If there’s one thing that all business owners and top management can agree on, it’s definitely generating revenue while reducing operational costs after company incorporation. The real question is – how do you go about reducing the overheads when doing business in a country like Singapore?
Why Singapore Is a Top Destination for Businesses
Singapore is home to many businesses and have seen a growth in the number of businesses even during the Covid-19 pandemic. With top business opportunities and the spurt of key industries booming in Singapore, entrepreneurs and investors are now putting their money into setting up a company in those industries.
Ease of company incorporation – can be done in a day!
Strategic location – gateway to Asia
Low corporate tax rate – capped at 17%
What Are the Ways to Reduce Costs of Doing Business
While the advantages of setting up a company in Singapore are aplenty, one of the key concerns for business owners is the cost of doing business. This stems from the high labour costs, rental costs, and other operational overheads needed to run a business successfully.
There are a few ways for companies to reduce their costs:
Opt for virtual offices
Hybrid and remote working models are becoming more popular among both small and big businesses. As such, virtual offices in Singapore (link to virtual office article) have seen tremendous growth as it offers a cost-efficient solution while tapping on the on-demand services such as meeting rooms, copy services, and more.
Select a less expensive office location
If virtual offices are applicable for your industry, the next best option is to consider renting an office in a location that is not high in rental. Prime locations for offices that are usually high in rent include those in the central business district and the outskirts of the city area.
When starting your company, you can consider renting the equipment needed to operate your business. This helps to reduce the spend and payment can be done via installments, leaving cash for other operational works.
Starting a Company in Singapore
If you’re ready to start your own company in Singapore, registration can be done within a day or less! Here are some requirements to note:
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
Need help with company incorporation in Singapore or any corporate services? Contact us today for a free consultation and see how we can help set the foundation of success for your business!
Before you reserve your company name, do a quick check using our free name checker tool to see if your desired company name is available. Once you have confirmed it is available, you may proceed to reserve them with the Accounting and Corporate Regulatory Authority (ACRA). Find out more about the requirements for company names here.
Can a foreigner set up a company in Singapore?Tommy2021-09-01T09:47:14+08:00
A virtual office is a service that empowers businesses and employees to work remotely without the need for a physical space while utilising the infrastructure of a corporate organisation such as telephone and messaging services, meeting rooms, mailing address, and more. Learn more about virtual offices here!