According to the World Bank, Singapore is the world's easiest country in which to do business. The survey measures factors including Singapore business formation procedures, time, cost and minimum capital required for Singapore business formation.

In the 2008 Index of Economic Freedom, the US-based Heritage Foundation ranked Singapore as the second-freest economy in the world. The survey says Singapore 'is a world leader in all 10 areas of economic freedom' (business freedom, trade freedom, fiscal freedom, freedom from government, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labour freedom). Entrepreneurs starting a business in Singapore can take advantage of the speed and transparency of the republic's commercial business environment which encourages Singapore business formation.

Singapore business formation projects an excellent image to clients, suppliers, banks and venture capitalists. In the 2007 Corruption Perceptions Index, Singapore scores highly as the world's fourth-least corrupt country, boasting a tough anti-corruption stance, an effective judiciary and a strong financial system.

Singapore boasts strong confidentiality laws, refusing to share bank customer details with other Organisation for Economic Cooperation and Development (OECD) member states, unlike the majority of other OECD states.

Following Singapore business formation, annual audited financial statements need not be prepared if sales are less than S$5 million (US$3.6 million). However, an annual tax return is submitted to the IRAS.

Healy Consultants assists clients to open a corporate bank account, usually with a major international bank such as HSBC, Standard Chartered or Citibank to support the Singapore company.

The Singapore government provides a wide range of incentives to support and encourage Singapore business formation, including grants and tax breaks. For more information, visit the Singapore Economic Development Board (EDB) website. Furthermore, as a global financial centre investors in Singapore access a wide range of financial products and services, including corporate finance and private banking.

For more information on Singapore business formation, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.

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