As an island in Malaya in 1940 to one of the highly developed economies in Asia in 2019, the Republic of Singapore grew as a modern nation with advanced infrastructure, highly talented human capital, and a pioneer in innovation & technology by successfully managing its resources, implementing sound economic policies and creating an effective public bureaucracy for governance based on meritocracy. The city-state has consistently developed itself into a nexus for global businesses who capitalise on the strategic location, low tax rates efficiently structured business policies and skilled global workforce.
Why Choose Singapore for your Business?
The Asian country of Singapore enjoys a strategic positional advantage near the Straits of Malacca; the tiny island nation as plays a pivotal role in international shipping and business offering state-of-the-art shipping terminals with effective well-developed infrastructure suitable for both containerised traffic and liquid cargo especially processed chemicals & oil.
The Singapore government supports start-ups, entrepreneurs and small-medium sized businesses to operate in the country by giving generous tax exemptions, incentives, grants and start-up incubation programmes that assist the entrepreneur in achieving the business dream in Singapore. The Singaporeans are inclusive, friendly to foreigners by encouraging trade, commerce in the nation making it easier for foreigners to come and start their business.
The government of Singapore plays a vital role in transforming the nation into an economic power by shaping the economy through thoughtful planning and implementing of policies. By developing strategies for Singapore to succeed and stay competitive in the upcoming years the government has been effective in curbing red-tape, crime and corruption implementing a robust legal system.
Advantages of Starting your Business in Singapore
- 100 per cent foreign ownership
- Friendly business ecosystem
- Innovative business environment
- Advanced communication infrastructure
- Talented and skilled global workforce
- Multi-cultural environment
- Ranks top in the ease of business incorporation
- Numerous start-up incubator schemes
- Sophisticated banking and financial sector
- Effective corporate laws
- Transparent pro-business policies
- No red-tape which leads to faster registration and incorporation
- Low corruption and a low crime rate
- Political stability since independence
- Robust legal system that is fair, transparent and efficient
- Protection for ideas and innovations with a strong, up-to-date Intellectual Property laws
- Efficient immigration laws for foreigners
- Secure from external threats
- Open market with several Free Trade Agreements
- Low corporate tax rates in Asia
- Tax exemption schemes
- Incentives and governmental grants for businesses
- Strong foreign trade and investment
- Comprehensive Double-Taxation Agreements and Investment Guarantee Agreements
Stages of Setting up your Company in Singapore
- Design a Company name and get it approved
- Selecting a Business Structure in Singapore
- Sourcing the business capital according to structure
- Selecting directors, investors and shareholders
- Preparing documentation for registration
- Incorporating your company according to Singapore Corporate laws
- Set up an office with a local registered address in Singapore
- Acquiring licenses, permits with Singapore governmental agencies
- Registering your business for GST & corporate taxes with IRAS
- Submitting financial reports to Singapore authorities
What should you do After Registering your Business in Singapore?
Here is a list of things which you need to do as a business owner, entrepreneur or director after your business set up Singapore.
- After successfully registering your company in Singapore you need to apply for the business licenses from the concerned governmental agencies based on the class of business and types of services offered. Your business may obtain one or more business licenses based on the category of business, type of services, and corporate structure of the Singapore registered business
- Purchase a business profile from ACRA for starting a corporate bank account, applying for licenses and permits
- Start a corporate bank account for your company for managing all the finances through a Singapore registered bank
- Appoint a Company Secretary within six months of incorporation
- Prepare documents to apply for GST incentives for the first year
- Register your business address and work hours with the Ministry of Manpower Singapore
- Register with the Singapore Central Provident Fund (CPF) if you have employed Singapore citizen or permanent resident
- Apply of Employment Pass or Entrepreneur Pass if you are planning to move to Singapore to operate your Company
- If you want to run your Singapore registered company without staying in Singapore, you need to find or hire a local nominee director who is a Singapore citizen or permanent resident for managing the company on your behalf. If you want to visit Singapore for your company related matters you can avail visa services in Singapore.
- For smoothly operations and helping your business grow in Singapore, you can contact the following government agencies for assistance in official matters
- Economic Development Board
- Enterprise Singapore
- Accounting and Corporate Regulatory Authority
- Audit your financial statements as the Singapore Companies Act requires the companies registered in Singapore to be annually audited by hiring external auditors who are registered to work in Singapore
Singapore is the top most business friendly country. Contact us for starting your business in Singapore by registering your company. Our Singapore team shall provide you with more information clearing all your queries professionally.