When it comes to countries where doing business as a foreigner is as easy and as straightforward as possible, Singapore definitely is among the top ones. Every year, entrepreneurs from all over the world turn their attention to this little country in Southeast Asia where big dreams can be made possible by a set of laws designed to help entrepreneurs.
Opening a business in Singapore can show a wide range of advantages and if you want to reap all of the benefits you should first make sure to acquire information about everything business means in Singapore. If you want to find more about this topic and about why the services of an accounting firm will be needed, then read on.
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Opening a Business in Singapore: an Easy and Hassle-Free Process
Singapore managed to get where it is nowadays because it has opened its doors towards foreign entrepreneurs. Furthermore, the officials have designed a set of laws that is meant to help entrepreneurs open businesses easier and without much irritating bureaucracy. The same laws make doing business in Singapore very profitable, especially because of the low taxes and of the various benefits related to this.
As a foreign entrepreneur, you should know that you have two main options when it comes to register a company in Singapore. The first one is to move there and obtain an EntrePass (a visa that will allow you to live and work in Singapore) and only then to apply for your business registration. The second option is opening an offshore business there, which means that you will not have to move there (and that you will not need a visa of any kind). However, with the second option you will have to make sure that your secretary, one of your directors and other members of the leading staff are locals. Also, you should know that you can visit for certain periods of time when your business requires you to be present.
The entire process of registration of business in Singapore is easy and straightforward and in some cases you can see your business opened within a couple of weeks. Furthermore, it is not costly at all (but you will have to make sure you meet the minimum capital requirements). Furthermore, do bear in mind that if you want to open an offshore business, you will also need the help of a specialized intermediary agency, since Singapore does not allow foreigners to open businesses there without the help of these agencies.
Why Would You Need Accounting Services in Singapore?
There are certain departments without which the chances of success for a business are considerably dim. The accounting part can be extremely important regardless of the country in which you open your business. Hiring professionals that will make sure to track the development of your company is absolutely crucial, because this is the only way in which you can actually improve those parts that may not be working as they should.
Furthermore, considering the fact that you will be a foreigner and that you may not be 100% familiar with the Singaporean law, hiring local accounting services in Singapore is absolutely essential, because they will be familiar with every single law your business should be interested in. They can save you a lot of trouble and they can make sure that you pay your taxes correctly (which, in Singapore, is in most of the cases advantageous for you, especially as a start-up of foreign origins).
You can find anything you want in Singapore when it comes to the accounting part and there will be experts for every sub-category of this department, including exceptional bookkeepers. This is largely due to the fact that the Singaporean government has been encouraging young people to acquire an education in this field. Grants, scholarships and training programs are available for those who want to walk on this path and this has led to the creation of a large number of actual professionals who have expertise in various fields.
You may feel tempted to want to save the money you would pay for accounting services, but the truth is that it is more than likely that it will be the other way around. Professional accountants will know how to track your company’s fiscal status, they will be able to advise you where you can save money and they will be able to spot an issue before it becomes dangerous for your business. All in all, paying for their services will eventually pay off and you will be able to see your company grow stronger and more stable.