Why Choose Singapore?

🌟 Why Choose Singapore?

1. Ease of Doing Business: Singapore consistently ranks high in global ease of doing business indices, thanks to its transparent regulatory framework and efficient processes.

2. Attractive Tax Regime: With a flat corporate tax rate of 17% and various tax incentives for startups, including the Start-up Tax Exemption Scheme (SUTE), businesses can maximize their profits .

3. Strategic Location: Situated in the heart of Asia, Singapore offers access to regional markets and serves as a gateway to Southeast Asia.

4. Strong Legal System: Singapore’s robust legal framework ensures protection of intellectual property and enforces contracts effectively.

📋 Steps to Incorporate Your Business

  1. Engage a Registered Filing Agent: Foreigners must appoint a registered filing agent (e.g., a law or accounting firm) to handle the incorporation process via ACRA’s BizFile+ portal .
  2. Choose a Business Name: Ensure the name is unique and not infringing on existing trademarks.
  3. Determine Business Activities: Clearly define the nature of your business for regulatory and licensing purposes.
  4. Appoint Directors and Shareholders: At least one director must be a Singapore resident (citizen, permanent resident, or holder of an appropriate work pass).
  5. Register a Local Address: Provide a valid Singapore address as the company’s registered office.
  6. Submit Incorporation Documents: Prepare and file necessary documents, including the company’s constitution, details of directors and shareholders, and the registered address.
  7. Open a Corporate Bank Account: After incorporation, set up a corporate bank account to manage business finances.

🛂 Work Passes for Foreign Entrepreneurs

To operate your business in Singapore, you may need one of the following work passes:

  • EntrePass: Designed for foreign entrepreneurs intending to start and operate a business in Singapore that is venture-backed or possesses innovative technologies .
  • Employment Pass (EP): For foreign professionals, managers, and executives earning a fixed monthly salary of at least S$5,000.
  • S Pass: For mid-level skilled staff earning a fixed monthly salary of at least S$3,150.

Each pass has specific eligibility criteria and application procedures, which can be found on the Ministry of Manpower’s website.

💼 Post-Incorporation Compliance

After setting up your business, ensure ongoing compliance with Singapore’s regulatory requirements:

 

  • Annual Filings: Submit annual returns and financial statements to ACRA.
  • Tax Obligations: File corporate tax returns with the Inland Revenue Authority of Singapore (IRAS).
  • Licenses and Permits: Obtain necessary licenses specific to your business activities.
  • Employment Regulations: Adhere to the Employment Act and other labor laws when hiring employees.

🎯 Conclusion

Singapore offers a conducive environment for foreign entrepreneurs to establish and grow their businesses. By understanding the incorporation process, choosing the appropriate business structure, securing the necessary work passes, and adhering to compliance requirements, you can successfully navigate the Singaporean business landscape.

 

For personalized assistance or more detailed information, consider consulting with a registered filing agent or corporate service provider familiar with Singapore’s business regulations.