Many entrepreneurs and investors are choosing Singapore as the place to set up their company. Its low corporate tax rates, business-friendly environment, ease of doing business, and livable conditions are some of the top reasons for incorporating a company in Singapore.
Let’s find out how to set up the various companies in Singapore!
What Are the General Guidelines for Singapore Company Incorporation
The steps to go about incorporating a new company in Singapore is similar across all industries.
Setting Up an Employment Agency in Singapore
Singapore is pro-business and attracts foreign investments – this means hiring professionals both locally and globally is important aspect for businesses.
Employment Agency Licenses
There are two types of licenses for employment agencies:
Application Procedure
Setting Up a Singapore Trading Company
A Trading Company is a business that connects buyers and sellers, either within the same country or on the international trading market. It is otherwise known as an import/export company or business.
Before you can import or export any goods in and out of the country, you will need to activate your account with the Singapore Customs and get an IN and OUT permit through the TradeNet.
Permits
Other required licenses
There are certain licenses/ certifications required for various goods:
Setting Up a Real Estate Company in Singapore
Many foreigners are opting to live in Singapore and it is a good business opportunity when it comes to setting up a real estate company. For definition, a real estate agency, also known as a real estate brokerage, is an agency involved in the business of helping potential clients buy or sell houses.
Estate Agent License
Companies, partnerships, and non-individual sole proprietorships involved in the business of buying, selling, and leasing of properties must apply for the estate agent license. This is issued by the Council for Estate Agencies (CEA), and can be applied on the website.
The criteria for New Estate Agents are as follows, among others:
As for the appointed KEO, he/she must fulfil these requirements, among others:
Setting Up a Telecommunications Company in Singapore
Singapore has one of the best telecom networks in the world. With the telecommunication service sector is growing fast in Asia-Pacific in the past few years, it’s no wonder why people are setting up a telecommunication company in Singapore.
Types of Telecommunication Licenses
- Facilities Based Operator (FBO) License
- License for In-Building Terrestrial Telecommunications Systems
- Satellite Downlink License
- Satellite Uplink/Downlink License for Broadcasting Purposes
- Satellite Communication Station License
- Portable Satellite Communication Terminal License
- Earth Station License
- Tracking, Telemetry and Command (TT&C) Earth Station License
- Service-Based Operation (SBO) License
- SBO Class Licenses
- SBO Individual Licenses
- Mobile Network Licenses
- General Radio Communication License
- Localised Private Network License
- Localised Radio Communication License
- Wide-area Private Network License
- Telecommunication Dealers License
- Experimental Station License
- Permit for Road Occupation Management
FAQs
Nope, you must register a company to run your online business.
Yes, you can.
Yes, to incorporate a company in Singapore, you need at least one local resident. As a foreigner, you can appoint a nominee director or get an employment pass.
Some of the popular businesses in Singapore are laundry, online marketing, e-commerce, financial services, cleaning service, content writing and consulting.