For those planning to move their business into Singapore or who are ready to expand, this location can be one of the best choices for various reasons. However, the task may seem daunting at first. Is it wise? Is it financially the right decision for your company to make? And, perhaps most importantly, where do you begin? As a business owner, you have to make many tough decisions for your company and for all it has to offer. However, there are many misconceptions about forming a company in Singapore that you should know so that you don’t fall victim to missing a key opportunity for success. Here are a few things to keep in mind.
Misconception #1: It’s Too Expensive for a Foreign Entrepreneur to Relocate
If you are a foreign entrepreneur, you may not think that your start-up or small business can handle the financial stress of making this type of big move. That does not have to be the case, though. The fact is, this type of move is not only affordable, it can provide your business with ample financial protection over its lifetime. In other words, it may make more sense to move than not to do so. The tax incentives and overall good business climate are big reasons to make this move in the first place.
Misconception #2: Moving Your Business Means Too Much Government Involvement
Even if you have a large company, you may see the value in moving to Singapore but you may also be leery of what this type of move would mean in terms of government compliance. It is true that you may have to meet governmental requirements and compliance standards. That happens in all countries. What is misleading, though, is that doing so is hard to do. The fact is, you can easily make this move when you use the right company to help you through the process. You’ll have the hands-on help you need to make it a smooth, streamlined process.
Misconception #3: You’ll Have To Learn A New Way Of Operating
Every business gets comfortable and familiar with their country’s unique set of rules and requirements. Managing your company outside of this can seem challenging. However, when you work with our team, you do not have to worry about accounting and taxation differences. You do not have to worry about learning new systems of payroll or corporate organization. That can all be done for you or taught to you. The process should not be avoided because incorporation of your business in Singapore seems too challenging.
Even if you are not ready to make this decision, it is a good idea to explore all of your questions at length. Determine what your needs are, what you can expect through the process, and what the key benefits to such a move can offer to your company. For many businesses, it means growth and potential for a long, healthy life, which may not happen where you are now.
Categories: Singapore Incorporation and Company Registration