Singapore is attracting a lot of prospective investors to start a business there. It has been ranked 1st for the excellent business environment by Economic Intelligence Unit 2017 report, 1st by Global Enabling Trade Report 2016 for providing the best open economy for foreign investment and trade and 3rd by the Forbes Magazine under the wealthiest nations in the world. Moreover, Singapore registered companies have major tax benefits like extra incentives and exemptions.
Its state-of-the-art infrastructure, attractive tax rates, accessibility, political reliability & stability, and pro-business government policies provide a favorable environment for company incorporation in Singapore.
Individuals and companies who want to start their own business consider Singapore as a great choice because of its international connectivity, geographical location, business-friendly laws, and transport infrastructure. Currently, it is considered as an Asian hub for multiple global industries such as shipping, communication, and finance.
Now the question arises, how to register a company in Singapore? The process is very simple and streamlined to register a new company in there. All you need to do is hire a business consultant Singapore.
Business consultant Singapore consists of professionals who specialize in areas related to tax, business law, finance and business advisory along with years of experience in the cross-border transaction.
You can use different business structures to register your businesses irrespective of whether you are an individual or a corporation. Be ready with your business idea, marketing campaigns, detailed business plans, and market research & surveys. In order to sell and generate revenue, you must be aware of your targeted customers.
Business Consultant Singapore offers expert assistance for the incorporation of a company which includes support and suggestions regarding the formation of a company in a new country, assistance, and advice for the establishment of representative branches, recommendations regarding setting up a proper business structure. They also offer advisory related to reorganizing and termination of companies.
So, if one is opting for professional services, the experts will require few documents in order to complete the paperwork ..viz the copy of Singapore Identity proof for citizens of Singapore; non-residents need to provide evidence of overseas residential address, the copy of passport and other KYC information; and corporate body shareholders need to provide a copy of the registration document.
There are other obligations that need to be fulfilled prior to incorporation viz;
- The name of the company must be approved prior to incorporation.
- The company needs to provide a local Singapore address as the registered address.
- It is compulsory to appoint at least one citizen director, whereas the additional number of non- resident and resident directors is unrestricted.
- The resident and non-resident directors must fulfill an age limit of minimum 18 years, clean past records of any malpractices, and non-bankrupt.
- The registration process requires a company to acquire a minimum paid-up capital of S$1. The amount can be added after incorporation.
- A qualified company secretary is compulsory to get appointed within 6 months of incorporation. The shareholders and single directors cannot be appointed as the company secretary.
- The company can have 1-50 shareholders that consist of local and non-local people.
Singapore government encourages start-ups and exempts their initial chargeable income of up to $100,000. It also offers a rebate of 30% in the corporate tax. There are many concessions and schemes to those who wish to register their company in Singapore. For those wishing to start innovative ventures, the authorities of Singapore have strong intellectual property protection laws which are specifically designed to protect the innovative ideas of the business.
For hassle-free incorporation, it is advisable to approach incorporation specialists or a business consultant Singapore as they are a group of experts who are committed to assisting clients to receive favorable business structures and smooth incorporation experience.