Singapore's immigration policies make it very easy for businesses to draw on resources from outside of the city to accomplish their move to the region. Besides the standard Work Visa that is easily available, Singapore's liberal immigration policies make procuring a Permanent Visa quite easy as well.
Remember to register and reserve the name of your business with the Singapore Accounting and Corporate Regulatory Authority (ACRA) before you move your business there. No company can be registered as a business with ACRA unless its name has been reserved and approved beforehand.
Singapore offers low corporate and personal tax rates, ensuring that your business will thrive there. Businesses which make profits below the SGD 300,000 mark are taxed at 9%, while all businesses that make above SGD 300,000 are taxed at a maximum of 18%. As added benefits, the Singapore tax system does not include any corporate gains tax and functions on a single tier system. This means that once businesses are taxed, they are free to dispose of the dividends to their shareholders, tax free. Singapore is also home to one of the lowest Goods and Services taxes in the world. GST in Singapore is capped at 7% as opposed to the 16.4% average GST being charged all over the world.
Singapore has one of the most transparent and efficient legal systems in the world. This ensures that all disputes are settled and all legalities taken care of as fast and as well as possible, with minimum expenditure. Regulations as to minimum wages and working hours are well defined to cause minimal confusion. Ensure that you comply with all of these policies when you move your business to Singapore.
Hiring local employees would require your business to register with the Central Provident Fund (CPF) and contribute to it. If you plan on bringing in foreign employees, you will need to obtain a Work Pass from Singapore's Ministry of Manpower.
Based on what type of business you start in Singapore, relevant licences and permits will need to be obtained.
When moving to Singapore it is also necessary to respect the region's business culture and traditions, in your interactions with the people there. There are traditional ways of greeting Singaporean entrepreneurs of Chinese, Malay and Indian origin, but the handshake is acceptable as a form of greeting with all businessmen. Also keep in mind that the Singaporeans are extremely cautious businesspeople and never make hasty business decisions and believe in building long lasting relationships with their partners in business. Losing your temper or replying in the negative rather than promising to consider suggestions that are on the table are some of the ways to ruin business ties in Singapore. Maintaining a calm demeanour and keeping your tone gentle on the other hand, will help your business succeed.
Paul writes for the Cardiff Freight company and about Freight rates to Singapore.
Author: Paul Symonds
Article Source: EzineArticles.com
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