World’s fourth leading financial capital – Singapore is now a global business hub, a dream capital for global entrepreneurs. It comes as no surprise that foreign investors and entrepreneurs are entering the country, incorporating their business headquarters.
Owning a company in Singapore is the one thing that you as a foreign entrepreneur would want. Several reasons back this fact up! To begin with,
- Singapore is a country with the third highest per capita income
- Corporate taxes are considerably low, in fact the country comes with a friendly tax structure
- Singapore is also chosen as the number one country to start a business because of its comprehensive and prudent double taxation avoidance agreement
- The country is loaded with efficient, educated and competent workforce.
Incorporating a Singaporean Company – Key Considerations
Hire professional help
This is the first thing that you should be doing when trying to cross borders and starting a business in Singapore. Doing it alone, without any form of professional help makes the task formidable and challenging.
Hiring a Singapore Company Incorporation Service Provider is therefore the first thing you should do. Hiring professional help for company incorporation will save you a lot of time, energy and resources.
You will need a working pass
The next thing you will require when incorporating a Singaporean Company is an official working pass. A working pass could mean either an Employment Pass or an Entrepreneur Pass.
With the help of an Employment Pass, you can manage to relocate to Singapore and start transacting your business in the country; but when it comes to an entrepreneur pass, you can very well transact your operations in the country but without actually relocating to the country.
Now, let’s come to the most important aspect: How to start a business in Singapore?
It starts with registering your business
- With the help of a professional Singapore company incorporation service provider, it is now time to register your business in the country.
- Registration of all components of your business, including its name, the name of all directors, is necessary. Everything should be registered with ACRA in order for you to begin your journey as an entrepreneur in Singapore.
- The process can be easily on the online portal of ACRA within 24 hours, under normal circumstances. However, if any problem arises, the process shall be complete in a maximum of 2 months.
- The name of your company
- A description of your business activities
- The details of your shareholders
- Details of your company directors
- The details of your company secretary
- Your company’s registered address
- Your company’s constitution
Things to consider before you actually begin the registration process for your business-
- Ensure that the name of your company/business is approved by ACRA
- You should have at least one shareholders at the time of registration
- At least one company director shall be a Singapore resident
- Company Secretary for your company shall have been appointed during registration, and shall be a resident of Singapore.
- Your minimum paid-up share capital shall be S$1.
- The address of your company/business shall be a local Singapore address
The next step
Opening a bank account
Singapore is also defined for its steady and esteemed financial sector, which is why you will be needing the assistance of a respectable bank to operate your company’s finances. A Singapore bank account shall be opened in the name of your company after the registration process is complete. The last step to incorporating a Singaporean company – Recruiting your workforce. Singapore is blessed with a competent and educated workforce which help the economy of the country in a considerable manner.
You can visit online recruitment portal and open up vacancies to your organization and have the liberty to work with some of the best professionals in the country. You can also hire professional recruitment agencies to help you out to navigate your way in and out of the labour market in Singapore.
Singapore welcomes your treasured presence with open arms!