Business Requirements

A Comprehensive Guide For Starting A Business In Singapore – For Singaporeans And Foreigners

Singapore is an economic powerhouse not only in Asia but also across the globe. It’s also one of the safest countries to start and run a business both for residents and foreigners. Most people think it’s challenging to start a business in Singapore. The truth is, with the right amount of business funding and effort, it’s easy especially with professional guidance. Before looking at how to start a business in Singapore, there are reasons why Singapore is an attractive investment spot. Low rate of corporate tax, which is currently at 17 percent No withholding tax on non-resident shareholders’ dividends Tax exemption on a company’s foreign sourced income Ranked third as the world’s most competitive economy Ranked seventh among the most innovative nations in the world Ranked the second-best country in terms of the ease of doing business Ranks top in Asia and fourth in the world for intellectual property protection Has more than 80 Double Tax Avoidance agreements Requirements for incorporating a business in Singapore Before incorporating a company in this great nation, one should: Be at least 18 years Have the right working pass like the EntrePass or Employment Pass for foreigners. However, this is not necessary if one has no plans to relocate to Singapore to run the business. In that case, a local nominee can register it. How to start a business in Singapore 1. Choose a business structure One can select from an array of legal entity forms such as partnership, sole proprietorship, branch office, subsidiary, representative office and more. Entrepreneurs should not choose a business structure randomly as this choice will affect the business in different ways such as the ability to get loans and grow the business, credulity in the eyes of customers, attitudes of banks and much more. For example, when venturing into business with a friend, choose a partnership. On the other hand, if the small business has few risks and less likely to cause legal trouble with anyone, then sole proprietorship would do. These two structures aren’t subject to corporate taxes. A private limited company is the most preferred form of

Read more »

7 Steps to Starting Your Own Business in Singapore – One Of The Most Ideal Business Hubs In Asia

Got a great business idea? Thinking of starting your own business? Starting a business takes more than just having a great idea. Oftentimes, you might get discouraged and even throw in the towel when you encounter various roadblocks required to get your business up and running. One of the best things about starting a business in Singapore is that the government has done a lot to support entrepreneurs. Singapore has quickly become one of the most ideal places to start a business in Asia. This doesn’t mean that entrepreneurs setting up base in Singapore don’t have to go through the many administrative tasks of setting up a business. These are unavoidable. However, understanding what needs to be done and how it can be done ensures that as an entrepreneur, you can hit the ground running. If you’re thinking of starting your own business in Singapore but are at a crossroads, this article might just be able to help! From Idea To Reality Taking an idea and turning it into a reality isn’t as easy as many people would like to believe. A lot of work goes from taking an idea from paper to business. The following are steps that an entrepreneur with a great idea should consider when starting their own business in Singapore. 1. Have A Plan Before anything can get started, it is important for you, as the entrepreneur to give your idea some structure. You should sit down and turn the idea over in your mind. Having a pen and paper handy is advisable. This first step is crucial for turning an idea into a business plan. The idea stops being just a thought and becomes an actual business concept that can be implemented. This may require some research into the niche market that you are seeking to establish your business. Some questions you should ask yourselves at this point include: What product or service do you wish to provide? Is this service or product in demand? Are there opportunities for this product or service? Researching the industry will help in fine tuning the idea. If you

Read more »
You cannot copy content of this page