Business leaders, entrepreneurs, and economists all over the world have long considered Singapore to be one of the world’s most brightly shining lights as far as a government friendly to business is concerned.
This nation has always fully embraced everything that they are businesses have to offer, and for decades they have worked diligently to create the kind of business friendly environment that has helped to attract business leaders from all over the world to her shores.
Many people believe that this is the reason that Singapore has been able to establish itself as maybe three most influential nation in the Pacific as far as international business is concerned – and new tax breaks for companies and firms that are looking to push forward incredible innovations in Singapore are going to only further cement this theory.
Singapore looks to attract even more foreign investment with these initiatives
The amazing thing about Singapore is that it has been able to almost effortlessly grow not only their local economic base by fostering entrepreneurial tendencies, creativity, and innovation in their own citizens but that they’ve also been able to do the exact same thing by attracting foreign investments as well.
This is a significant challenge for the overwhelming majority of countries out there, as they usually have to find ways to prioritize one group or the other.
Singapore, on the other hand, has been able to almost effortlessly attract foreign investors while at the same time supporting local businesses, capitalists, and entrepreneurs – and they’ve been doing so for decades.
This new tax initiative (called the Economic Expansion Incentives Act) is going to really help improve the amount of tax relief that businesses are going to be able to enjoy if they bring their “pioneering activities” to Singapore.
Bringing the headquarters of companies into Singapore
The major push that this new tax initiative is going to focus on is finding ways to attract foreign companies to not only set up satellite organizations and offices in Singapore, but to actually base themselves out of this very business friendly country.
In this way Singapore hopes to establish clusters of new industries, create fantastic jobs for the people of Singapore, and bring in a lot of extra revenue that wouldn’t have existed previously.
Singapore is able to do all of this so efficiently and effectively because they have been following a systematic plan to improve the conditions for businesses in their country over the past few decades. This is in no way, shape, or form a departure from “regular business” from the Singapore government, but is instead a natural extension of all of the previous initiatives that they have already put into play.
In fact, the Economic Expansion Incentives Act is a clarification on the tax relief extensions that were offered 20 years ago under the Development and Expansion Incentive scheme. Singapore is, has always, and likely will always support business innovation and fostering capitalists – and this tax break is only going to help them do so moving forward!