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!
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