Singapore welcomes all foreign individuals who wants to open up a new business in Singapore. According to some researches, Singapore is mainly ranked as one of the most competitive countries in the world. One can set up a firm in Singapore quite easily availing of full cooperation of government bodies, obtaining licenses, work permits, employing staff, registration of property and obtaining financial help and credit. Such lucrative economic conditions, increase competition amongst the local and the new entrants as well, leading to healthy competition and lower prices.

As of the moment, businesses like food and beverage and communication industry is gaining so much in Singapore. The food and beverage industry in Singapore is a well established one. Licensed bars and restaurants are present in Singapore which is operating very well.

Communication in Singapore is at its highest level as well as information technology. Everything about technology like IT consultancy, wireless network providers and some sort of software productions are present in Singapore and is working very well.

Businesses like textile apparel, electronics, food, furniture and engineering products are said to be at the greater chance of prospering in Singapore since the country is known to have a wide variety of manufacturing activity.

Businesses which engaged in education like, pre-school and college education are also known to be successful in Singapore. Businesses such as shopping centers is gaining a lot in Singapore.

Singapore offers a lot of benefits like financial credits, easy process of applying business permits and licenses which makes businessmen interested in putting up a business in Singapore. The related trade associations and their membership can be availed in case of further assistance and increasing trade related activities. Singapore allows new and old businessmen to advertise their company by joining trades and festivals. Putting up a business in Singapore is said to be one smart decision as businesses there are gaining so much.

Setting up a Singapore offshore company does not convey the image of a tax haven. As such, opening bank accounts in other countries becomes easy. International banks are fully aware that an offshore company set up in Singapore is completely legal and subject to strict government regulations and laws. Even though Singapore is not seen a tax haven, setting up an this type of company in Singapore does offer considerable tax benefits. Global profits of corporate companies can be transferred to Singapore without difficulty and tax benefits can be enjoyed. Singapore is considered as one of the best offshore service jurisdictions. Registering a company in Singapore is strengthened by the exceptional infrastructure in current technology, very good political stability and governmental support, and extraordinary legal environment with full intellectual property rights. The major legislations that govern corporate entities registered in Singapore are The Companies Act and The Income Tax Act. Hence, the registration of a Singapore offshore company is not a complicated or cumbersome process.

The company can register itself as a resident company or a non-resident company. It can also register as a foreign branch operation or simply as having a representative office. The government does not normally impose any restrictions on financial transactions and funds transfer of Singapore offshore companies However, business entities that are related to financial services, media, education and other sensitive business operations that can have an impact on the politics and image of the island are carefully monitored and their business transactions are periodically scrutinised.

A Singapore offshore company enjoys all the powers as a natural resident or a local company. Since English is the main official language, the various legislations and the regulations are easily available in English. The corporate documents can also be submitted in English and will be accepted as such by all the related governmental authorities. This facilitates an easier registration process for the Singapore offshore company. The corporate tax rate on income sourced in Singapore is 17% from the assessment year of 2010. Still, the effective tax rate will be significantly lesser for business entities that are qualified to avail tax incentives. Based on these incentives, the effective tax rate can vary between 15% and 0%. Dividends sourced from other foreign countries, profits of foreign branches and service income sourced from other countries are exempted from tax in Singapore.