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Singapore Business Guide.

Why Singapore the easiest place to start doing a Business?

Singapore is often touted as the best place in the world to do business. After all, it has excellent government incentives that welcome entrepreneurship and innovation. The city state rewards talent by giving them opportunities to grow. Furthermore, its tax system is relatively uncomplicated. All these reasons make Singapore the ideal place to start and grow a business. However, before you go rushing off to look for office spaces, you would need to have a general idea of how it’s like to start a business in Singapore and gain Free 60% Start up funding from IRAS PIC. Although the process is pretty simple, there are a few things you need to keep in mind before you proceed in order to ensure success in your endeavour.

Do Your Research

The best thing to do in the first place would be to research on doing business in Singapore. Find out if what you’re offering will go down well in the country. After all, there is hardly any point in offering a service or product which is not going to be popular at all. Singapore is country with western influences which still follows the traditional culture of each individual race. This makes it very interesting indeed. Thus, in order to succeed here, you would need to understand your potential customers first. Would they be willing to buy what you want to sell?

You could look for local consultants who would be more than happy to help you with your groundwork research. Let them know what you plan to do and find out if this would be able to work in Singapore. At the very least, this gives you the opportunity to tweak your ideas so that it fits better in the local environment. At the end of the day, you want to have a thorough understanding of your customers to that you are better able to serve them. In the long run, this will help in your business because you focus more on satisfying customer’s needs than anything else.

Ensure You Follow the Proper Steps

Of course you would already have a business plan in place before venturing into Singapore. Before even starting on your application, you would need to understand the overall process of doing business in Singapore. To start a company, you would need to register your business with the relevant authorities. You can actually seek the help of professional lawyers, chartered accountants or consultants to help you with this. They would be the best people to give you advice on the application process and other types of information that would be most helpful to you.

For starters, there are many places where you can go to enquire about more information. There are business reports that are a mine of data about business in Singapore. A good resource would be links that have information about setting up offices in Singapore. This country is rapidly expanding and that is why competition is rife to set up businesses here. If you are serious about doing business, you have to be aware of the norms and processes. A misstep or an error in your application could see you unfortunately losing out on the chance to open an office in Singapore.

To further aid you, we have provided here a resource area with industry specific information and other industry resources to help you successfully start and run your business.

Need further advice? Be sure to contact us at + (65) 6221 4711. 

Singapore Company Yearly Statutory Requirements

Further advices for foreginer who wants to start doing business in Singapore.

Mutli Cultural Society

Foreigners should be mindful that Singapore is made up of a multitude of different cultures. Thus, this makes for a very interesting working environment. The city state is home to a variety of races such as Malays, Chinese and Indians – each with its own set of cultural norms. Luckily, all the races have been able to gel quite well with each other over the years to create a harmonious living environment. However, those who are not used to living in a cultural melting pot might find themselves in sticky situations. Therefore, one should be wary of when it comes to choosing a name for your business is the fact that there are many cultures in Singapore. As such, you might unintentionally choose something which is religiously offensive or which might have vulgar connotations in different cultures. You would do well to conduct a thorough search and find out more about your potential business name. If you have contacts among the locals, you should try the name of your business out for size. Your chartered accountants and consultants will also be a good resource to find out more about this.

Working with your Business Associates

A rule of thumb when doing business in Singapore is to take things slowly if you are unsure of things. Building relationships over time will hold you in good stead and help you gain a foothold among the locals. When dealing with the government or local authorities, make sure you have all the facts and information ready because they tend to be very particular about the details. There is nothing more important to Asian culture than respect and honesty so be sure to be polite to others. It is highly important to create a sustainable working relationship which can be maintained for the long run.

Singapore Company as a Worldwide Brand

Singapore ranks as the best place to do business in the world. That is why you have many people keen on investing or building businesses in Singapore. There are already many foreign companies here and so you might face stiff competition. However, as long as you follow the guide, you would be able to do well in Singapore. At the end of the day, remember that the government of Singapore welcomes talent into the country. As long as you are able to offer benefits in an economic sense, you should find that you have no problems doing business here. Click here for details

 

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2 Comments

  1. Teoh Yew Jin
    January 28, 2013 at 4:19 PM · Reply

    Hi Eric,

    I called earlier, we are actually a group of business partners that would like to set up a company in Singapore to invest in US equities. We have been trading for a couple of years now with an online brokerage in Singapore but previously it’s all under my name and we just did a loose agreement as we have been business partners for a few years now. Couple of questions top of my head:
    1) If we set up the company as a private limited (as you suggested), how do we get our money out at the end of the day?
    2) Is dividends taxable or a right way to go tax wise compared to putting the money in as a loan to the company?
    3) Is there a structure we can add more investors later on? rather than having to tear up the shareholder agreement and write another one?
    4) At the company level after the first SGD 100k the tax rate would be 17%, at the individual shareholder level, considering all shareholders would not be resident of Singapore (Malaysian citizens), I would assume we do not have to pay Singapore tax as we are exempted?

    Thanks and see you

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