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Bright Sparks in Singapore's Economy Shows Promise For Businesses Ahead
Singapore's Prime Minister, Lee Hsien Loong, recently proclaimed "the worst is over for the Singapore economy."
Singapores Company Incorporation Specialist, Rikvin, says time is ripe for entrepreneurs to take advantage of upcoming rebound.
Hyatt, Burger King, IHOP, The Jim Henson Company, LexisNexis, FedEx Corp, Microsoft Corp, CNN, MTV Networks, Trader Joes, Wikipedia Foundation, Sports Illustrated, GE, HP, IBM, Procter & Gamble, United Technologies. What do these well known household names have in common?
A clue lies in this inspirational proverb: When the going gets tough, the tough gets going!
If you answered that they were all born during difficult times, you are absolutely right!
According to feature articles in InsideCRM and CNNMoney.com, these powerful corporations started during eras of recession. Another recent study published by the Kauffman Foundation found that more than half of the companies on the 2009 Fortune 500 list were launched during a recession or bear market, along with nearly half of the firms on the 2008 Inc list of Americas fastest growing companies.
Therein lies the bright spark in the current global financial crisis which is the worst the world has seen since the Great Depression of the 1920s. If history is to be counted on, the current global crisis will see the birth of great businesses of the future. Businesses which will offer innovative goods & services. Businesses which will transform the status quo.
And with several economies on the rebound, the time is certainly ripe for these start-ups to advance their newly formed businesses to greater heights through incorporation. Incorporation will enable these entities to limit liabilities, create a more favourable perception of their business and most importantly raise funds through stock offerings.
Singapore is one country where entrepreneurs the world over can look forward to an expedited and efficient incorporation process. Non resident entrepreneurs who wish to incorporate their businesses in Singapore can also relocate reasonably easily to take care of their business. For example, entrepreneurs with recognized qualifications from reputable universities can apply for an Employment Pass. Seasoned entrepreneurs who have extensive business experience but no recognized qualifications can apply for the EntrePass (conveniently short for Entrepreneur Pass). The processing of such visas are done within a reasonably short period of time.
Besides ease of incorporation and relocation, newly formed companies can also enjoy a favourable tax regime. Corporate tax rates are marginally lower than personal income tax rates, full tax exemption is granted on the first $100,000 of chargeable income for newly incorporated companies and zero taxes on capital gains in general.
The first Asian economy out of a technical recession, Singapores Prime Minister Lee Hsien Loong recently proclaimed the worst is over for the Singapore economy. Singapores gross domestic product (GDP) expanded by a seasonally adjusted 20.7 per cent in the second quarter compared to the previous quarter. The World Banks Doing Business 2009 Report ranked Singapore as the worlds easiest place to do business, ahead of New Zealand, United States and Singapores closest competitor, Hong Kong. The EIU Country Forecast published in February 2008 also rated Singapore as having the best business environment in Asia Pacific and third in the world.
With an economic rebound in place, an efficient business climate, friendly policies to encourage entrepreneurship, Singapore is well placed for startups to move ahead of the curve. Maybe, the next big thing will consider also this busy island their birthplace.