Singapore is one of the most advanced countries in the world to do business in. It is a global commerce and finance hub. Not only is the economy free and business-friendly, it is considered a tax haven. The key industries the nation is known for are financial services, manufacturing and oil refining. Singapore attracts huge foreign investment because of its location, low tax rates, skilled workforce, state-of-the-art infrastructure and no-tolerance-policy against corruption.
Why Set Up a Business in Singapore?
- Singapore has a very strategic location, and is one of the biggest financial hubs in the world.
- For small and medium-sized companies, Singapore offers huge tax benefits. The corporate tax in Singapore is capped at 17%. Moreover, Singapore has double tax agreements with over 60 countries.
- Singapore is one of the easiest places to start a business in. IT takes just a couple of days to start a business here, owing to business-friendly policies and an entrepreneurial environment.
- Since Singapore is a highly developed nation, especially in terms of business development, the legal framework there is strong, providing for well defined terms for company regulations and intellectual property protection.
- In terms of information technology, Singapore is one of the topmost countries on the globe.
Process of Company Registration in Singapore
Business registration in Singapore is approved by the Accounting and Corporate Regulatory Authority (ACRA). A company in Singapore can be registered through the following steps.
- Choose a name for the company and file an application with ACRA. To ensure that the name gets approved quickly, take care that the name
- is unique and not resembling any other company name
- is not offensive
- doesn’t contain any words that may get referred to any government agency
- doesn’t violate any trademarks
- On getting approval for the name, submit the registration file with the Company Register in Singapore
- Prepare the company incorporation documents, duly signed by the director(s) and the shareholder(s)
- On release of the Certificate of Incorporation, open a corporate bank account with a bank in Singapore
- Obtain the required permits and licences, depending on the company type and activities
- Register for Goods and Services Tax (GST) with the Inland Revenue Authority Of Singapore (IRAS)
Documents Required for Company Registration in Singapore
- Brief description of the business activities of the company
- Particulars of the shareholder(s)
- Particulars of the director(s)
- Particulars of company secretary
- Registered address details
- Memorandum and Articles of Association (MAA)