Read this ultimate guide on how to start a business in Singapore
If you wish to start a business in Singapore then you will be glad to know that Singapore is increasingly becoming one of the favourite destinations for investment. Entrepreneurs from all over the world are willing to set up shop in The Lion City. It won’t be incorrect to say that Singapore is indeed the business capital of Asia. It is a lucrative destination that allows businesses to thrive.
The country’s single point taxation system, no double-taxation policy, cheap yet efficient labour and well developed and maintained infrastructure provides all the assistance an entrepreneur needs to grow and prosper. The laws are transparent as well as favourable. The processes are simple and do not require too much time and money. Visit a corporate services provider in Singapore today.
Singapore provides so many advantages that it is utterly impossible to ignore it as a perfect destination. It is land of opportunities. If you have the potential then sky is the limit for you. Here you’ll have a favourable environment that no country around the world will provide.
Register an entity
A country’s legal framework plays a vital role in its economy. If the laws and regulations are transparent and motivating then the economy will automatically grow. In Singapore, the registration process of an entity is quite simple and is done with ACRA (Accounting and Corporate Regulatory Authority).
You can register any form of entity but company is undoubtedly the best. Incorporating a company in Singapore doesn’t take more than 2-3 days if all your documents are in order. The incorporation procedure is a two step process. In the first step you have get your name approved and in second the registration of company is done. You can then also apply for trademark registration in Singapore.
The Singapore Companies Act allows entrepreneurs to start a company with a capital of merely $1. Additionally, the tax rate is one of the lowest in the world. In Singapore, corporate tax rate is flat 17%.
Apply for permits
After your company is successfully registered with ACRA, you can commence your business. But before that there is another thing you must do first. That is, getting permits or licenses to conduct business activities. For instance, if you plan to open up an export-import company then you’ll need to get permits from the respective departments. You’ll also need to get yourself registered with IRAS (Inland Revenue Authority of Singapore) for taxation purposes.
Set up shop
The registered office of a business entity must be located in a suitable location. Region plays an important role in success of a business. For instance, if you start an accounting firm then the perfect location would be somewhere where all the big corporate houses, banks or financial institutions are located. The area must provide ease of doing business. It must be centrally located and have flawless communication medium.
Many a times it is tough to locate a suitable office for your company but in Singapore you do not have to worry about that. There are various business or economic parks, special economic zones, business districts where you can set up shop and commence your business. The infrastructure is well developed and the Government has taken care of all the essential amenities.
Hire workforce
Singapore is famous for its efficient labour force that is available at cost-effective rates. You can find quality employees at cheap rates that will not only increase your production but lessen your operating cost. The laws in the country are balanced and do not provide undue advantage to either of the two parties. Both employer and employee must strictly follow the rules mentioned in Employment Act. For instance, as per the Act, employees must receive their salary within 7 days of completion of full month.
Remit taxes
A country’s economy depends upon its taxation system. It will prosper if the taxation system is effective. The IRAS requires you to strictly follow tax guidelines and remit taxes on time. It provides various benefits like exemptions, deductions, rebates etc. to business entities. For instance, start-ups get a partial deduction wherein they only need to pay tax on one-third of their total income. Singapore is known for its transparent tax system. It also has treaties with various countries to prevent double taxation.
If you want set foot in Asia and expand your business horizon, then Singapore is where you need to be.
