subject: Things You Need to Know in Setting Up a Company in Singapore [print this page] Things You Need to Know in Setting Up a Company in Singapore
Singapore is progressively becoming a lucrative market for foreign businesses. As long as the policies and regulations of the country are complied accordingly, it is not difficult to start up a Singapore offshore company, or an offshore company in other jurisdictions,. Due to the favorable legislation of Singapore government, a foreign investor would find it convenient to start up company in SingaporeHowever, it is important to take note that some of the main governing rules in setting up an offshore company are still valid in Singapore.
The most important among them are compliance with the Anti Money Laundering legislation and the laws enforced to prevent terrorism.Because of this, it is expected that all the new business entities who wish to engage a company in Singapore or elsewhere have to provide three main requirements.The three main particulars as as follows; transparent proof of company identity, its directors and other shareholders, testable proof of present registered address of the company and the residential addresses of the directors and the main reason, known as 'reason d'etre', for establishing the company in Singapore.
Visiting Singapore
Visiting Singapore is the first step to take before setting up a company in Singapore and processing the registration formalities. An open and efficient immigration system ensures that your visa is hassle free. An application at the ICA - Immigration and Checkpoints Authority will have you on your way to applying for your visa.
Registration Process
In order to set up a Singapore company you would need to engage a professional company secretary, a registration agent, and a law cum accounting firm to assist you in the registration process. However, hiring a corporate services firm can manage all these processes so you can be rest assured that your start-up procedure will be efficient, well organized and in adherence to the Singapore rules and regulations.
Your company must be registered with ACRA - the Accounting and Corporate Regulatory Authority. Any professional registration firm will be able to guide you through this process. If you have hired one, a company secretary will also be in a position to assist you in registering and finding a location for your business. Only a high standard corporate services firm will be able to give you virtual office services for your new company in Singapore. An Entrepreneur can set up a Singapore company by registering their company as a sole proprietor, a limited liability partnership, a limited partnership, a partnership, or an incorporated company in Singapore.
Staffing
Employment visas for Singapore must be obtained via the MOM - Ministry of Manpower. There are different options, including an Employment Pass (EP) for employees, and for company owners there is an Entry Pass Scheme. Once you have the mandates in place, you can now start hiring a workforce as per your requirements. Professional staffing and recruitment firms in Singapore are plenty in number and include the large well-respected international firms.
Taxation in Singapore
Favorable tax incentives is one of the compelling factors that made foreign investors opt to set up business in Singapore than in other countries. Singapore has very efficient taxation laws for small to medium sized companies, thus making it a financially viable jurisdiction for your offshore company. Depending upon the nature of your business, business services firm can assist you in filing your returns, and perform other due diligence requirements.
In an efficient jurisdiction and one of a kind infrastructure combined with favorable registration, taxation and immigration laws, entrepreneurs who start up a company in Singapore have all the potency to progress.
