In Singapore, if you are engaged in activities for making profits, you need to register your business as like sole proprietorship, private limited company, or limited liability partnership.
There are tons of websites offering consultancy services to help foreigners, locals, and now, university graduates to set up a business in Singapore. If you want to set up your Singapore company incorporation, you must comply with its certain requirements.
Paul and Hype Page Co. provide fast and efficient services of registering and incorporating your company that will comply with the legal entity of Singapore.
Here are 10 reasons why you should establish a Singapore company:
1. 100% COMPANY OWNERSHIP – Any foreigner can come to Singapore and set up a company. You don’t need a Singaporean partner if you do it right; you can own 100% shares of the company. As you have full control over the company, you can decide the capital structure of your company as you want.
2. EASE OF SETTING UP A COMPANY – According to the World Bank’s Ease of Doing Business, Singapore is one of the top three countries to incorporate a company. The process of setting up a company is straightforward, it can be done within a few days.
In most cases, it only takes 1 day to register and incorporate a business in Singapore. Simply put, Singapore is the friendliest and the easiest place to start and manage a business.
3. ENGLISH AS BUSINESS AND ADMINISTRATION LANGUAGE – English is the business language in Singapore. Almost all Singaporean can converse well in English. Setting up a company in Singapore means you don’t have to spend time learning third or fourth languages to understand the needs and wants of the local market. You can easily communicate with the locals, governments, and business partners in English.
4. Strategic Location – Singapore is the gateway to Southeast Asia and Australia is only a short plane away. Setting up a company in Singapore makes it easy for your company enters a market with 3 billion people on the continent.
5. Start-ups Paradise– Singapore is a start-up paradise. Singapore government encourages start-ups by providing tax incentives and grants to entrepreneurs. The government even subsidizes the labor costs of a start-up company for certain sectors. The tax incentives and grants are not exclusive to local’s entrepreneurs, foreign-owned businesses can apply as well. In Singapore, it is possible to convert your ideas and vision into a business.
6. Talent hub – With its open immigration policy, there are new talents that traveled across the ocean to hunt for new opportunities in Singapore. Thus, it is easy to source a well-trained and productive workforce for your company in Singapore.
7. Tax friendly – Many investors are keen to set up a company in Singapore because of its friendly tax system. For the first 3 years, new companies in Singapore are exempted from tax for their first S$100k of income. And the corporate tax in Singapore is also considered friendly. capped at 17%
8. No restrictions on the movement of foreign currency – Setting up a company requires a substantial amount of capital at the initial stage. The good news is you can bring in as much capital as you need from your home country when you set up a company in Singapore. Singapore does not imply a restriction on the movement of foreign currencies like China and India.
9. Open economy – Singapore ranked first on “world’s most efficient and open economy” for 7 years based on the report of the Economist. Singapore stands out from its competitors by having a stable political environment, business-friendly tax system, its openness to foreign investment, the labor market and modern infrastructure.
10. IT Hub – Singapore ranks as the top 3 in the world for its advancement of information technology (IT). It is easy to stay competitive in the market by having all the access to IT in Singapore.
Also, keep in mind to follow Singapore’s business cultural norms and other legal rules so that you don’t attract unwanted eyes of the locals and government authorities:
- In Singapore, using traffic as an excuse for being late doesn’t always work. Taxi cabs are very dependable. Most importantly, the cultural protocol is very special in Singapore and everyone MUST follow it.
- The greetings, for example, for young and old people are different. Although it’s culturally acceptable for women as well as men to shake their hands, women must initiate the handshake first.
- If you are a foreigner who wants to gain practical training for professions such as managerial, professional, executive, or specialist nature in Singapore, you may require a training visit pass or TVP.