Much like all the other regional markets around the world, Singapore has some specific rules…
No wonder Singapore is renowned for its pro-business environment, progressive tax structure, state-of-the-art infrastructure, strong intellectual property rights, skilled workforce and fairly flexible immigration policies. The prestigious Work Bank report has ranked Singapore first position in the world for ease of doing business for ten consecutive years. The Republic has long been considered as a perfect business destination for those who are looking to expand their business in South Asian region. One must incorporate a company in Singapore in order to operate and expand its business within its shores to get access to international market.
Why Incorporate a Company in Singapore?
Singapore is seen as a favorable destination for accessing the South East Asian Markets. As a part of government’s initiative to encourage innovation and investment from around the world, the nation’s jurisdiction has implemented an attractive tax structure with low tax rates and plenty of tax benefits and incentives. Moreover, the process of Singapore company registration is simple, easy and fuss free. Any foreign national can own a business in the city-state without having to take any special permission from government authority.
In addition, the financial assistance from Singapore government in the form of cash grants, equity financing schemes, incubator schemes, debt financing schemes, and tax incentives are easily available in plenty. The strategic geographical location of Singapore (located at the crossroad of East and West region) makes it easily accessible for people from both the region.
Company Incorporation Singapore: A Few Key Facts
The simple and easy company registration process can be completed in two steps- 1) Company Name Approval and 2) Company Registration (filing of the application).
The process is fully computerized and can be done through an online filing system called BizFile+ of Registrar of Companies (ACRA).
The company name has to be unique, meaningful and decent. The approval of company name takes less than an hour unless the proposed name has some certain words (such as bank, finance, law, media, etc.).
An approved company name will be reserved for 60 days from the date of application. One can extend the reservation for another 60 days simply by filing an extension request before the expiry date.
It takes hardly 1 to 3 days to complete the registration process assuming all required documents for incorporation are ready.
What are the Promising Industrial Sectors in Singapore?
Starting a new business is like riding a roller coaster. It is no less than a gamble. So, you must select the industry you are planning to operate in, carefully. The success of your business fairly depends on the selection of the industry sector. This guide is highlighting some of the promising industries; you can consider. Think and decide the sector of your interest and paved a new way for the success story of your business.
Information Technology (IT) Sector:
It is a booming industrial sector. Singapore ranks 1st as a network-ready country in Asia and 2nd in the world.
Healthcare Industry (Med-Tech):
Singapore is considered to be one of the premier healthcare hubs of the Asian region. Funding opportunities in this sector are also immense.
Being a home to a diverse and cosmopolitan culture, Singapore has a huge scope for lifestyle products and services such as art, collectibles, performing arts and sports.
Finance (Fin-tech Industry):
Singapore is one of the leading trading centers of foreign exchange. It has a large ecosystem of banks and fin-tech enterprises.
Recently, Singapore government is paying heed to the growth and development of creative sectors such as lifestyle, animation, game design, creative agencies, industrial design, and sports
The education sector is one of the growing industries in Singapore. You can set up private education institute to contribute to nation’s push for professional training.
Before starting a business in Singapore, make sure to do the necessary research. Make precise that you know the minimum requirements and procedures for the registration required to incorporate a company in Singapore. You can also take the assistance of a professional firm like SBS Consulting to avoid the hassles.