As one of the first-world countries in Asia, Singapore boasts a highly efficient infrastructure, a free-market economy, and an 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 the 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 the 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 one of the ideal choices in setting up companies. Read through 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 it is an ideal location to set up your business is its strategic location. Also, the country has a stable economic climate and a pro-business environment. Plus, its flexible immigration policies and skilled workforce make it a lucrative choice for foreign investors.

These factors turn the country into 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 draft a business plan to ensure profitability. Research your niche. Above all, never hesitate to make the necessary changes in the business plan to 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, your company’s name will create the first impression on your target audience. Based on legislation, the Singaporean government requires that the business name reflects its 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 only be sent to this address.

Research about business licenses

To avoid any legal issues in the future, it is advisable to research and inquire about business licenses. Besides, there are specific licenses required for your niche.

Immigration and Visa

Singapore has several multilateral free-trade agreements which encourage foreign entrepreneurs to enter and re-enter the country easily. EntrePass is the only option if a company has not yet started; however, an Employment Pass is issued once the registration process is completed.

Registration

Once the above steps are completed, the business is now ready for the registration process. Singapore is known to have the fastest business process 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 foreign country business.

Thus, it is important to consult with an expert on Singapore’s culture and different business laws. Seeking advice on efficiently forming 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 successfully setting up your business in Singapore.

References:

The Singapore Economy, Sgs.gov.sg

Why Choose Singapore, Guidemesingapore.com

7 Steps To Starting Your Business In Singapore, Youngupstarts.com