subject: Stake Out Business Prospects on Your Holidays to Singapore by:Sam Walker [print this page] Who can deny the seductive charm of the pristine island nation of Singapore? With shopping and eating being the national pastimes, any one would love to make this place home. In fact, the idea is conceivable as Singapore abounds with business opportunities. The World Bank Surveys of 2009 and 2010 have ranked the country number 1 for foreigners who want to set up a business there.
Open Door Policy and Tax Rebates
There are countless factors that make business a pleasure in Singapore. For instance, the country permits up to 100% foreign shareholding. Added to this is the lure of easy filing and paying of taxes. Furthermore, corporate taxation is enormously lower than most other developed nations. In fact, from the assessment year 2010 onwards, Singapore's corporate tax rate would be 17%, which means the second lowest in Asia after Hong Kong. Even this rate is just nominally higher than Hong Kong's by an unbelievable 0.5%.
Flexible Labour Laws
In case, you have been toying with the idea of starting a business in some top notch destination, then it is a very good idea to book holidays to Singapore and do some sniffing around. You will find that almost every business related factor is conducive here. Highly flexible labour laws assure a hassle free work force. In fact, Singapore also holds the number one position in the World Economic Forum for being the most open economy for global trade and investment.
Cooperative Government Policy
Even the Government of Singapore does its best to encourage foreign investors. For instance, the Economic Development Board of Singapore provides a tax incentive for pioneer industries. Any industry can qualify for this incentive provided its scale of operation in Singapore is insufficient for the country's economic requirements, but promises future developmental prospects. Such industries get a tax relief right from the day of commencement of production to as long as it satisfies the criteria or for a period of 15 years, whichever being earlier. Singapore is also full of companies that offer a particular service called Singapore Business Services. As the name suggests, such companies assist a start up firm to ease into the new environment.
Ways of Conducting Business in Singapore
There are various ways of doing business in this country. One of the options is the 'no relocation to Singapore'. It simply means that you do not have to relocate and can run your business by appointing a Local Resident Director in compliance with the Singapore Companies Act. In other words, you can choose to visit your business only when you feel like taking holidays to Singapore.
The other way of doing business is 'relocation to Singapore', which can be broken up into two categories, namely, 'company set up + employment pass option' and company set up + Entrepass Application'. The first option requires you to obtain a work pass, while the other option gets you an Entrepreneur Pass. Both passes entitle you to multiple entries as well as long term stays in the country.
All in all, the picture appears to be rosy and Singapore is not likely to be a disappointment, as the country is reputed for its professionalism.
About the author
Experienced travel writer and editor, Sam Walker has been working with in the field of travel and tourism for 8 years He is consultant and expert advises on holidays to Singapore and writing various tips and advices on holidays and travel industry.
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