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|Singapore is an ideal destination for business expansion for a variety of reasons|
The investment and trade relations between Vietnam and Singapore have continued to grow ever since the establishment of bilateral diplomatic relations. The two countries have a close economic co-operation and opportunities are bilateral: both for Singaporean companies that expand to Vietnam and for Vietnamese companies expanding to Singapore.
What are the main reasons to expand a Vietnamese business to Singapore? Low taxes and a favourable business climate are just two of the most important ones.
Singapore is one of the top locations in Asia to expand a business. The city-state has a favourable business climate that allows for a quick and easy company formation or expansion. It is one of the jurisdictions constantly included in the World Bank Doing Business Report as one of the easiest locations to do business.
Another reason to consider expanding a Vietnamese business to Singapore is connectivity: Singapore has a strategic location that allows businesses to easily conduct activities with international business partners. By being located in one of the main business and commercial hubs in the region, Vietnamese companies can diversify their clientele and also hire talented foreign workers.
A good transportation network and the fact that the city-state is a hub for a highly educated workforce are also valid reasons to relocate a company here. A team of agents specialised in setting up companies in Singapore can assist foreign investors during the incorporation stages.
In addition to the business environment, Singapore also has one of the lowest taxation systems – not only in the region but in the world. This criterion is also taken into consideration by those looking to invest in Hong Kong.
Apart from the low tax rates, Vietnamese company owners in Singapore can find that there are a number of support systems for entrepreneurs.
Vietnamese entrepreneurs who are keen on exploring different expansion options, such as in Europe, can request company formation services in Germany or other countries such as France or the Netherlands.
The decision to expand business is an important one that should be carefully considered. It is also a sign of business maturity, professionalism, and success and it marks a new stage for the company.