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Open a Business in Singapore

Updated on Thursday 19th May 2016

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Open-a-Business-in-SingaporeWhy set up a business in Singapore?

Singapore is situated at the crossroad of the West and the East and was declared the easiest city in the world to do business in. For 14 years now, Singapore is ranked the second city in terms of foreign investment possibilities provided for businessmen. Its labor force is considered to be the most skilled in Asia and the laws on immigration provide a very welcoming environment especially for foreign investors. Singapore has a wide network of double tax treaties to attract business owners from all over the world. Singapore also has a business-friendly legislation in order to increase its economic growth that relies mainly on foreign investments.

Steps for opening a business in Singapore

All foreign businessmen wanting to register a business in Singapore must address to the Accounting and Corporate Regulatory Authority (ACRA). Two local agents acting on behalf of the foreign businessman setting up a branch in Singapore are required. The agents must be residents, citizens of foreign employees with working permits in Singapore. Our specialists in company incorporation in Singapore can help clients through the registration process.

The first step when registering a business in Singapore will be to select the company’s name and submit it with ACRA for approval. Once the name approval in granted a SSIC (Singapore Standard Industry Classification) code must be obtained. The SSIC code refers to the category of business one can submit for registration. Once the Articles of Association have been drafted they must be submitted with ACRA for registration. Depending on the type of company, other documents must be provided when registering a company in Singapore.

Types of business available for registration in Singapore

As mentioned above, depending on the type of company the documents for company registration in Singapore may differ. The types of companies available for registration in Singapore are the following:

  • -          the private and public company that can be limited by guarantee or by shares;
  • -          the unlimited private or public company;
  • -          the exempt or non-exempt private company;
  • -          the branch office;
  • -          the representative office;
  • -          the limited and unlimited partnership;
  • -          the sole proprietorship.

Certain types of companies will require special business licenses before starting operating. Among these there are the professional license, the business activity license and the compulsory license. Once the company registration process is finished, a Singapore company is also required to register for taxation purposes and hire personnel.

Our consultants in company formation in Singapore can provide details about the investment schemes available for foreign businessmen. You can also contact us for details about the Commercial Code in Singapore.

 

Comments

  • Bernardhartz 2015-04-09

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