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.
Aside from that, in general, there are 10 reasons why more business owners are incorporating a company in Singapore. To name a few, these include:
- 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.
Tap on business grants available
The great thing about starting a business in Singapore is the availability of grants available for companies to tap on. These include the Enterprise Development Grant (up to 80% subsidy), Productivity Solutions Grant (up to 80% subsidy), Startup SG Founder Grant (startup capital of S$50,000), and more.
- Rent your equipment
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!
FAQs
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.
Yes, a foreigner is permitted to incorporate a company in Singapore. A foreigner intending to relocate to Singapore or those who have employment pass can incorporate a Singapore company.
Yes, you may apply for as many grants as you wish, as long as you meet the requirements for each grant. However, this is also subject to approval by the governing agency.
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!
Hi, good afternoon,
I would like to know as a foreigner , to set-up a company in Singapore, what is needed, and is it possible to use your office as my office address ?
I ask this because I want to have another office besides the one in Hong Kong. As you know, with the recent problems between China and USA, USA might decide to apply all import duties to Hong Kong, same as China.This could be a problem, so ,another office in Singapore would be good.
– I won’t be in Singapore , just having an office for some paper work related to import and export , from/to China, USA, and any other countries in the world.
– Any Import o Export duty or Vat on transit products for re-export ?
– Can open a bank account in Singapore , not as a Resident, but having a company/shared office as above mentioned ?
– I appreciate your soonest reply,
Best Regards,
Al Rod
Hello Al Rod
It is indeed possible for foreign entrepreneurs to set-up a company in Singapore.
With regards to your queries related to your business specifically, that depends on the nature of the goods and business, to better advise your query, please do contact us so we can provide relevant feedback.
Paul Hype Page & Co does offer a variety of packages relating to company incorporation, for example, this package offers many of the requirements you have, and costs $3,155.
Company Incorporation with Employment Pass
Company Registration S$800
Acra Registration Fee S$315
Appointment of Company Secretary (for 1 year) S$600
Application for Employment Pass (EP) S$800
Nominee Director (for 2 months) $400
Registered Office Address (for 1 year) S$240
Total S$3,155
For further discussion, please book an appointment and our specialists will get in touch with you at your convenience.
Thank you for your comment.
Warm regards
Paul