Benefits of incorporating in Singapore with One IBC®

Numerous organizations and corporations in the world have rated Singapore as the best place to start up. In 2016, 10 years consecutively “the Lion City” has been ranked as the best country to invest and do business among 189 surveyed countries by the World Bank.

Viet entrepreneurs have long desired a transparent and healthy business environment. So far some of them have actually experienced that when incorporating in Singapore with One IBC^®.

The general picture of Singapore’s investment situation

Singapore has a free market economy primarily relying on three major industrial areas which are commer, finance and manufacturing. Soly, service area accounted for 75% GDP and used 80% of the domestic labor. With a population of only 5.25 mil, this country has a good export value approximately 500 billion Singapore dollar annually. Singapore is even one of the rare countries in the world that does not have public debt, becoming the place that investors trusted most.

According to the statistics from the Statistics Department of Singapore, Foreign Direct Investment of VietNam into Singapore in 2020 is approximately $411 million US. With the increasing demand of outbound investing, especially Singapore, business units like One IBC^® play an essential role as the intermediary for Viet companies and international markets.

Viet Businesses are benefited from the Singapore Cargo Terminal, one of the biggest cargo terminals in the world.

With the current investment situation, just in the first quarter of 2021, 300 Viet businesses like “small fishes in the sea” were cooperating with One IBC^® intensively competing with the long-established brands in the Singapore marketplace. One IBC^® is an international brand established in the early years of last decade, with well knowledge and long experience in the field of foreign investment, closely supporting financial activities for companies and all related office services.

Speaking to the media last Wednesday, the Singapore Secretary of Trade and Industry Chan Chun Sing said: “Our effort to keep the border open, stay connected to the outside and ensure the business continuity has given global companies the confidence to continue implementing their projects in Singapore.”

For a small country with limited natural resources, such a strong economy is testament to the wisdom and long-term planning of its founding leaders.

Favorable investment policy

Always being in the top of the most friendly business environments assessed by the World Bank, Singapore is the “golden key” to help Vietnamese businesses open up new doors of opportunity. This island nation brings many strategic benefits to Vietnamese investors, for example: low operating costs, preferential investment policy, and especially the opportunity to expand international partnerships.

Singapore has an extensive network of Double Taxation Avoidance Agreements (DTA) with more than 50 countries. These agreements are designed to ensure that economic transactions between Singapore and a treaty country are not taxed twice. Furthermore, Singapore offers Unilateral Tax Credits (UTC) for countries without DTA. Therefore, a company in Singapore will avoid unnecessary costs incurred when dealing with international trade.

Foreigners who open a company in the Lion City have 100% ownership of the shares and no local partners or shareholders are required. This allows investors to set up businesses with whichever capital structure they want and to distribute ownership to suit their investment needs.

Moreover, Singapore does not impose any restrictions on foreign currency exchanging. As a result, companies here can flexibly rotate cash flows and simplify payment procedures.

According to a research from One IBC^® Singapore’s team, in 2020 Singapore has attracted around $17.2 Billion in fixed asset investments, despite the worst recession since the national independence due to the pandemic COVID-19.

One IBC^® Singapore is headquartered in the One Raffles building, one of the busiest locations in the heart of Singapore. Since its founding, One IBC^® has helped more than 3000 domestic and foreign businesses to establish companies in Singapore and many other countries around the world with all kinds of industries, notably nearly half of them are small and medium ambiguous companies.

One IBC^®’s headquarters is located in One Raffles Shopping Center, Singapore.

One IBC^® – the compass of Vietnamese businesses in front of the “big sea”

Although the new business incentives in Singapore are plentiful and attractive, being able to actually set up a company here is not that simple. Business owners and investors will face the legal and regulatory procedures of the Singapore government. Lack of knowledge about the laws of the host country is one of the biggest barriers for Vietnamesebusinesses.

More specially, Vietnamese people, when registering to open a company in Singapore, need to appoint a company secretary here, successfully register a business address and appoint a Singaporian director. Because according to Singapore’s Corporate Accounting and Regulatory Authority (ACRA), foreigners do not have SingPass accounts to register their own business, they are required to go through incorporation services. Besides, there are also laws that businesses must comply with during their business operations.

To save time and money in company establishment, One IBC^® is the optimal solution for businesses when seeking a comprehent service with a strict process. With a team of professional and responsible consultants, investors will be thoroughly answered all their questions and get the knowledge that they need. With the goal of “Your success is our success”, One IBC^® has paved the way for many businesses to expand their presence, reaching international markets and contributing in establishing Vietnamese Brands globally.