Steps for Singapore Business Setup Discussed

By: Andrews Thomas


Singapore is gradually becoming a profitable market for foreign business owners. The rules of regulations make an easy task of Singapore business setup for offshore company. Though the rules and regulations are much relaxed but they should be abided by. Steps for Singapore business setup are simpler and without any hassles, this has been proved by a comparative study including many worldwide business hubs. Most basic rules for setting up a business are applicable in Singapore too. Anti Money Laundering legislation and prevention of terrorism are two leading legislations on which the offshore company setup is judged against. To stop above mentioned acts Singapore government requires three main documents: a proof for the identity of company, certificates of its shareholders or directors, registered company address and the residential addresses of the shareholders or directors. These are the main documents you will need while Singapore business setup.

Now, coming to the steps regarding Singapore business setup, they can be categorized in the following sections:

•Singapore Visit: While seeking Singapore company registration first step would be to visit Singapore and start off with the registration formalities. Singapore has an efficient and open immigration system which will make sure you have no problems with visa. You have to simply submit an application to the ICA (Immigration and Checkpoints Authority).

•Singapore company registration Process: For Singapore business setup you need to recruit a professional company secretary, an agent for registration and a law cum accounting firm that will aid you in the Singapore company registration process. There are many firms in Singapore that can take care of all business setup needs of foreign expatriates. Such companies make sure that the startup process is efficient and adheres to the rules and regulations in Singapore. While seeking Singapore company registration your company must be a registered member of ACRA (Accounting and Corporate Regulatory Authority). The professional firms will guide you through this process. If you have hired a company secretary (as per rules of ACRA) then the person will be able to find a location or address for your business. Some professional firms also help the business owners find virtual office addresses. There are various types of Singapore company registration available such as sole proprietor, limited liability partnership, partnership, limited partnership or a fully incorporated company in Singapore.

•Staffs: All employment visas must be obtained from MOM (Ministry or Manpower). There are various options for employment visas too such as Employment Pass (EP) for employees and Entry Pass Scheme for the company owners. After you have arranged for the employment visas you can start recruiting workforce for your company.

•Taxes: Singapore offers various tax benefits to foreign business owners after Singapore business setup. Any professional firm will be able to maintain the due accounting records and file the returns in due time.

Singapore business setup has reaped great rewards for many foreign business owners. The fame of Singapore as a reputed business centre only keeps increasing with passing years. So, if you do not have a registered company in Singapore then you are missing out on hoards of opportunities. Make a proper selection of Singapore business setup services to make the process hassle free.

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About Author: Contact One PS is a leading Singapore business setup firm. They offer various helpful services for foreign expatriates.

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