Do you know what the ideal location to start your own business is? It’s Singapore, of course. For years now, Singapore has been the leading hotspot for entrepreneurs desiring success. The former British colony makes it easy to make your mark. It’s located right in the heart of Southeast Asia, not to mention that the government is pro-business. As for the tax system, it’s considered one of the best ones in the world. If you were planning on doing business in Singapore, you’re in luck. You can easily register your company by fulfilling some requirements. If you don’t know the ins and outs of setting up a business in the Lion City, then you should better continue reading.
Prior to starting a business in Singapore
Apply for an Entrepreneur Pass
Being an entrepreneur doesn’t necessarily require having a company. You don’t have one, but there is still time. You can set up a company abroad in a jiffy. The thing is that to start and operate a business in Singapore, you need to obtain an Entrepreneur Pass (Entrepass) from the Ministry of Manpower. This pass is designed for foreign entrepreneurs who are interested in getting involved in commerce and maybe relocating to the Lion City. It’s basically a visa for entrepreneurs. The aim of the scheme is to attract talent to the country and become a one-stop destination for businesses. It’s necessary to apply for the Entrepass prior to incorporation. You make the application and you’re bound to receive the pass. If you don’t have any intention of staying in Singapore to administer the company, don’t get an Entrepreneur Pass because you won’t be needing it.
Get your Singapore Personal Access
Singapore Personal Access is a password that can be used to access government e-services. To be more precise, the password makes it possible to access and perform web-based transactions with a great many government services. You can carry out transactions with more than 60 government agencies. It’s recommendable to get your account ready before you leave overseas. The application process takes only 3 minutes of your time. Go online, read the instructions, and click on the Register Now button. Once you have filled in all the necessary details, submit the application. It’s as simple as that.
Starting a business in Singapore
Determine the right business structure
When it comes to registration, Singapore makes available several legal entity forms. What you need to do is figure out what business structure will be helpful for you when establishing your headquarters. The decision that you make can affect the amount of taxes that you have to pay and your image. You can choose from any one of the following business structures:
- Sole proprietorship – the business is own and administered by one person and there isn’t any distinction between the owner and the business entity. If you want to be your own boss, then you should register for sole proprietorship. It’s the best course of action if you’re a small retailer or designer. Make sure to appoint an authorized representative – in other words, someone who lives in Singapore.
- Private limited company – this legal entity limits your liability to the shares, limits the number of shareholders, and restricts the investors from trading publicly. Pte Ltd is by far the safest business structure, providing credibility. Singapore company incorporation Consultants Pte Ltd will be able to guide you through the incorporation process.
- Partnership – if you decide to organize your business as a partnership, then you share money, skills, and other resources. You can register a partnership if one of the business associates is resident in Singapore. In the event that all of the partners are foreigners, it’s essential to appoint an authorized representative.
Register your company
As mentioned earlier, registering a company in Singapore isn’t at all difficult. You have the opportunity to register your business online with the help of ACRA, that is the Accounting and Corporate Regulatory Authority. Nonetheless, you need to meet certain requirements. Like what? Well, you have got to get the company name approved, appoint a secretary, have the necessary paid-up capital, and so much more. Click the following link to learn about the company incorporation procedure: https://www.companyregistrationinsingapore.com.sg/corporate-services/register-company-singapore/. You’ll see that there are many requirements to be met. You should get some help, just to be on the safe side. More precisely, reach out to a business solution provider.
Find premises for your business
Finding premises is one thing that won’t give you hassle. Do you know why? Because Singapore offers a wide choice of premises for companies. Now, isn’t that great? As the number of enterprises in Singapore has risen over the course of the last years, it’s easier than ever to invest in commercial property. The types of real estate property that are available to ambitious entrepreneurs are office spaces, retail spaces, shop houses, and, last but not least, medical suites. If you don’t want to base your company in the civic district, right across from the City Hall, you need to know that you can have your business housed in a high-end commercial property. Since all of the areas are new to you, it’s recommendable to do your research before deciding on anything.
Get started with manpower planning
To move forward, you need personnel. Even if you don’t have that much time on your hands, get started with manpower planning. And do it as quickly as you can. The last thing you want is to end up without employees. Hiring staff members requires a lot of work and decision-making. It’s important to take into account the labour laws, as well as the local formalities. The Employment Act will provide you all the information you need, from the maximum of work hours per week to termination notice period. You need to be very careful when employing students. Foreigners aren’t allowed to work in the former British colony if they are on vacation. If you intend to take on students as interns, then you must apply for a Training Work Permit. There are plenty of other details that you’re not aware of, so do some digging.