Singapore is one of the thriving economic regions that offers uncountable opportunities for sound investors. Besides belonging to the list of the world’s smartest cities and being a huge tourist spot, this Asian island is a significant financial hub of the continent. The worth of its stock market is alone estimated to be about $470 billion.
Other than that, Singapore houses some major services sectors including investment holding companies, real estate, and shipping industries, etc.
After Shanghai, Singapore’s port is the second busiest in the world concerning the total cargo shipping tonnage. As per the latest report released by IMF concerning per head economic output, Singapore is next to Luxembourg and before Qatar in the list of wealthiest countries in the world.
So, considering the above, if you are planning for a company set up in Singapore, you are already winning! Being a prime trading and emerging economic location, it is the soundest place for a start-up business.
Low crime and corruption rate, high literacy rate, and zero drug issues are what adds more value to the country’s preferability.
Reasons Why Investors Prefer Company Setup in Singapore
Excellent Workforce Opportunity
A key reason why business setup consultants in Singapore are the happiest is the availability of a reliable and productive workforce. As mentioned earlier, Singapore is a highly knowledge-based center. So, the manpower force there is educationally and professionally qualified. The country boasts the best workforce in the world in the latest rank list. This acts as an added spur to draw investments from across the globe. The labor force is identified for its high-level quality education, technical proficiency, productivity, hard work, and smart-work culture.
Better Quality of Life
Quality of living and well-being in Singapore are the two main concerns that attract investors to relocate their businesses here. Moreover, the island offers excellent private cum public transport facilities, top-end healthcare services, a safe and healthy thriving environment, higher-level education, and endless choices in the field of cultural and career opportunities.
Singapore provides an array of opportunities in terms of investments. So, investors must take this into consideration. Regardless of you being a start-up entrepreneur or a seasoned investor, Singapore is an open opportunity for all levels of business professionals.
How to Start-Up A Business in Singapore?
1. Name of the Company
The first impression is the last impression. Select an exceptionally eye-catching company name to register your business in Singapore. The naming selection should be such that it adds value to your business identity and helps in its awareness programme. The company should be ACRA (Accounting and Corporate Regulatory Authority) authorized. It is then that your Singapore firm will be incorporated.
However, here are some key factors as per which your proposed company name may get rejected:
– Your company name is similar to any other business located in Singapore
– Your company name appears to be undesirable from both social and legal standpoints
– Your company name is identical to any distinguished international trademark
A successful business setup in Singapore requires having at least one shareholder where the same person can act as the shareholder and director adjacently. Both the foreign as well as local individuals can act as the shareholder whose data will be recorded in public appearances and records. The plus point is that Singapore offers 100% shareholding privilege to foreigners.
3. At least One Local Resident of Singapore
Minimum one local citizen of Singapore will be needed who you can appoint as your company director. If you prefer conducting your business from abroad (away from Singapore), you can assign a nominee director to take care of the company requirements. Or, even if you settle for relocation, you can designate a temporary nominee director, until your application for an employment pass is approved.
4. One Local Corporate Secretary
Next is to appoint a local secretary for your Singapore company. As per the Singapore Companies Act, your company should have a secretary appointed within a span of the first 6 months of your business’ incorporation.
5. Primary Paid-Up Share Capital
As per the law, the minimum amount of your paid-up fund should be S$1. You can later increase this capital amount for future payments once your company has been wholly incorporated. Remember that the shares of any privatized business can’t be lawfully granted to the general public. Plus, these shares are always offered depending on the private agreement between the seller and the buyer.
6. Locally Registered Company Address
As per the Singapore Companies Act, every private incorporated firm should have a registered physical address for its office in Singapore. Regardless of the location you choose, to set your company to headquarter, there should be a physically existing address registered for your company in Singapore. All the crucial documentation, letters, and other proceedings should be posted to that particular address.
We, at Bestar, are committed to providing specialized registration services to foreign business setup consultants in Singapore, so they can begin with a fresh entrepreneurial journey.
7. Open A Bank Account for Your Corporation
After you are done with your company set up and your business is successfully incorporated, open a corporate bank account. It can be done at any international or local bank, based in Singapore. In maximum cases, the company directors and account signatories must be physically present at the bank during the account opening. However, considering the new normal of the Covid pandemic, company management bodies like Bestar help you conduct the above process simply virtually.
Looking for an efficient company set-up Singapore services for your business startup? Bestar offers comprehensive business setup solutions through unparalleled client assistance.
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