Business Incorporation in Singapore
For anyone looking to run a business in Singapore, one of the most important things you can do is register your company correctly. As one of the most reliable places in the world to run a business, Singapore is also an easy place to get started. The main problem that many people who want to run a business in Singapore have, though, is handline Singapore business incorporation. Given the mass benefits available for incorporating your business, it makes sense to follow the regulations.
However, if you find it hard to manage your Singapore business incorporation, you might not be sure what to do.
Why should I incorporate a business in Singapore?
There are many reasons why filling in an EP application makes a lot of sense when it comes to working and living in Singapore. For one, it’s a location that removes much of the barriers that you would find in other Asian nations. Many businesses looking to expand into Asian waters might find that the affordable tax rates and business management needs of Singapore are easier to meet.
While other nearby nations can make it seem really hard to build a business and set it up, Singapore changes that. Instead, they make sure that you can spend more time getting the value for money that you would have wanted in the first place. They ensure that you can benefit from the better tax rates, but they also make it easy for you to start selling across the continent.
That’s why you should look to build a business in Singapore. Out of all the nations in this part of Asia, you will find that Singapore is one of the most business-friendly. It’s also open to anyone who wants to inject capital and employment opportunities into the nation.
What do I need to do to start a company in Singapore?
Like most nations, you will be expected to meet a group of regulations and requirements should you wish to start a business here. To make sure that you can manage the incorporation properly, it pays to work with local professionals who get the Singapore business incorporation process.
You have to be able to meet very particular and specific needs to start a business here. For example, will you be a Public or a Private company?
The challenge that you have is making sure you pick the right kind of business set-up to suit your needs. You will have to ensure that you pick a company structure that suits your abilities. For example, if you run a Private Limited liability company, you are not responsible for the debts or legal actions taken against the company.
If you were to set up a company in Singapore, though, you must make sure that you follow along with all rules and regulations. Getting to know the rules that you have to meet, though, can be tough. What can you do if you wish to set up a company in Singapore without being fluent on incorporation law?
Hire a professional to help you set up your Singapore Company
The first thing that you should do is see what kind of professional help is available. While the government can often give you access to some help, Singapore business incorporation should be handled by a third party. Find someone with experience in setting up your firm to the standards and structure that you have asked for.
When you find someone who can do this, you can soon set up the entire experience so that you hire a professional who feels entirely suited to your needs. You will need to come up with some very important details to do so, including:
- Choosing the name of your company. It must have a name that is approved beforehand.
- You also must choose a company shareholder model – how many shareholders will you have?
- Who is the company director? This is one of the main reasons you may need outside assistance.
- Who is the company secretary? This has to be an appointee put in place within 6-months.
- How much capital is available for the business to start with? A minimum of S$1 is needed.
- Where is the business addressed? You have to make sure you have a physical address.
What do I get for setting up a business in Singapore?
This might seem like a lot of effort and hassle. However, as mentioned above, your business will be able to operate in the competitive Asian market from one of the most developed nations in the region. On top of that, corporation tax in Singapore is an incredibly low 17% – this means that you can enjoy excellent tax breaks for being set up in this country.
On top of that, you will get a 75% exemption on the first S$100,000 of chargeable income that you make. On top of that, the next S$100,000 will receive a 50% exemption. As you can see, then, the tax benefits of being incorporated in Singapore are massive. You will be able to get the help that you need to start making a profitable, successful business with the aim of breaking into the lucrative Asian market.
The only problem that you have is making sure that your business is incorporated correctly. If you find it hard to do that, then we recommend that you invest in professional help. A Singapore business incorporation service should be able to help you set up your business exactly as you intended.