Singapore is one of the world’s leading business-friendly destination to start a company. Transparency and persistence to uphold and enforce laws and regulations make Singapore one of the most favourable place to set up headquarters in Southeast Asia.
When companies set up international headquarter in Singapore, their business takes advantage of:
- Singapore’s network of over 80 comprehensive Double Taxation Avoidance Agreements, Limited Treaties and Exchange of Information Arrangements.
- Singapore’s many investment Guarantee Agreements.
- Strict enforcement of its strong intellectual property regulations. to protect concepts and innovations
- Singapore’s many free trade agreements
Procedure for Registration of Company
Before registering, all Singapore business has first to have their name approved by the Accounting & Corporate Regulatory Authority (ACRA) – the national company registry of Singapore. As soon as a company has come up with a suitable name for the business, search BizFile+ to figure out whether the name is available. Foreign companies that desire to establish a representative office in Singapore might contact these government firms:
- Legal — Legal Services Regulatory Authority
- Banking, finance, and insurance — Monetary Authority of Singapore
- All other industries — Enterprise Singapore
Registering the business
Opening a company in Singapore requires the registration of a business. The requirements consist of:
- Shareholding
- Share Capital
- Directors
- Business Secretary
- Registered Address
- Business Name
Before making an application for business registration after the name validation, a business must get the following documents ready:
Documents needed by ACRA:
- Company Constitution
- All directors must sign Consent to Act as a Director.
- The company secretary must provide a Signed Consent to Act as Company Secretary
- Residential address and identification and details for each shareholder and officer of the business
The registrant company uses a Standard Industrial Classification (SSIC) code search in Singapore to find out which codes correspond to their business activity. The SSIC is the national standard for classifying economic activities. Use SSIC free search to identify the corresponding code to the business activity.
After incorporation documents have completed, a company can formally register with ACRA. The registration procedure is conducted online and takes less than an hour. In unusual instances, if the business registration needs more vetting by another government body f, the process can take a couple of weeks.
Getting premises
While setting up a workplace can be a challenge in any other country, it is not the same case in Singapore, where there is a wide choice of premises. The government of Singapore has made investments in numerous huge business parks all through the country, which can function as an excellent stage for the debut of the business. There are real estate options in the heart of the central business district, the fringe of the city or in an industrial estate. There are different spaces for different budgets, and there is a variety of options to choose from.
Recruiting workforce
Singapore has a pool of talent from neighbourhood countries and from permanent residents that come from different parts of the world. There are many online recruitment websites and head-hunting firms. If the company requires to hire teams from abroad, they can procure legitimate work passes for them.
And also, it helps to get knowledgeable about obligations as a Singaporean company and understand the Employment Act. As an example, payment must be made within a specific duration and give them their medical leaves and days of rest. Obtaining a medical insurance policy is recommended, which covers the health care necessities of staff members.
File relevant tax obligations
The government tax authority is the Inland Revenue Authority of Singapore (IRAS). If there is the uncertainty that beginning a new company in Singapore can lead to double taxation. Singapore has joined detailed agreements for Avoidance of Double Taxation with more than 73 countries. And also, it gives unilateral tax credit with the nations it has not participated in such agreements. The Singaporean government provides such advantaged and expect that the entrepreneurs will pay their taxes on schedule. Additionally, there are services of an experienced tax consultant to make sure that taxes are up to date and remitted on schedule.
We Share Spaces can take care of incorporating your company. Get in touch with us to find out.