Singapore offers one of the most diverse and friendly economic environments for investors. Registering a company here with the right entrepreneurial mindset is a sure shot way to success, and the numerous success stories for the best companies back that up. Thus, foreigners and locals both are willing to start a business in the country.
What is it Like to Start a Company in Singapore?
Singapore offers many benefits, the main one being a developed and a free economy with no bureaucracy. The economy is very stable, with high GDP and literacy rates. Furthermore, the country is in the heart of Asia and has the busiest seaport and airports in the continent.
We can’t forget the taxes- Corporate Taxes and Personal Taxes are very low, and even they have incentives. For example, the corporate tax rate is only 17%, but even that is reduced if you are a new startup or an SME owner. The tax plans and the economic benefits help both foreigners and locals in Singapore.
How Free are Foreigners to Start a Company in Singapore?
Foreigners will almost feel like locals while running a business, as they are barely left out when the government introduces a reform. 100% foreign ownership is allowed in Singapore. Furthermore, the registration process is simple and straightforward. However, foreigners can’t register a company themselves and will need to have a representative. It still isn’t an issue, as many registration services offer company incorporation in Singapore.
What are the Types of Companies in Singapore?
Sole proprietorship, partnership, and limited liability companies are the available company types in Singapore. Keep on mind that foreigners are only allowed to open limited companies, as sole proprietorship and partnership normally are very small businesses, and it only makes sense for the government to favour only locals in such companies.
What are the Requirements to Open a Company in Singapore?
Registering becomes straightforward if you know the requirements for company incorporation Singapore. Indeed, for foreigners, it is not an issue as they have to work with a registration service provider anyway.
Here are the things you need to register a limited company in Singapore:
- You need a resident director.
- You need a resident company secretary.
- You can have between 1 to 50 shareholders.
- You need a local business address.
- You need to do an AGM every year.
- You need to register for taxes and the various business licenses.
- The minimum capital is only S$1, but your business application can get rejected if the idea isn’t viable.
Before moving on with the registration, you must think of a company name that isn’t vulgar. The name should also be unique.
How Much Cost Does it Take to Register a Company in Singapore?
This really depends on the nature of your business and the work that your incorporation service provider needs to do. For example, if your business needs more licenses that the others, you may have to pay more as you need to hire legal experts for some time.
Normally, it can take between 200 dollars to 1000 dollars to register a company in Singapore. The price also depends on the registration service provider. Work with an experienced company, which will allow you to save budget and costs.