Investors around the globe are eyeing Singapore for their next business because she has proven to be one of the best startup hubs. The primary concern for investors is whether the process of starting a business is easy. According to business experts, Singapore has done everything possible to make the state as friendly as possible to foreign investors. This guide has useful insights on how to start your dream business in Singapore.
General Overview
The state has made it possible for foreigners to start a business by registering and owning it entirely. The age limit is 18 years and above whether you are a local or foreigner. However, one should not have been bankrupt before or convicted for a criminal offense.
You can start a private limited company after getting the necessary permit, which is determined on whether you wish to relocate to Singapore or not. Both Entrepass and Employment Pass are appropriate permits that you can use. But while starting a company as a foreigner, it is imperative to know that you must appoint a local director.
Choosing the Right Business
Singapore is a great business hub and almost any business will take off well. However, some businesses do better than others. A business that offers IT solutions, e-commerce businesses that sell fashion accessories, and pharmaceutical businesses are among those that will do well.
After choosing the business, you might also need to know the location of the operation. Every corner of the state is a prime location, but shopping malls in the CBD are considered the best. Those operating e-commerce businesses might not have a challenge with this since all they need is a warehouse that is centralized for easy order processing and delivery.
Incorporating a Business
According to One Visa Singapore experts, incorporating a business in Singapore as a foreigner is straightforward. They recommend using experts who understand everything that is needed. This way, they will guide you with the required documents and application process.
Before the incorporation process starts, you ought to have acquired the right visa because it is one of the requirements. You will also need to open a local bank account and have the minimum share capital. They will also ask for a company secretary, a local director, and the list of shareholders. The last crucial requirement is a local address, and this easy if you have chosen the location of operation.
Operating a Business in Singapore as a Foreigner
After successful business incorporation, there are a couple of things to know about the operations. Singapore is very serious about tax remittance. Thus, all foreign investors should clearly understand their business tax obligations. Some are excepted depending on a bilateral agreement between the country and other states. To simplify this, hire a tax consultant to guide you.
The other important is hiring the right employees for your company. This has a direct impact on operations. Lastly, market your business appropriately to ensure that it kicks off on the right foot.
These insights will be invaluable to any investor who is interested in starting a company in Singapore no matter how small it is. Follow them now and you will not regret it.