In order to attract more foreign investors, Singapore’s government offers a variety of tax incentives for businesses such as Corporate Income Tax, Double Tax Deduction for Internalization and Tax Exemptions scheme.
The country was nominated as the #1 best business environment in the Asia Pacific and the world in 2019 (The Economist Intelligence Unit) and the top of the Global Competitiveness Index 4.0 after overtaking the United States (The Global Competitiveness Report, 2019).
The company formation process in Singapore is considered easier and quicker than other countries, the process takes one day to complete given all the required documents are submitted. The process becomes simpler and more convenient when applicants including foreigners can submit their application forms through the internet on-line.
Singapore strongly supports free trade and engagement with the global economy. Over the years, the country has developed its network of Trade Agreements within over 20 bilateral and regional FTAs and 41 Investment Guarantee Agreements.
Singapore has known as the most friendly-environment country for businessmen and investors. The Singapore government has always improved its policies to support businesses.
In 2020, in order to prevent the effects of the COVID-19 virus crisis to the economy, Singapore government will introduce a Stabilisation and Support Package worth $4 billion Singapore dollar to help local workers and Singaporean firms, including:
Jobs Support Scheme: Singapore government support enterprises by reducing the employee cost, for every local worker, the government will offset 8% of the wages, up to a monthly wage cap of $3,600, for three months.
Corporate Income Tax Rebate: for corporations in 2020, at a rate of 25% of tax payable, capped at $15,000 Singapore dollar for each company, with the total cost amounting $400 million.
Moreover, the Government will enhance several tax treatments under the corporate tax system for one year.
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