If you think it takes money and power to create a successful business, think again. It takes the right skill set, the right ideas, and knowing how to leverage your resources. For this reason, location is king for start-ups. Virtual business services can help you get your business off the ground for very little. Here are five little benefits Singapore virtual outsourcing provides that most business owners don’t suspect can save them money:
1. A Global Step to Big Business
Moving your business to a virtual office in Singapore is a huge step in moving to a global business setup. This is a relatively low-cost solution to branching out and can help you get a foothold and competitive advantage in making your business more marketable simply by diversifying your greatest assets, your personnel.
2. Business Expense Write Offs
Starting a lucrative business in Singapore means being able to write off virtual business expenses against your corporation. If your virtual office and business is located in Singapore you can write off many of your expenses that the IRS or other tax office may consider personal. This can save you thousands of dollars a year.
3. Singapore Tax Rate is Awesome
The corporate tax rates in Singapore make outsourcing your business virtually very affordable. While you will have to pay taxes for the money you earn in the country you live in, you won’t have to pay much, if any, taxes for corporations that complete transactions outside of Singapore, even though that’s where your virtual office is based.
4. Singapore Virtual Corporation
Getting a virtual corporation and setting up a business in Singapore is relatively cheap and easy. All you need is either a citizen of Singapore as a business partner, an investment into a program or a virtually outsourced office through a Singapore company. For as little as a $600 investment, you can get your business off the ground in just a few short weeks. The biggest expense will be flying to Singapore to make the initial business transactions, like opening up a bank account and holding your first series of meetings to set things up. At the most you will only need regular expenses, like monthly phone fees.
5. Virtual Singapore Offices are Ranked Highest
A virtual business in Singapore can help you diversify your investments. As a bonus, you can feel safe using corporate banks to hold your money and provide a tax shelter for earnings that earn interest too. You can easily sign up for merchant accounts, set up a PayPal account to further shelter your income, and easily transfer or trade currencies as you need to.
In many countries setting up a business and office is expensive, time consuming, and wasteful. However, if you set up your business virtually in another country, say Hong Kong, Singapore, the British Virgin Islands, or India, you could pull off a start-up for next to nothing. Provided your idea takes off, you could make it big on a low budget using a virtual office staff that saves on overhead expenses like electricity, office rental, and building licensing.