Singapore Business Start Up: An Overview

Author: Clive Reynolds

In the early 20th century Singapore was considered as a British colony with people trying to cope up with their lives. This small nation has come up a big way ever since and today it is one of the most reputed economic hubs not just in Asia but the world. There are so many scopes to mint money in Singapore that people from all parts of the world are heavily investing in starting a business in Singapore. The hassle free lifestyle and political stability are also a contributing behind the belief of the businessmen that they can earn a fortune out of their investments in Singapore. But like all other countries around the world there are many factors involved in Singapore business start up. The trade regulations in this city state are quite easy due to the investor friendly legislations. There are still some rules for an offshore company to set up its office in Singapore and these should be given a lot of priority.

For Singapore business start up there are three main particulars. These are proofs about the authentication of the company, list of its directors and shareholders. You have to submit the documents verifying the present registered address for the company as also the residential addresses of directors and shareholders who will be involved in starting a business in Singapore. Now let\’s take a look at other facets of Singapore business start up:

Paying A Visit: In order to lay the brick for Singapore business start up you have to visit the island and start the registration formalities. The immigration in Singapore is open thus there are not many hurdles that you get across in order to get a visa. Just apply at ICA or the Immigration and Checkpoints Authority and you will get the visa in quick time. Alternatively, if you do not have the time to visit Singapore, appropriately notarized documents are also accepted in the business start up procedures.

Go Ahead With Registration Process: One of the hassle free ways to starting a business in Singapore is to use an experienced company secretary, registration agent or firm having both legal and accounting services. Though a local corporate services company can also do the job much more efficiently and less costly, and in a well organized way. You have to take these help so that all the rules and regulations for business start up in Singapore to abide by.

In order to take the next step you have to get registered with the ACRA (Accounting and Corporate Regulatory Authority). Any registration firm can help a great deal in this process. Foreign entrepreneurs have to engage the services of a service provider with a professional license to get registered with ACRA.

Recruiting Manpower: Companies often like to relocate people of their team from elsewhere in the early phase of Singapore business start up. In order to have this privilege you should obtain employment visas from the Ministry of Manpower in Singapore. There are different types of passes required such as Employment Pass for the general employees while for the company owners Entry Pass Scheme is in vogue.

Taxes in Singapore: One of the reasons for many companies starting up business in Singapore. There are various taxation benefits in this country. There are transparent laws for the small and medium sized companies alike. To make the process further simplified there are corporate service firms that you may adhere to.

As the registration, immigration and taxation laws are favorable for the starters so starting a business in Singapore has become a great scope for all the investors around the world.

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