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Many surveys show that wealthy Indians are leaving India. Many of them choose Singapore, Dubai and Canada. Recently, reports surfaced that billionaire Mukesh Ambani is looking to set up a family office in Singapore.
Riches Building Offices Outside India
Asia’s second richest man, Mukesh Ambani, will soon set up a family office in Singapore, according to reports. He also hired a manager and ordered people to be hired for the new office.
He’s not the only one to emigrate and start a business abroad. Before him, wealthy Indians like Adar Poonawalla, Hinduja Group and others had posh offices outside India.
Why and its impact
The main reason rich people move abroad is to avoid paying high personal taxes in India. India charges a surcharge of 37% on a tax rate of 30%, so wealthy people move from India to the UAE and Singapore where the tax rate is lower.
Also read: Who are the 10 richest women in India?
Reducing individual tax rates must be a priority. Because no one is willing to pay such huge sums. If India’s wealth continues to flow abroad, it will adversely affect the country as the wealth that should be in India will flow abroad.
Also, there are many people who understand the overseas market and want to move abroad to build a superior customer market for their services and products, monopolize profits and expand.
Finally, they want to improve their standard of living because they make a lot of money. People tend to move to foreign countries because they offer better medical facilities, better education, and better income opportunities.
where are they going
The US, UK, Dubai, Singapore and Canada are popular destinations for people to set up offices.
Singapore is a leader in setting up family offices due to its strong legal system and easy access to world-class financial advisors. On the other hand, Dubai is also emerging as a good place to live due to the Dubai Golden Visa as it is easy to obtain and people have several options to choose from.
Hence, India’s rich find it beneficial to move abroad for many of the reasons mentioned above, and Singapore is undoubtedly one of the homes of many family businesses like Ambanise.
image credit: google images
Feature image designed by Saudamini Seth
sauce: Times of India, Economic Times, Money Control
Find bloggers: Palak Dogra
This post is tagged with: indians, wealthy indians, richest people in india, abroad, moving abroad, overseas business, business
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