Starting a Business in Singapore

first-island business in singapore

Singapore is thought by many to be one of the best places to do business and there are several reasons for them thinking that. First, as they are located along the main shipping route from the west to the east, Singapore businesses do business with both sides and much of the freight also passes through Singapore’s port. Singapore also has a stable political system and so no uncertainties regarding who runs the country can be expected. Added to that is the fact that according to Forbes Magazine, it is the 3rd wealthiest country in the world. Its wealth is perhaps evident from the fact that Singaporeans are ranked highest in quality of life in all of Asia. Singapore is also considered the best place for a business to find a suitably educated workforce and so all of these combines make Singapore a popular place for companies to register themselves. Perhaps the main reason why so many companies register in Singapore though is none of the above; rather it is the fact that Singapore businesses enjoy low tax rates. With the economic uncertainty in the world of business today, many countries have to raise their taxation rates on businesses and that can adversely affect the business as it may make it less competitive in the international markets. Having a good economy and a stable political system vastly decreases the chances that Singapore will raise their taxation rates any time soon so businesses registered can enjoy a static rate and make plans accordingly.How to start a business in Singapore is something that many companies today are asking as the financial state of the world becomes increasingly more fragile. The answer is that it is not too difficult as Singapore welcomes foreign companies to register and so even offer further incentives for them to do so, such as 3 years grace on certain taxes. Nothing is achieved though without first doing something and in the case of registering a company in Singapore, there are 3 main things that that company must do before it can register. First it must provide a credible business address in Singapore. This must be the address of an office where the business can be approached and answer any questions. A company must therefore find suitable office space and staff to man it for at least the regular Singapore business hours. Secondly, the company must appoint a director who is either a Singapore citizen or a permanent resident of the country. Although this is stipulated, a company can get away without doing this if one of its current directors already has a valid Singapore employment card. The last of the 3 requirements is two-fold, first there is a requirement for the company to keep records of their business in Singapore and second, those records must be kept by a corporate secretary who is a Singapore citizen. There are some businesses in Singapore though that assist foreign companies to meet these requirements and with their help the process is relatively easy, as Singapore wants you to register.

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