Thinking of setting up a small business at home in Singapore? Company incorporation in Singapore is growing fast every year as more and more entrepreneurs flock to this side of the world to set up the business they’ve always dreamed of.
There are few other countries out there to be even comparable with Singapore when it comes to the ease with which businesses can be set up and to the great benefits this country can bring for all the startups out there. In just a few tens of years, Singapore has brought itself to the level of development that makes it be one of the greatest economic powers not only in Asia, but around the world as well. Company incorporation in Singapore is growing fast every year as more and more entrepreneurs flock to this side of the world to set up the business they’ve always dreamed of.
Incorporating a small business or a larger business in Singapore is fairly easy, but you will first have to make sure that you understand the process and that you have someone reliable to whom you can pose all the questions you need to. Basically, any individual out there, regardless of the country of origin and regardless of the affiliation with the Singaporean government and citizenship can become the owner of his/her own small business in this country as long as he/she is interested in running a business that is truly competitive and that fits into the Singaporean market.
If you want to learn more about how to set up a company in Singapore, then you should definitely read on.
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Small Business Setup in Singapore
If you want to set up a small business in Singapore and if you do not necessarily want a large company there (or at least not for the very beginning of it), then you should definitely consider the alternative of opening up a business to run at home, because there is a series of advantages to doing this.
For starters, opening an online business is more accessible from a financial point of view. The initial investment in the case of an online business is much smaller than in the case of other business structures out there and it can bring just as much profit as they do if you manage to find a type of business that is suitable for the market in Singapore.
Furthermore, you can still have access to many of the funding schemes available for businesses in Singapore if you need further finance to actually start up your business or to fund its development more for yourself, for your employees and for their careers.
As an foreigner, you will have to make sure that you understand every single law related to opening and running a business in Singapore, so that you can avoid any kind of misunderstanding that may lead to the closing down of your business and to further trouble (such as having to pay large fines, for example).
Which are the Steps to Setting up an Online Business in Singapore?
Opening an online business in Singapore means that you will have to travel there and move there. Consequently, this means that you will need one of the visas the Singaporean government has made available for those in your situation: an Entrepreneur Pass or an Employment Pass. These passes will allow persons who want to move to Singapore to be employed there and to work there.
Do bear in mind that they are not the same thing as obtaining citizenship or a permanent residence in this country and that if you want that, you will have access to it as well (but there will be both advantages and disadvantages to following the procedures that lead to it). Obtaining such a pass can be very easy and even more so because you can send your application online. As a foreigner though, you may not be allowed to send the applications yourself and you will have to call for the services of one of the many professional agencies that frequently deal with these matters.
The consultants there will make sure that your application has been submitted successfully and according to all the terms involved and that they will be able to answer you any questions you may have. If you need your dependents (such as your spouse and your children) to obtain a permit as well, then you should know they have access to it as well. However, this will not be granted automatically and you will have to inquire further for this matter.
Once you have obtained your work permit in Singapore, setting up the business itself will be very easy. Basically, you will have to send an online application that will contain personal information, banking details, the address of your business (which should not be in any case a P.O. box only) and other details that may be required from you. Again, you can ask for the services of a professional who deals with these matters in order to make sure that everything is ran smoothly and that you will be successful in your application.
As mentioned before, Singapore is definitely one of the best places to do business. You can set your business in almost any area out there, from website advertising and marketing to IT consultancy and a lot of these types of business can be run from the comfort of your own home, by using a good online connection and a fairly good computer.