At flag theory, we help you locate the best places to structure your business and your life. We choose strategic jurisdictions from a holistic perspective that takes into account variables such as incorporation, business markets, taxation, intangible assets, residency and citizenship, which we refer to as flag theory; so that you can protect your business, and grow your wealth.
Singapore has enormous potential for start ups and Internet entrepreneurs from ALL over the world. Singapore is the very best place to start and grow a business. The country fosters entrepreneurship, and the government supports the free market. The government, and indeed most of the people in Singapore are intelligent, and the place is truly a utopia – about as close to perfect as you can get.
Singapore is the hub of Asia. Home to the busiest port in the world, a full 15.5% of the percentage of the city state of 5.2 million people who reside full time in Singapore are millionaires. Compare that to Switzerland, the next highest at 9.9, Hong Kong, 8.6% and the United states at 4.5%. Singapore does have only about 5 million citizens, but there are also more billionaires in Singapore than anywhere else in the world.
House prices in Singapore almost invariably trend up, and the Singapore dollar is rapidly appreciating. Hospitals are regarded as the best in Asia, and medical tourism is prevalent as the rich in China seek to find the best care possible no matter the cost. Although the services in Singapore are some of the best in the world, the city has extremely high cost of living, particularly with housing. However, the Government has subsidized options for citizens and PR’s, and despite the higher costs in some instances, those living in Singapore enjoy a great quality of life.
Clear tax scheme
One of the most advantageous parts of doing business in Singapore is the clear and transparent tax scheme. Singapore has a territorial tax regime, which means that (in general) you’ll only be taxed on business that takes place in Singapore. If you operate your Singaporean company in Singapore you will be taxed at a flat corporate rate of 17%.
Business Entities and Asset Protection The most common business entity in Singapore is private limited company, often shortened as Pte. Ltd. Singapore is the best place in the world to incorporate if you are an internet entrepreneur. For the entire process of Incorporation, and a detailed outline, please download our guide on Singapore Incorporation and citizenship.
One difference between singapore and other jurisdictions is that a local address and resident director are needed. They do not need to own a % of the company, so they can function as a nominee if needed. Many companies charge S$2000 per annum for this service.
Venture Capital and Players with Money There is obviously no shortage of people with cash to invest in Singapore. There are many different government grants, incubators, accelerators, private equity funds, and banks who can provide financing for your business at every stage of development. Financing is a core component in any business – and Singapore provides the best alternative investment market in the entire world. However, for all the talent and money that is oftentimes supplied by fund managers – there is a distinct lack of entrepreneurial talent for early stage startups. It has been said that Singapore lacks “true entrepreneurs”. This may or may not be true – but the government, and private enterprise is brilliantly attempting to revise this sector and make Singapore the leading country in the world when startups look to expand with equity financing.
Courts in Singapore is a common law jurisdiction, with courts that are known for being speedy. Compare this to another major sourcing country in the region, the Philippines, which has ultra slow processes on court proceedings. Or other countries such as China, Thailand, Malaysia etc. which are not common law, and documents are not written in English and foreigners may experience difficult dealing with local authorities or court proceedings For entrepreneurs who want boots on the ground sourcing from the vast resources in south east Asia, the Singapore court system can give you a confident backing for hiring, clear laws, and a good government with low corruption levels. For many high tech start ups, proprietary software and employee non-competes are a relevant objective. The litigious nature of the United states makes this an obvious possibility.
Singapore is the very best place in the world to start a business. If you’re interested in this process, reach out to me through the contact tab to the right and I’ll put you in touch with the right people.