Singapore is home to a vast number of major companies that leverage its status as a global hub for business growth.
Over the years, the city-state has emerged as a clear winner in various industries, placing itself at the top of the list of viable destinations that companies debate over when they seek to establish their headquarters.
In this infographic, we take a closer look at some reasons that compel these leading organisations to venture into Singapore, and how, in turn, it is supporting their moves here.
Related Read: Company Registration in Singapore: Ultimate Guide for Foreigners
Why Should Companies Set Up Headquarters (HQ) in Singapore?
There are several reasons why companies should consider setting up their headquarters in Singapore, including:
Strategic Location
Singapore is strategically located in the heart of Southeast Asia, with easy access to major markets in the wider Asia Pacific region, including China, India, and Japan.
This makes it an ideal location for companies that want to expand their operations in Asia and take advantage of the region’s economic growth.
Pro-business Environment
Singapore has a pro-business government that is committed to creating a conducive environment for business growth and innovation.
The country has a stable political climate, an efficient regulatory system, and low corruption levels, which makes it an attractive destination for international businesses.
Attractive Tax Regime
Singapore has a competitive tax regime, with low corporate tax rates and generous tax incentives for businesses. This makes it an attractive location for companies looking to expand their operations and reduce their tax burden.
Related Read: Agility and Resilience: Singapore as a Regional Business HQ Destination
Motivating the Move to Singapore: The IHQ Award
The International Headquarters (IHQ) Award motivates foreign firms to start or expand their regional or global headquarters in these business activities for companies in Singapore:
- Coordinating
- Managing
- Controlling
Entities that are registered and operate in Singapore can apply for this award. Awardees enjoy a concessionary tax rate of 10% on qualifying income derived from qualifying activities outside of the base income for 5 years.
The base and non-qualifying income will be taxed at the prevailing corporate tax rate.
Find out more about applying for the IHQ Award and the eligibility conditions on the infographic below.
Growing your business and need to develop your marketing strategies and finance functions?
Discover these free self-assessment tools by the Singapore EDB:
Let InCorp help you set up your company headquarters in Singapore!
About the Author
