Asia: a great continent with some of the most technologically developed economies. Among these economies are Japan which is full of companies renowned all over the world for the quality products they offer. What most people don’t know is that the smallest components for these products come from countries like Malaysia and Singapore. In fact, Singapore is a top manufacturer for countries like Japan and China. The question that often rises is: if Japanese companies so developed from a technological point of view, why don’t they produce these highly-precision items themselves? A first answer would be the incentives a country like Singapore, for example, offers to those setting up small companies which can develop these small parts which imply hard work. This article will also offer a brief comparison between how easy it is open a company in Singapore and starting a business in Japan.
The video below shows the differences between opening a company in Singapore and Japan:
Open a company in Japan vs open a Singapore company
According to the latest Global Competitiveness Index both Japan and Singapore are in the top 10 best countries to do business in. Singapore ranks second, while Japan is on the 6th position. This reflects the company formation process which is simpler and faster in Singapore than in Japan. Singapore also has a more attractive legislation for foreign investors, according to various survey and let’s not forget about the many incentives the Government offers as support for small and medium-sized companies. On the other hand, Japan has a larger market size, however this is not enough for all foreign investors.
Our Singapore company formation experts can offer more information on how easy it is to open a company in the city-state.
Company formation in Singapore and Japan
When it comes to the actual company registration procedures, the incorporation process can be broken down into the following steps for Japan:
- – preparing the company’s Articles of Association;
- – making the company seal;
- – depositing the share capital;
- – submitting all the documents with the Business Register;
- – applying for the relevant business licenses.
The whole process will take about 10 days. The company registration procedure for a Singapore company, on the other hand, is simpler as it involves fewer steps and takes about one to be completed. Foreign investors seeking to open company in Singapore must draft the statutory documents and file them with ACRA. Based on these and on the shareholders and managers’ details, the company will receive its certificate of registration and the tax registration number.
For assistance in opening a Singapore company, please feel free to contact our company registration experts. They can help you incorporate any type of business form available here, from setting up a private limited company in Singapore to opening partnerships.