Singapore is composed of different cultures as the country is located between Indonesia and Malaysia. Because of east-meets-west state of Singapore, they are always been a target of foreign investors. Singapore's business is largely influenced by the western fashion while substance is based on the eastern culture. Export and manufacturing are the only assets of Singapore's economy since they have limited natural resources. By the time they have their freedom in 1965, Singapore always make it a point that their country will make a name in the financial and business world in Southeast Asia. Singapore is a marvelous location for foreign investors.
Have your company name and register it to be an authorized establishment. Accounting and Corporate Regulatory Authority of Singapore is the only organization that will process the incorporation and registration of a company. The electronic system filling of ACRA is bizfile. Bizfile is a virtual one-stop internet service designed to allow users the ability to reserve their company names and file their incorporation forms online. This registration requires SGD$15.
It is important to secure a business profile. The business profile is purchased using the Bizfile feature on the ACRA website, and is done simultaneously with Step 1.It will just take 15 minutes to finish the whole process to be done and will be paying SGD$300 in 2010.Tax number will be given by the Inland Revenue Authority of Singapore (IRAS) by that time.
Company seal is a must for a company. Only authorized suppliers will be supplying the company seals. The company seal can be purchased for about SGD$35 for three-day service, or SGD$70 for same-day service.
Purchase work injury compensation insurance. Ask help from an insurance agent to help you buy a 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. In starting a business, bear in mind that location is much important. Access and visibility are assets when looking for a facility.