Singapore and the United Kingdom are connected in many ways. Starting with the fact that Singapore was a British colony until 1963 and considering the city-state’s legal system is based on the English one, including the Commercial Code, are two strong reasons which make Singapore highly appealing to foreign investors all over the world.
When it comes to starting a business in Singapore or in the UK, investors will usually base their decision on the market they address. However, it is worth noting that even if addressing the European market, enterprisers will have many to gain if they open a company in Singapore.
The video below shows a comparison between the company formation procedures in Singapore and the UK:
As mentioned above, the two countries have similar commercial codes which makes the company registration process pretty much the same in Singapore and the UK. None of the two states require a minimum capital when setting up a limited liability company. However, the Singapore company formation process takes about one day, while in the UK it will take 2 or 3 days.
In Singapore, the company registration procedure implies several steps into one: the company name reservation, the filing of the statutory documents and VAT registration are completed simultaneously. In the UK, one must reserve the business name and file the articles of association of the company and only after apply for the VAT number.
Our company formation experts can assist foreign investors who want to open a company in Singapore.
First of all, Singapore offers many incentives for foreign investors, while the UK is preparing to exit the European Union, which could lead to some instability until things clear up. Even so, Singapore and the UK have signed a double taxation agreement which means that taxation has not and will not be an issue no matter what happens in Europe. Secondly, one can address a larger market if setting up a company in Singapore which offers access to both Asia and Africa.
If you want to open a company in Singapore and need information on the legislation related to foreign investments, do not hesitate to contact us. Our company formation agents in Singapore can help you set up various types of companies in this country.