As one of the first-world countries in Asia, Singapore boasts a highly efficient infrastructure, free market economy, and attractive tax regime for setting up a company. At the same time, the country ranked second in Ease of Doing Business, according to the 2017 World Bank Report.
Due to scarcity of natural resources in Singapore, Foreign Direct Investment (FDI) is important for economic growth. Thus, business – friendly policies and tax rates are created. For example, corporate tax rates are about 8.5% up to $300K profits and a flat 17% above that. They also have programs like Global Investor Program (GIP) and EntrePass that let foreigners start and operate new businesses in the country with ease.
There are many reasons why Singapore is considered as one of the ideal choices in setting up companies. Read through this blog to learn more about company formation in Singapore.
What Makes Singapore Ideal for New Businesses?
Singapore has many encouraging factors that are attractive to the international business community. One of the reasons why it is an ideal location to set up your business is its strategic location. Also, the country has a stable economic climate and pro-business environment. Plus, its flexible immigration policies and skilled workforce make it a lucrative choice for foreign investors.
These factors turn the country a promising place for company formation. So, here’s a simple guide that can ease your way into the business scene.
Guidelines in Forming a Company in Singapore
Company formation entails careful planning and research. Here’s a list of steps that will help you set up a new company in Singapore:
Never forget a business plan
Before starting a company, it is important to take time in drafting a business plan to ensure profitability. Conduct a research on your niche. Above all, never hesitate to make the necessary changes in the business plan that can adapt to current and possible future trends.
Choosing the Business Structure
Singapore’s pro-business environment has specific requirements and benefits per business structure. Choose the business structure that you think will let you get the most benefits.
Naming your business
In the business world, the name of your company will create the first impression on your target audience. Based on legislation, the Singaporean government requires that the business name reflects the company’s values and should not be offensive.
Determine your Singapore business address
It is equally important to determine the exact address where your company will be located. The address will be reflected in legal papers and official documents will be sent to this address only.
Research about business licenses
To avoid any legal issues in the future, it is advisable to research and inquire about business licenses. In addition, there are specific licenses required for your niche.
Immigration and Visa
Singapore has programs which allow foreign entrepreneurs to easily enter and re-enter the country. EntrePass is the only option if a company has not yet started, however, an Employment Pass are issued once the registration process is completed.
Once the above steps are completed, the business is now ready for the registration process. Singapore is known to have the fastest business process in terms of incorporating an offshore company in the country.
Seek Consultation Today on How to Start a Business in Singapore
Many entrepreneurs and start-up companies want to benefit from Singapore’s pro-business environment. However, cultural differences and details regarding business laws have to be considered when setting up a business in a foreign country.
Thus, it is important to consult with an expert on the culture and different business laws in Singapore. Seeking advice on how to efficiently form your company is a great investment to give your company a head start.
Consult with a company formation service provider today and learn more about setting up your business in Singapore successfully.
The Singapore Economy, Sgs.gov.sg
Why Choose Singapore, Guidemesingapore.com
7 Steps To Starting Your Business In Singapore, Youngupstarts.com