What’s in this article
The global business landscape has taken a hit in recent years, hugely due to the Covid-19 pandemic that had struck the shores of many countries, including Singapore. Interestingly, despite the Covid-19 recession, there were more business entities that were incorporated in Singapore as compared to the same period.
This highlights the resilient nature of Singapore’s economy, and the investors’ and entrepreneurs’ confidence in the city state.
Singapore As a Business Hub
Largely known as a business hub in Asia, Singapore is home to many MNCs, SMEs, and start-ups. The statistics and rankings tell a story of how open Singapore is as a country for foreign-owned and local businesses.
Check out the statistics and rankings below to see Singapore as a powerhouse in the world!
Reasons to Start Your Company in Singapore
Ever wondered why foreigners and locals are incorporating companies in Singapore over other countries like New Zealand or Hong Kong? There are 10 reasons why:
Starting A Business in Singapore
While there are many reasons to start a business in Singapore, the next important step is to identify which industries to enter. Check out the top business opportunities and growing industries in Singapore
In addition, do take note of the business licenses required for certain industries such as financial services, trading, and more before making your decision.
FAQs
Yes, one of Singapore’s most well-known tax policies is that of the lack of taxation on capital gains. This policy was put in place to encourage the undertaking of business ventures in Singapore. Thus, it has contributed to the country’s economic development.
Yes, you must start a company when running your e-commence business. Find out more here!
The basic requirements to set up a company in Singapore include:
- At least one local director (Singapore citizen, a Singapore permanent resident, an EntrePass/Employment Pass/Dependent’s Pass’s holder with LOC, or a nominee director)
- At least 1 shareholder (full flexibility here, can be corporate or individual, 100% foreign owned is acceptable too!)
- At least S$1 paid-up capital
- A physical local registered address
- A company secretary
You can find out more about incorporation in our article here!
Anyone can set up a company in Singapore and own 100% of the company.
Some popular businesses in Singapore are food and snacks, transportation, consulting firm, home tutoring service, online marketing, laundry service, and personal trainer.
Yes, to run an e-commerce business in Singapore, you must set up a company.
Yes, one of Singapore’s most well-known tax policies is that of the lack of taxation on capital gains. This policy was put in place to encourage the undertaking of business ventures in Singapore. Thus, it has contributed to the country’s economic development.