If you are planning to start a business, Singapore is the place to be. There are several good reasons why you should start a business in Singapore. First of all, it has the most business friendly environment in all of Asia. On top of that, it is basically the crossroad of many international trade roads. This also makes it the easiest place to do business. But how exactly do you start a business in Singapore? This and more will be explained step by step in this article.
1. Name approval
Before you can even start with the registration process of your company, you first need to obtain name approval. This basically means that you need to reserve the company name you have in mind for your business. You can even do this online and the name reservation is valid for 60 days.
2. Choosing a business structure
As a foreigner planning on owning a business in Singapore, it is not necessary to apply for government approval. As part of the registration business, you need to set up a business structure in Singapore. You can choose either to incorporate a business or register an incorporate business in Singapore.
3. Registration process
Now that you have cleared the previous steps, it is time to actually incorporate your business. In Singapore, you are not allowed to register the business on your own as a foreigner. You need to hire a business registration company to do this for you. You also need to provide a local address, which cannot be a P.O. Box. However, you are able to register the address of a flat or private property. There are several other application forms that need to be submitted by the actual company that registers the business for you. However, this depends on the business structure you have chosen.
4. Licenses and permits
Depending on the type of business, you also need to apply for specific licences or permits. This can either be an occupational licence, business activity licence of a compulsory licence. The business registration firm you hired to register your company, can advise you on which licence or permit you need to apply for.
In order to attract investors, Singapore offers a competitive as well as interesting tax scheme. To start a business, you also need to be aware of the tax rules in that particular country. You can either hire a professional accountant, preferable locally, to take care of the tax requirements for you, or you need to research everything yourself. However, since the rules are more complex in Singapore as they are in the States, it is best to hire a professional accountant.
There are several investment schemes available in Singapore that can be attractive for foreign individuals starting or incorporating a business in Singapore. Again, a local accountant or specialized firm can advise you in this.
Do not be intimidated by the many steps to register a company in Singapore. One by one, they are not too hard to tackle. However, in order to not get overwhelmed by everything there is to know about establishing a business in Singapore, there are several professional services available that can help you handle all the paperwork.
You should be able to do what you do best, which is running a business. Singapore presents you with many opportunities and can offer you an excellent source of income.
Even though it is possible to incorporate a business in Singapore purely online, offline investments may yield an even more favorable result. In order to start an offline business however, it is obviously necessary to actually visit Singapore. This will also give you a good impression on whether this is a place you can see yourself living.
Singapore is expensive, but is one of the best cities in the world to live and work in. Because the extensive investment schemes, it is also always on the rise. Chances are that the business environment of Singapore will only get better as the years pass. By starting a business there now, you can hop onto the trend and have an established business set up, while the country continues to grow.