Tips to registering your business in Singapore
Singapore’s business-friendly environment and low tax rates reflect the country’s commitment to transparency and inclusivity. Registering a business in Singapore is the crucial first step Ready to take your business to the next level? Here are some steps to help you with the registration process.
Business opportunities when you set up an entity in Singapore
A Singapore company formation exposes you to many business opportunities. And all you’ll need is the proper documentation and licenses.
Here are some of the many industries you can invest in:
- Delivery services
- Digital platforms
- Games and software
- AI and robotics
- Food and beverage
- Real estate
- Dental services
- Schools
While you can invest in many industries, it’s a good idea to have a resident Director and administrator to guide your operations. Also, local partners will make marketing easier.
Steps to setting up an entity remotely in Singapore
Start by conducting thorough research to plan your market entry strategy.
Engage a trusted and reliable service partner to set up and manage your business on the ground.
Incorporate your company. Prepare all necessary documents, including your passports and those of your shareholders. You will also need proof of residential address, articles of association, and a certificate of incumbency for corporate chiefs.
After incorporation, you’ll set up a bank account for your business. This could take up to three weeks.
Apply for licenses and permits. Ensure your business activities comply with legal requirements.
Establish accounting processes. Understand requirements for accounting and tax reporting.
Case studies
Nutonomy, now part of Motional, is a company offering autonomous public transport. They appreciate Singapore’s tech-supportive ecosystem, which has helped them to develop their innovative technology in the country.
Action Community for Entrepreneurship (ACE) is a startup focused on global reach. They consider Singapore an ideal location due to its universal business model and access to a diverse network of global markets.
Smart Karma is a company focused on investment research. They chose Singapore as their base of operations due to the presence of many large global enterprises – which creates a robust ecosystem for business development.
LaunchPad is an entrepreneurship hub. They highlight how the Singapore ecosystem is not just local or domestic, but rather an international ecosystem. It provides access to a broad range of business growth and expansion opportunities.
Frequently Asked Questions
Here are some advantages of setting up a business in Singapore:
- A diverse business environment
- A conducive environment for business
- Future-ready policies and infrastructure
- extensive network of trade and tax treaties
- Business services and manufacturing opportunities
You can register all types of business entities in Singapore – including in leading industries in Singapore like manufacturing, business services, and tech. You only need to research and get all the required permits.
The requirements for registering a business in Singapore include the following:
- Having a resident director or administrator
- A local address (even a virtual office)
- Reporting financials annually
- Annual tax reporting
- A licensed company secretary
It usually takes 3-4 days to register a business in Singapore, depending on the required documents and their availability.
The cost of registering a business in Singapore can be as low as 1000 Singapore dollars. The companyโs annual maintenance can cost 3000 to 4000 Singapore dollars.
There are tax incentives available for startups lasting three years. Youโll also benefit from other tax schemes depending on the nature and size of your business.
Yes, you can finish the Singapore business registration process entity remotely. Follow the steps above for a seamless process!
Related resources
-
The ins and outs of Receiving Accounts: How Payoneerโs multicurrency account can help SMBs expand globally
In todayโs hyper-connected world, small and medium-sized businesses (SMBs) have a unique opportunity to reach global markets like never before. But one of the most significant hurdles to international expansion is managing payments across multiple currencies and regions. This is where Payoneerโs Receiving Accounts come into play, providing SMBs with an easy, cost-effective solution for…
-
Top challenges and solutions for receiving international payments from clients
When it comes to international payments, there are several things to consider when you’re billing overseas clients. Here we explore the challenges and solutions for doing business with global clients.
-
How to keep your funds safe: Interview with Maxim Polyachencko, VP of Financial Crime Prevention
Maxim Polyachenko, Payoneerโs VP of Financial Crime Prevention โโ and one of the worldโs leading experts on protecting customer finances โโ looks at some of the practical ways SMBs can keep their funds safe.
-
How to improve cash flow management for your ecommerce business
For online sellers, cash flow issues can be a regular occurrence. Whether youโve seen a decrease in sales, experienced supply-chain complications, or are looking to seize a new opportunity toย grow your business, itโs always important to have enough cash on hand. Here, we detail how you can overcome common cash flow challenges, ensuring you have…
-
Boost your sales: 10 habits of successful online sellersย
Are you ready to transform your online sales game? The most successful online sellers have mastered a set of habits that consistently drive their success. Curious to know their secrets? Read on to uncover the top 10 habits that can boost your sales and take your business to new heights!ย
-
Elevate your ecommerce store’s performance with these game-changing tips
In the fast-paced world of ecommerce, staying ahead of the competition requires a strategic approach. To truly elevate your store’s performance, the journey begins with a deep dive into your current metrics. Analyzing your store’s performance isn’t just a good practiceโit’s the foundation for making informed, impactful decisions that can drive your business forward.ย
-
Secure payment systems for SMBs: discover the latest trends in payment safetyย
Explore the latest trends in secure payment systems and methods. Enhance your SMB payment security with up-to-date solutions. Read now for top tips!ย
-
Global money transfers: How to make safe international transactionsย
In our interconnected world, global money transfers are an essential part of business and personal finance. Whether youโre a small business owner expanding into international markets, a freelancer working with clients abroad, or a consumer purchasing products from another country, understanding how to transact safely on a global scale is crucial.ย
-
SWIFT payments: A comprehensive guide
The rise of global commerce has brought with it the need to make sure money can flow from one country to the next, safely and securely. To ensure smooth transactions, intermediaries or networks are often involved. In Europe, the SWIFT system serves this essential function.ย
Latest articles
-
A guide to starting a business in Estonia as a non-citizen
If youโve thought about opening a new business somewhere with plenty of government support, expanding your business into the EU, or making it easier to work as a contractor or digital nomad anywhere in the European Economic Area (EEA), you should think about starting a business in Estonia…
-
Amazon Fees & Policy Updates 2024
Amazon regularly makes planned updates to fees and policies that may impact Payoneer customers that sell on Amazon. To keep Payoneer customers informed regarding upcoming and past updates, weโre providing a list of known changes to Amazon fees and Policy updates.
-
How Payoneerโs target exchange rate feature will help you save more on bank withdrawals
Boost savings with Payoneerโs target exchange rate feature.
-
Navigating phishing attacks: A guide to keeping your Payoneer account secure
Keeping your funds safe is our number one priority at Payoneer. While phishing attempts can happen, arming yourself with knowledge is key to keeping your data and money safe
-
Zoho Books and Payoneer integration guide
Learn how to seamlessly integrate Payoneer with Zoho Books. Follow our step-by-step guide to connect your accounts, create invoices, and manage payments efficiently. Optimize your financial operations today!
-
SMB Barometer 2024
Online report SMB Ambitions barometer 2024 Payoneer surveyed 3,779 SMBs across 15 countries to better understand their ambitions as well as their challenges. Dive into our second annual SMB Ambitions Barometer to learn how SMBs are navigating markets, securing capital, and overcoming challenges while pursuing global growth opportunities in 2024. A NOTE FROM OUR CEOWelcome…
