Currently, business in the world is growing, including in Singapore. Singapore is already one of the most developed business countries in the world. Information about business in Singapore can be accessed through Tribe Singapore site. On the site there are various articles that provide information about business in Singapore.
How Are Business Conditions in Singapore Today?
Singapore is getting more advanced because its business is always growing over time. Singapore’s geographical conditions are very supportive of trade on international scale. Lots of the latest items from Europe and America that end up being sold in Singapore.
This indicates that Singapore has become a trading center in the modern era. There are so many business people from various countries who want to eventually develop their business in Singapore, because it has a high enough potential. If you are one of them, then you must know about information about business in Singapore.
Business Establishment in Singapore
There are several things that you must respond to when you want to determine a business in Singapore:
- Business Ownership
The first is about the ownership status of a business. The Singapore government grants foreign businessmen permission to have an integrated business for a limited private company. So, your membership wants to build a new business in Singapore, so you don’t have to bother looking for a business partner from Singapore.
This is of course quite different from other countries in the region around Singapore. Other countries around Singapore still apply minority shares for local parties. There should be at least about 5% -20% ownership for local parties that you want to need for business in these countries.
- Requirements for Setting Up a Business
The second is a necessary condition for setting up a business in Singapore. The Singapore government provides minimum requirements for businessmen from a country that is currently building a business in Singapore. Requirements to elect directors and secretaries, must have a special certificate and have 1-50 shareholders.
- Company Establishment Procedures
The third is the business process in Singapore. It can be said that the process of establishing a new business in Singapore will not take too long because the system is not too complicated. There is not much bureaucracy for establishing a new business in Singapore, which makes it easier and faster to register a business in Singapore. You can see it at Tribe Singapore Site.
The fourth is the labor employed by the company. The workforce in Singapore is very qualified. They have very qualified abilities because they have undergone a good education or training in Singapore. In addition, workers from Singapore are also proficient in English so they are easy to communicate with.
- Tax Liability
The fifth is the tax that must be accountable to the Singapore government. In Singapore, the tax rate must be low, ranging from 0% to 17%. Because Singapore is integrated with more than 60 countries in the world, foreign businesses can enjoy a VAT which is quite low at 7%.
Those are some things that need to be considered before you want to set up a business in Singapore. You have to pay attention to the things above that the business establishment in Singapore can run smoothly. If you want to find information about business in Singapore, then you can visit tribesingapore.com.