Starting a business in Singapore is an exciting prospect for many entrepreneurs. The country is ranked as one of the most business-friendly environments in the world by The World Bank. It has a world-class legal system, robust IP protection, low tax rates and a state-of-the-art infrastructure. It also offers an unrivalled location in Asia, with a highly skilled workforce and easy access to the region’s capital markets.
To open a company in Singapore, you need to meet the following basic requirements:
Your first step is to decide what type of business you want to register. There are several popular choices, including a sole proprietorship, partnership and private company. It’s important to choose the right entity based on your individual needs.
Once you have registered your business, you must get a local address. This can be a residential or commercial address, but it must be in Singapore. You also need to have a registered secretary. This is an officer who tracks changes, compiles papers and reports to the government. You can hire a company secretarial service, like Piloto Asia, to fulfill this role for you.
Finally, you need to apply for any necessary licenses and permits. This will depend on your industry and may involve research and vetting. You should also open a corporate bank account to receive your business revenue and fund growth. Singapore encourages entrepreneurship and provides support for businesses, even during tough times. This includes a flexible capital gains tax and low corporate income tax rate. how to open a company in Singapore