If you are looking for a country that is heavenly from the point of view of the entrepreneurs out there, then Singapore will be the one. In just 4 to 5 decades, this country has managed to become one of the main business attractions in the world and the main reasons for this happening are related to the fact that the entire system of laws is meant to protect businesses the way many other countries don’t.
Of course, the list of benefits when it comes to starting a business in Singapore is very long and what you will definitely want to know is the fact that you will have the same rights as a foreign business owner as any of the Singaporean residents and citizen will have, which makes this place truly great when it comes to the legislation the government of this country has granted to all the business owners who incorporate their business there.
Foreigners will find it quite easy to go through the online registration process and, as you will see further on, other than basic documents and certain easy-to-follow requirements, there will be not much effort involved from your behalf. If you want to acquire more information on how to make this great step in your career as an entrepreneur, then you should definitely read on.
A Basic Guide to Opening a Business in Singapore as a Foreigner put very shortly, there are 2 main options if you decide that Singapore should be the place where your business is located and ran.
The first option does not involve you acquiring any kind of permit and this means that you will run your business from overseas. In this case, you can only visit Singapore when your business needs your physical presence there, but you cannot actually move to Singapore. Also, you should know the fact that you cannot have your company registered without the help of a professional agency offering this kind of service. Also, if you go for this option, you will have to know as well the fact that your company will have to have at least one of the directors, one of the shareholders and one secretary that are local citizens of Singapore and who can run the business while you are not in the country.
If this option is not appealing for you, then you should know the fact that there are 2 main types of passes that will help you gain rights that are almost equal to those of the Singaporean citizens (although you should also know that neither of these passes are not actual citizenship, nor are they permanent residence permits). These two passes are the EntrePass (or the Entrepreneur Pass) and the Employment Pass.
The first one will grant you the right to become a full owner of a company in Singapore (and to employ other people), while the second one will grant you the right to work in Singapore. The applications are similar in both of the cases and in both of the cases you will have to apply via a web form (available at the official government site).
Furthermore, you will most likely need to call for the services of a professional agency in this case as well, because this way you will make sure that your application will receive approval as soon as possible and as hassle-free as possible too.
Once you have received your permit, you can proceed with registering the business itself. This will be an even more straightforward process and it will also be done online as well. You will have to provide contact information about the directors, shareholders, an address of your business (which, bear in mind, cannot be a P.O. box but an address proper) and banking details (which involves that you will have to open up an account in Singapore – one of the few actions where you may have to be there yourself – and deposit all the capital of your new company there, to prove that you have it). Other than that, you will have to make sure that you know what should be done every tax year and all the forms that have to be submitted in order to run a legal business in this country. Regarding this, you can receive financial consultation from one of the many professionals available in Singapore.
What are Your Rights as a Foreigner Who Owns a Business Here?
Basically, you will have the very same rights and duties as a local business owner has once you open your company here. You will be able to receive financial support from the government through one of the many schemes that have come up with and you will also have to respect the tax laws the same ways as locals do. All in all, running your business from Singapore can bring you a tremendous number of benefits and it is worth at least informing yourself about them before you make a move in any direction.
Categories: Business In Singapore