5 Things You Should Know Before Moving Your Business to Singapore
According to reports, Singapore is one of the best destinations for most expats. Most of them move to this state in search of the best destination for their businesses. A senior agent at Visa Express agrees that either moving your business or opening a branch in Singapore has many benefits. However, it is a process that calls for planning and adherence to some requirements. This article will focus on letting the readers understand the five things you should know before moving your business to Singapore.
Now that your business will be moving to a new location, there is a great need to understand the laws that will affect it. Even though most states operate almost under the same business laws, they can differ in one or many ways. The legal system in Singapore is corruption free, and the laws are straightforward. They require the business to meet the minimum set requirements to get the relevant permits. While recruiting, make sure that you adhere to the set employment laws to avoid revocation of the business permit.
Both macroeconomy and microeconomy will affect any business set in Singapore. The crucial thing to understand is that the state offers a free market and is one of the best in Asia. The market is one of the freest in the world and has few cases of corruption. While moving your business here, you will expect to fight for market share in an equal way with competitors but through acceptable means. Such means include marketing, strategic planning and production of superior products.
Singapore’s government has tried to create a tax environment that is conducive to the growth of both local and foreign investments. Reports indicate that the state ranks highly when it comes to the provision of a favorable tax environment. Taxes are surprisingly low for most while others are exempted. Depending on the type of business, investors enjoy some exemptions through the numerous treaties Singapore has signed with other countries. Most foreign businesses will always pay a tax of less than 20 percent at the end of every month. Just like in other legal procedures, it is illegal to disobey the law and not pay the set tax, and it may lead to revocation of the business permit. Some people have lost their businesses when they failed to pay taxes to the Singapore government.
Suppliers may supply you with raw materials or various services. Singapore’s people are free to discuss deals in the most professional ways possible. You can meet over coffee with new suppliers and quickly strike a deal. As a business person, you will meet few fraudulent suppliers if any. With an open and corruption free country, most new businesses settle quickly without many difficulties.
Almost all businesses will need some form of labor. While in Singapore, the labor comes from both locals and foreigners. Different business types have different guidelines on the ratio of local to foreign labor, and it is important to comply. Going against such regulations may lead to consequences.
Before moving your business to Singapore, make sure that the above points are noted. They will help in quickly settling down when the time comes to move your business.
This post is a collaboration with Visa Express who specialize in assisting with Visas to Singapore