russia in the 2010s, there was a movement, a large and dynamic market - although the economy was unstable, it made room for the creation of its own services and start-ups.
I decided to move to Singapore amid the December 2011 protests. Then there was the anticipation of change. In the spring of 2012 in Moscow, I had job offers from Xerox and SAP with a high salary, but political changes did not happen - and immediately after the elections, on March 5, I sent my resume to my former colleagues with the words that I was moving.
Half an hour later, one of them wrote that he had an HR acquaintance in Singapore. So I found a vacancy for a Russian-speaking specialist in the sale of supercomputers.
I quickly passed the interview and within a couple of days I received an offer with a salary twice as high as I expected. It's not the biggest salary on the market, but I was a 26-year-old with almost no overseas experience. I think my boss was bribed by the words that regardless of the outcome of the interview, I would still go to Singapore. Isn't this a spirit to win?
It wasn't scary. But there was uncertainty - I didn't understand what Singapore was. Then I thought it was part of Malaysia. I moved in 2012: at that time there were much more quotas for foreign employees than now.
The fact is that out of five million Singaporeans, three are indigenous and two are expats. Another 300 thousand Filipino housekeepers and half a million workers from Pakistan and Bangladesh. All this creates competition in the labor market, a load on public transport, and increases the cost of housing.
Now the government is tightening the screws and wants to show that "Singapore is for Singaporeans", so quotas for foreigners are decreasing. Many have left because of the coronavirus. The government creates conditions for the most qualified personnel to remain. If you don’t wait, you simply don’t get your work permit extended - this happens to people who have worked here for a year or 10 years.
Before moving, I handed out most of the stuff. I remember even giving my down jacket at the airport to a security guard who was cold. Upon arrival, I temporarily rented a room for a month for 500 SGD, and then moved to an apartment that I shared with a colleague for 2,500 thousand SGD (one Singapore dollar is equal to about 54 rubles, the rate at the time of publication. - Approx.). Our house had a fitness room and a swimming pool.
Which jurisdiction to choose for starting a tourism business? Where are the best conditions for starting your own business and running it? Which country is surprisingly combining a high image with a favorable and flexible tax system? The answer to all these questions is the same - choose Singapore. It is also worth noting that the tourism industry in Singapore, where Offshore Pro Group proposes to establish an online firm, is a fast growing business area, attracting more and more entrepreneurs and investors due to the growth in the number of tourists.
Singapore is a jurisdiction recognized by the global business community and rating agencies as the best for doing business. This was facilitated by many of the country's advantages, including a free and at the same time stable market economy, political and financial stability, a tough and at the same time transparent regulatory framework, a strong foreign exchange market, the absence of bureaucracy and one of the lowest levels of corruption in the world. In addition, the strategically advantageous geographical position of Singapore makes it ideal for entering the markets of Asia, the CIS countries, Europe and America.
Don't forget about Singapore's amazing tax system, which is distinguished not only by a low 17% corporate tax rate compared to other Asian onshore jurisdictions, but also by a host of tax incentives and incentives. Tax incentives for startups alone attract large numbers of entrepreneurs. Innovation tax incentives motivate experienced companies to locate their R&D offices in Singapore. The jurisdiction's tax system provides a large number of different incentives, benefits and grants, which can be found in the material Specific Incentive Tax Credits in Singapore for Various Businesses.
The advantages of Singapore in terms of tourism business:
Today, Singapore has tremendous business opportunities in the entertainment sector, contributing not only to the development of tourism, but also being the most important direction in attracting foreign investment. The tourism sector is one of the main components of the income of the country's economy. What is it that attracts people to Singapore? Firstly, the unique beauty of the island, where the business center of Asia is miraculously combined with a preserved heritage structure, a developed and modern transport infrastructure with parks inhabited by unusual and rare species of animals, birds and marine life. Secondly, there are annual sales, where you can buy goods at a very affordable price. There are many other reasons to visit such a beautiful country as Singapore.
According to the data for the first half of 2016, over this period, Singapore was visited by 8,169,192 people who spent 28,241,401 days in the country, which is 12.5% higher than in the first half of 2015 and 4, 5% respectively. At the end of 2014, the budget received 23.6 billion Singapore dollars from tourism, which is more than in 2010, equal to 18.9 billion Singapore dollars. Of the total amount of tourists spending on sightseeing, entertainment and games accounts for 24.7%, accommodation - 22.5%, shopping - 17.4%, food and drinks - 9.6%.
In addition to statistical information indicating the growth of the tourism sector, I would also like to note the work of the Singapore Tourism Board (STB) to identify and study the country's investment opportunities for the implementation of tourism projects, therefore, to support the development of new exciting and vibrant proposals.
The process of registering a legal entity in Singapore takes about 5 days and includes several stages.