With the firm jurisdictional system, steady political and economic configuration along with a vigorous regulatory framework, Singapore has produced the ultimate environment for business and investment. Also, as per the World Bank’s Doing Business 2019 report, Singapore has been acknowledged as the world’s best place to do business among 189 economic countries.
We can consider the general overview to start a business in Singapore:
Selection of right business setup: There are various types of businesses in Singapore. These are sole proprietorship, limited partnership, limited liability company partnership, and private limited company.
- Sole proprietorship: it involves only one owner, and he/she is responsible for all the assets and liabilities belonging to the business.
- Private limited company: it is most popular in Singapore. It features separate legal status from its directors and shareholders and has limited liabilities for the losses and debts of the company. It is taxed at corporate tax rates.
- Limited liability partnership: it is a combined form of sole proprietorship and private limited company. The owner has a separate legal status and can operate as a partner in the company. It is taxed at personal tax rates.
- Limited partnership: it consists of at least one general partner and one limited partner.
Most businesses are set up as private limited companies because the tax rate is higher in limited liability partnerships. To know more details about business setup; click here: LLP vs pte ltd
Registration: Initial setup of any business includes its registration. We can register our business through an online portal such as bizfile. Furthermore, we can advocate for different government agencies for registration as per the law of Singapore.
State basic business requirements: It is a prerequisite to be mindful of any needs regarding the regulatory agreement to commence business operations in Singapore. Then, we can advance with recruitment, funding, and property procurement.
Manpower: Every business attracts talent. Different online portals and agencies have made it simpler to recruit employees. Likewise, for the foreign manpower to work in Singapore, there is a different pass for professional, skilled, and semi-skilled employees, trainees and students, family members, and those working on a visit pass.
Government agencies assistant: Assistants from government agencies of Singapore help business organizations to run impeccably. Some of the government agencies are:
- Economic Development Board: It provides all-inclusive investor provision and guarantees a first-class pro-business atmosphere in Singapore.
- Enterprise Singapore: It is the government agency advocating enterprise development.
- Accounting and Corporate Regulatory Authority: It supervises the registration and regulation of business entities and public accountants. It also specifies the information regarding new business organizations, requirements for compliance, and practices concerning corporate governance.
Business plan: Creating a business plan accelerates the work progress. It also helps to earmark the time, resources, and strength tactically. This will prompt the growth of the venture and makes it legible to operate for different incentive programs in Singapore that will ultimately foster its growth.
Visas and immigration: These are for foreign individuals who are interested in long term entrepreneurial activities in Singapore. International investors can apply either for the EntrePass or Employment Pass. On the other hand, you can get a Permanent Residence (PR) with the Global Investor Program.
Conclusion
Therefore, with proper guidance; you can easily start a business in Singapore. We know the reasons for increasing attraction for startups in Singapore, and we’d like to share our expertise with you for opening a business in Singapore.
