Singapore Introduces Significant New Tax Benefits for Small-to-Midsize Companies

With the introduction of new tax cuts and benefits, Singapore is well on its way to become the best place to setup and grow business for global entrepreneurs. The government just announced a series of incentives and tax benefits to further sharpen the country's competitive edge, making it the most desired place to do business in the world.

Singapore (PRWEB) February 19, 2007 -- AsiaBizSetup - a leading provider of Singapore company formation and accounting services welcomed the introduction of new tax cuts and benefits by Singapore government last week. The generous new tax benefits targeted for small-to-midsize companies will further sharpen the country's competitive edge and make Singapore the most desired place to do business in the world.

New startups will enjoy a full-tax exemption of 100K during the first three years of their business. Moreover, all companies will enjoy a partial tax exemption from 50% to 75% annually for up-to 300K of taxable income. Corporate tax rate will drop from 20% to 18%. For small-to-midsize companies, these cuts bring the effective tax rate to significantly lower than Honk Kong's and make Singapore a very attractive destination for incorporating and growing a business. A Singapore company with profits around 300K will now have an effective tax rate of only about 9%.

Singapore is already rated as #1 in the world for ease of doing business. We are excited to see that the government continues to focus on globalization, attracting large and small companies, and building a business framework for the future.

The new tax regime along with Singapore's excellent position as a reputable jurisdiction makes Singapore as one of the best places for starting and growing a company.

"Singapore is already rated as #1 in the world for ease of doing business. We are excited to see that the government continues to focus on globalization, attracting large and small companies, and building a business framework for the future." said Samir Malhotra, Head of Business Strategy at AsiaBiz Singapore. "Foreign entrepreneurs and companies wishing to register a Singapore company can take advantage of our ready-made Singapore Incorporation Packages to get started in no-time." he added.

Investors and businessmen throughout the world choose Singapore as their preferred location to setup and carry out entire range of their business activities. Singapore is an enterprise hub, and is on the lookout for entrepreneurs and visionaries, from Singapore and around the world, with ideas that we can help turn into successful businesses. Global business magazine Forbes has ranked Singapore the second best place in the world to start a business.

About AsiaBiz Singapore
Based in Singapore, AsiaBiz is the leading provider of corporate services to global entrepreneurs and small-to-mid-size companies doing business in Singapore. AsiaBiz Singapore helps entrepreneurs and foreign companies with:

• Singapore company registration and administration services
• Singapore visas for overseas employees relocating to Singapore
• Accounting and payroll services
• Year-end corporate tax compilation and filing services
• Singapore Virtual Office services
• Related corporate services

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