What are the benefits in starting a business in Singapore?
I want to start a business in Singapore as it is regarded as the best. How would starting a business in Singapore benefit my business? What are the reasons to why I should start a business in Singapore? How much of a boost will my business get if I start my business in Singapore and what are there risks to this?
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Starting any kind of business is a risk but starting one in Singapore reduces those risks and turns them into opportunities. Singapore has a very robust economy with low tax and minimal corruption. Singapore also has low unemployment, low inflation and a very stable government. The maximum personal tax rate is 20% and the maximum tax rate for companies is 7% which is a good deal since the company gets to keep more of its profit. The infrastructure is great and a key component in any business is a strategically strong geographical location where Singapore is currently located. There are many more factors to consider but almost all leading to the positive direction.
I think the biggest benefit is the low tax rate. Singapore has some of the lowest personal and corporate income tax rates in the world.