Located in Southeast Asia between Indonesia and Malaysia
, Singapore is a melting pot of cultures. Because of east-meets-west state of Singapore, they are always been a target of foreign investors. Singapore's substance is based on eastern culture, while business in Singapore is done largely in the western fashion. The economy of Singapore has been built on export and manufacturing, due to the fact that there are no natural resources to speak of. Ever since they got the freedom in 1965, Singapore has not been stopping in making a name in the business and financial world in Southeast Asia. Singapore is considered as the perfect location for foreign investors.
Obtain authorization for your company name and register your business. Business incorporation and registration will always be the responsibility of Accounting and Corporate Regulatory Authority of Singapore. The electronic system filling of ACRA is bizfile. Bizfile's main target is to help users to file incorporation form online. This registration requires SGD$15.
It is important to secure a business profile. ACRA website via Bizfile will be the only authorized website that will provide you a business profile. It will just take 15 minutes to finish the whole process to be done and will be paying SGD$300 in 2010.At that time, Inland Revenue Authority of Singapore (IRAS) will be giving a tax number.
A company should have a company seal. Be noted that authorized suppliers are only allowed to supply company seals. The company seal can be purchased for about SGD$35 for three-day service, or SGD$70 for same-day service.
A business should have work injury compensation insurance. Contact an authorized insurance agent to purchase compensation insurance for your company. The time and fees for this particular step will vary according to the insurance provider you select.
Lease or purchase a facility. Convenient location or facility should be considered if the business is consumer good or service business. Remember how important location is when starting a business. The two main things you should consider in choosing for a facility are asset and visibility.