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Singapore government has recently come up with some good news for entrepreneurs planning to incorporate a company in Singapore.

It is every company, business and income earning individuals wish to pay lesser tax on the income earned. However, paying lesser tax and tax evasion is separated by a thin border, which can be costly if not dealt with carefully. Find out more on how to reduce your tax liabilities.

The Ministry of Trade and Industry (MTI), after the first quarter economic review has reported that the Singapore economy expanded by 15.5 per cent on a year-on-year basis in the first quarter of 2010. The Ministry has also declared that it will maintain the GDP growth forecast for 2010 at 7.0 to 9.0 per cent. The overall economic growth has also positively impacted the employment rates with more companies starting to hire in the first quarter.

Singapore is a fast city with many people bustling about trying to get on with the business of the day. There is a lot of movement and lights along the skyline. It is a great city to bring the kids as well with lots of thrill seeking action to experience.

Singapore is likely to emerge as Asia’s fastest growing economy with GDP growth rates soaring to unprecedented levels during Q1 and Q2 of 2010. Singapore’s economy is said to have grown 19.3% in Q2 2010 over the corresponding period in 2008, while Q1 growth was revised up to 16.9% from 2008. Singapore’s stronger than expected economic performance has prompted its central bank to raise its GDP forecast for 2010 from 7-9% to an impressive 13-15%.

It’s official, the Crisis of 2009 is over and Asia steams ahead, leading a global recovery. Projected growth rates here are twice as high as in the US or Europe. The Asian Pacific (APEC) economy now accounts for 40.

The hallmark of doing business in Singapore is that great emphasis is placed on executing high levels of corporate governance. Singapore’s institutions are constantly working towards building corporate governance and the recently announced measures by Singapore’s Accounting and Corporate Regulatory Authority, ACRA, demonstrates this vision. In a bid to encourage Singapore companies to voluntarily comply with regulatory requirements, ACRA has introduced three non-penal measures to tackle the issues of timely preparation of annual financial statements, holding of Annual General Meetings (AGMs) and filing of annual returns.

Singapore retained its #1 position as the economy that is most open to trade in the world, followed by Hong Kong, Denmark, Sweden and Switzerland. The Global Enabling Trade Index covers 125 economies worldwide and measures their institutions, policies and services that facilitate the free flow of goods over borders. It breaks the enablers into four issue areas: market access, border administration, transport and communications infrastructure, and business environment.

Most businessmen are alarmed to hear that 80 percent of small businesses fail within the first five years of being started. So why does this happen? The main reason why small businesses fail is poor planning.