As the republic climbs two spots to rank as the world’s fourth most desirable place to live and work, Singapore company registration specialists Rikvin expresses confidence that more entrepreneurs will be compelled to set up a Singapore company in the near future.
The survey conducted by the recruitment firm Hydrogen and business school ESCP Europe, noted that multinationals and foreign venture capitalists are showing more interest in Singapore company formation.
The report – which interviewed 2,353 people globally – also noted that Singapore is an attractive relocation destination for expatriates, as 88% of those surveyed felt that their living conditions have improved after moving to the city-state.
Meanwhile, the three most popular places to live and work remain the United States, United Kingdom and Australia.
This is an additional feather in our cap. Singapore work visa policy, along with affordable rental rates, cleaner environment and Singapore corporate tax rebates offered through the Productivity and Innovation Credit (PIC) Scheme, already makes it a preferred business destination,” said Mr. Satish Bakhda, Head of Rikvin’s operations. “Now, with one of the world’s best living and working environment, employers here will be spoilt for choice among the top professional talents.”
Notably, the World Bank has ranked Singapore as the easiest place to do business for six consecutive years. Recently, the Economist Intelligence Unit has also ranked Singapore as the world’s third and Asia’s most competitive city due to its ability to attract businesses, capital, talent and tourists.
Further to it is the PIC scheme, which allows firms to enjoy tax rebates while moving up the productivity and innovation chain. The scheme grants every Singapore firm a 400% tax deduction or a 60% cash payout option when investments are made in six productivity-enhancing and innovation activities per annum. If planned properly, firms could potentially reap up to S$9.6 million in tax savings on their annual taxable income.
“The city-state offers one of the best environments to relocate your family and set up a Singapore company. We are confident that more and more entrepreneurs and professionals will relocate here for better work-life balance,” concluded Mr. Bakhda.