Singapore is one of the world’s most developed nations for business. It is a hub for international trade and finance. The economy is unrestricted and open to commerce and is also regarded as a tax haven. Financial services, manufacturing, and oil refining are the main sectors for which the country is known. Singapore draws a lot of international investment due to its favorable position, low tax rates, talented workforce, cutting-edge infrastructure, and zero-tolerance corruption policy.
Why Set Up a Company in Singapore?
There are several reasons why many businesses choose to register themselves in Singapore. Some of these reasons are:
- Strategic location: Singapore is a major transportation hub in Southeast Asia, making it an ideal location for businesses that need to access markets in the region. Its excellent infrastructure and transportation links make it easy to reach major markets in Asia and beyond.
- Pro-business environment: Singapore has a stable and transparent government, a highly-skilled workforce, and a strong legal system. These factors make it an attractive location for businesses looking to operate in a predictable and low-risk environment.
- Low taxes: Singapore has one of the most competitive tax regimes in the world. The corporate tax rate is 17%, which is significantly lower than the tax rates in many other countries. Additionally, businesses in Singapore can take advantage of a wide range of tax incentives and exemptions.
- Multilingual workforce: Singapore has a diverse and multilingual population, making it easy for businesses to communicate and work with people from different cultures.
- High standard of living: Singapore is known for its high standard of living and excellent quality of life. This makes it an attractive location for businesses that want to attract and retain top talent.
- Government support: Singapore government actively supports foreign investment and provides help for business owners. The government has created an Economic Development Board to encourage business registration in Singapore. The government policies in Singapore attract foreign companies by offering them grants, tax exemptions, and schemes to help them establish or expand their business in Singapore.
Process of Business Registration in Singapore
If you are looking for a company set up in Singapore, then here is an overview of the steps you can take to register your business in Singapore:
- Choose a business name: First, choose a unique and appropriate name for your business and conduct a name search with the Accounting and Corporate Regulatory Authority (ACRA) to ensure that the name is not already registered.
- File incorporation documents: Prepare and file the necessary incorporation documents, such as the Memorandum and Articles of Association, with ACRA. These documents outline the purpose behind business registration in Singapore.
- Appoint company officers: Appoint at least one resident director, one company secretary, and one shareholder. These positions can be filled by the same person.
- Register for taxes: Register your business for taxes with the Inland Revenue Authority of Singapore (IRAS)
- Obtain licenses and permits: Obtain any necessary licenses and permits required for company setup in Singapore. These permits may differ depending on the nature of your business.
- Set up a business address: You will also need to have a valid physical address in Singapore for your company. This can be a commercial or a serviced office space.
- Submit all the necessary documents along with the registration fee and processing fee to ACRA for company registration
- After the registration process is complete, you will need to comply with ongoing annual compliance requirements for the company, such as filing annual returns and maintaining accurate financial records, etc.
Hence the process of company setup in Singapore involves all the above-mentioned steps, including choosing a business name, filing incorporation documents, appointing company officers, registering for taxes, obtaining necessary licenses and permits, and setting up a business address. The businesses must also ensure that compliance requirements are met annually.
Summing Up
A company set up in Singapore can be a viable option for many entrepreneurs and companies looking to tap into the Southeast Asian market. The country offers a stable and pro-business environment, low taxes, a highly-skilled workforce, and a strategic location. However, it’s important to remember that business registration in Singapore can be complex and time-consuming; therefore, many entrepreneurs choose to work with a professional firm specializing in company registration to help them navigate the process.
PikoHANA is a business that offers assistance in business registration in Singapore, Hong Kong, and Malaysia. From selecting a distinctive company name and a corporate structure to establishing the business with ACRA and acquiring the required licenses and permissions, they can help you with every stage of the incorporation procedure. With PikoHANA’s professional advice, you can comfortably manage the Singapore company incorporation process and concentrate on expanding your business. Contact their experts for more information!