Located in the heart of Asia, Singapore has become a thriving community for businesses. With its business-friendly policies, flexible immigration policies and strategic location, Singapore is certainly a hub for foreign businesses and start-up companies.
To bolster economic growth, business policies, company registration and tax rates were made transparent and friendly in order to attract more investors. Additionally, Singapore has a strong Intellectual Property (IP) Protection so the country is now becoming a centre for businesses to manage their IP assets.
Dubbed as a major financial hub in the Asia Pacific region, it earned the reputation of being one of the most advanced economies. Its stable economy is definitely an ideal place to form a company.
Learn more about benefits of company formation and its registration process in the succeeding sections of this blog.
Benefits of Setting up a New Business in Singapore
There are numerous reasons why many entrepreneurs start a company in Singapore. Here’s a list of reasons what makes Singapore an attractive place for foreign investors:
- Access to several emerging markets and strong seaport infrastructure
- Straightforward Company Registration
- Business-friendly ecosystem
- Attractive tax frameworks and extensive trade agreements
- Strong Intellectual Property Protection
Singapore currently ranks second in Ease of Doing Business according to World Banks’ report [WorldBank]. This encourages several entrepreneurs to start their company in the country.
The next section will be an overview of the company registration process in Singapore.
Guide to Registering a Business in Singapore
It is important to have knowledge about the company registration process in Singapore. Business can operate as soon as possible which is beneficial to maximise profitability.
Note that before registering a business, the business entity has to be determined first. There are three types of business entities a foreigner can choose from:
- Representative Office
- Subsidiary Company
- Branch Office
When you have decided on the business entity that will suit your company needs, the following documents should be prepared:
- Company name
- Brief description of business activities
- Shareholders’ particulars
- Directors’ particulars
- Registered address
- Company secretary particulars
The registration process is fully computerized by Singapore’s Accounting and Corporate Regulatory Authority (ACRA). There are two steps in registering your company in Singapore:
Company Name Reservation
A company name is reserved for 120 days from the date of application. In order to ensure that your chosen company name is quickly approved, it should be noted that it is not obscene or offensive.
Furthermore, it should not infringe on any trademarks.
Register the company
Once the company name is approved and all necessary documents are signed, company incorporation can be completed in a few hours within the filing of incorporation request. Upon registration with ACRA, the company may commence business activities.
Company Formation Registration Made Easier
Start-up companies and major corporations can greatly benefit from Singapore’s unwavering economic growth. Thus, foreign investors and business owners are adamant to start their companies as soon as possible in the country.
Many entrepreneurs are seeking advice from corporate solutions provider so they can incorporate their business in the country and ensure efficient operations. Moreover, company formation agents can provide valuable insight regarding the country’s culture and specific business laws. This will definitely ease the transition of your business in a new place.
5 Reasons to Start a Business in Singapore, Singaporecompanyincorporation.sg
Singapore company registration: A comprehensive guide, Guidemesingapore.com
How to Register a Foreign Company in Singapore, Rbcrca.com.sg