Top reasons to open a company in Singapore to receive, transfer, and remit international payments

Businesses looking to expand their reach into foreign markets are searching for ways to make international payments, remittances, receipts, and disbursements less expensive and more efficient. Singapore has emerged as one of the world’s strongest international payment hubs in recent years.

With the advantages in the field of Finance – Banking, the prestige of the national brand of Singapore, and the comprehensive support of the Government, this island nation has attracted many multinational corporations to establish their companies, branches, or representative offices.

So what are the benefits of opening a company in Singapore? Global Link Incorporation will highlight five advantages of establishing a business entity in Singapore for international payment, receipt, and remittance purposes.

You might be surprised that the process to open a company in Singapore only takes 1-2 days. In 2022, Singapore topped the list of countries that provide a good business environment for startups.

By streamlining the paperwork linked to government agencies, the government promotes a business environment that is very friendly to businesses. Singapore corporations, for example, are only required to publish financial statements once a year and are free to select the fiscal year-end that is most convenient for them.

All procedures with government agencies can be done online from anywhere in the world. Singapore has built a centralized administration portal – Corpass for business and SingPass for individuals. These portals greatly streamline the process of dealing with government regulations.

Global Link Incorporation, with many years of experience assisting clients ranging from startups to large corporations to set up companies in Singapore, will help you choose an appropriate business activity code and register the necessary licenses. Our experience will follow a customized process that closely fits your specific needs.

Singapore is one of the countries with the world’s most favorable corporate income tax rates. Singapore’s corporate income tax rate is 17% of the company’s profits. However, the government has various tax incentives for businesses. As such, the effective tax rates are much lower.

• Corporate tax on the first SGD 100,000 of the taxable income or profits: an average of 4.25%.
• On The next SGD 100,000: an average of 8.5%.
• From SGD 200,001: 17%.

This policy applies to companies for the first 3 years from opening. After 3 years, there will still be tax incentives but at a lower rate. Singapore government also regularly launches business support and economic stimulus packages so the real tax rate may be even lower. Global Link Incorporation has an in-house tax and accounting team to advise you on this. Contact us to learn more about our full suite of services!

Based on the above corporate income tax rates and the profit earned, Singapore companies can estimate the tax amount payable to the Government using this tax calculator.

In addition, Singapore also has a policy for avoiding double taxation. After completing corporate tax obligations for the government, dividends distributed to shareholders will not be subject to personal income tax.

Quick international payment: A Singapore bank account helps businesses transact with customers, suppliers, and partners in many other countries in the world quickly and at a low transaction cost.

Prosperous and secured financial system: In Asia, Singapore is located in a central economic region and is a leading commercial and financial center with political stability. With strict regulations from the government and respect for international law, the Singapore banking system ensures the protection of customer information.

Multi-currency accounts: Singapore banks allow account holders to own multiple currencies (such as SGD, USD, etc., and so on) in one bank account. This makes it easier for account holders to choose a more suitable currency for the transactions to avoid exchange rate differences. It’s particularly useful when traveling overseas or doing business with other countries.

Many reputable online banking services: Singapore is home to many online payment service providers such as Stripe, Payoneer, and PayPal. Many businessmen use these companies because they have many outstanding benefits compared to banks, such as short account opening times, diverse services, powerful international networks, and low service fees.

Global Link Incorporation partners with many traditional banks and new online banking service providers. Let us know more about your business, and we will help you to choose the most suitable payment solution partner. As official partners with payment service providers, we may be able to help you save transaction costs as well. Contact us to learn more!

Currently, with the rising trend of global digital transformation, consumers might be dissatisfied with traditional banking solutions. Several Fintech startups were founded in Singapore and got significant funding from financial institutions. They work together to give Singapore companies greater flexibility and ease when receiving and transferring money abroad from and to customers and partners.

Over the past five years, ASEAN has witnessed a compound annual growth rate (CAGR) of up to 101% in capital investment in the Fintech sector. In 2014, capital inflows into Fintech companies reached about USD35 million and increased sharply to USD 1.14 billion by the end of the third quarter of 2019.

In 2019, Singapore continued to attract the most investment in ASEAN, accounting for more than 51% of the total. In terms of the number of agreements in 2019, Singapore leads with 51% of all deals in ASEAN, while Indonesia is second at 28%, the same as 2018.

With a company in Singapore, businesses can have a legal entity to take advantage of these advanced international money transfer and receiving services. Contact Global Link Asia Consulting now to find out which services are right for your business. With our experience and expertise, we aim to help you save time and costs in finding the right payment solution and lower transaction costs.

Singapore has long been chosen by multinational corporations and major companies worldwide to base their headquarters, representative office, or subsidiaries. Electronic payment service providers are no exception.

PayPal – a company specializing in e-wallet services or online payment gateways and operating in the field of e-commerce – was established in 1998 with headquarter in San Jose, California, USA. PayPal has selected Singapore as its Asia headquarter through the establishment of PayPal Pte. Ltd. This Singapore-based company has leveraged the robust development of PayPal payment services in the Asia Pacific region.

Stripe is an American software and financial services company headquartered in San Francisco, California, USA. The company primarily provides payment processing software and application programming interfaces for e-commerce websites and mobile applications. Similar to PayPal, Stripe chose Singapore as the first country in Southeast Asia to provide this payment gateway service in 2016.

Stripe and PayPal are both famous payment gateways, but they have many differences. Connect with Global Link Asia Consulting to find out which is the best option for your business.

Global Link Incorporation is an official partner working with large payment solution companies in Singapore. As a direct partner, Global Link Incorporation can support businesses to work directly and resolve issues with their accounts more quickly.

With these advantages, Singapore deserves to be an attractive destination for companies and individuals looking for international payment, remittance, and transfer solutions. Global Link Incorporation provides the following services: setting up a company in Singapore, opening a bank account in Singapore, and a service package related to international payment solutions and methods. With many years of experience supporting many domestic and foreign companies, we will advise you on the most comprehensive and suitable solution for your business in Singapore.

I am text block. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.