Singapore’s startup ecosystem, IP protection, Funding, and corporate taxation framework are delivering a business-friendly environment to entrepreneurs from all over the world.
This City-state GDP growth is almost 7% which is healthy in such difficult world economic circumstances.
In addition, human capital development in the city-state is eye-catching and still counting on its growth. But if you see 50 years back, that time was difficult for Singapore. It confronted poor infrastructure, unemployment, and housing shortage.
From there to today, the journey of this city-state has been amazing, and these circumstances are leveraging foreigners to do business here.
The current high-income economy of Singapore seems to be valuable for business owners.
However, in this article, we are going to provide you with some important guides that you can go through to register your business in Singapore.
Guide To Registering A Singapore Company
Well, even if you are not still convinced with the business process in Singapore, then interesting data might help to convince your business instincts. The expected GDP of Singapore is USD 440.07 billion by 2024.
This particular information is impressive to boost your registering significance in Singapore. However, registering your business in Singapore needs some strict processes to follow.
Type Of Business Entities In Singapore
There are basically five types of business entities available in Singapore.
- Sole -partnership.
- Partnership.
- Private limited company.
- Limited partnership.
- Limited liability partnership.
Well, among all these entities, private limited companies are most common in the city-state.
Why?
Well, private limited companies have the luxury of doing flexible business in that place. In addition, you will be able to consider a separate legal entity with limited shares.
Moreover, incorporating a company in Singapore will need some important requirements to follow.
- You need at least one shareholder.
- You need one employment pass holder who is a permanent resident of Singapore.
- A secretary who is also a resident of Singapore.
- You also need a registered physical office in Singapore.
Singapore Employment Pass
Getting an employment pass is crucial for registering your business in Singapore. As a foreign entrepreneur, your first preference will be to incorporate a private limited service in Singapore.
Well, in that case, you will need to find the key steps to qualify for the employment pass in the city-state.
- The fixed salary should be S$8,000 per month.
- You need to be a CFO, CEO, or managing director.
- You need some acceptable degrees from good universities and also some special skills.
Well, no employee can apply for the pass but an employer only. But if you do not have a registered company in Singapore and you are coming from abroad, then you have to follow some different paths.
- A Singapore-registered company can apply for the pass on your behalf.
- Submitting their application will leverage your pass.
Do You Need An Entrepass?
If you are seeking business in Singapore as a foreign entrepreneur, then considering an application for the Entrepreneur Pass (EntrePass) is a must for the Ministry of Manpower (MOM).
Well, you can apply for the pass before or within six months of incorporating your company in Singapore’s national regulator of business entities: ACRA (Accounting and Corporate Regulatory Authority).
Entrepreneurs, investors, and innovators can apply for the pass, and there will be some different criteria to meet. However, you might not need to follow all the criteria if you have higher qualifications than other applicants.
Entrepreneurs
- Singapore Government agencies need to recognize that your company has raised a capital of $100,000 from a business angel or venture capitalist (VC), or government investment vehicle.
- You need to have the idea of highly-scalable businesses with promising entrepreneurial experience.
Investors
Being an investor can be interesting in Singapore, but in that case, you will need to show some proof.
- You have to be an investor in the local startups.
- You need to show your strong track record of investing in high-scale businesses.
- You need to show some periodic plans.
- Eight years of experience in a strong corporation.
Innovators
- Intellectual property (IP) rights or if you are approved by some national IP institution, your company may hold some competitive advantage.
- You might need a collaborator for research purposes in business from the Agency for Science, Technology, and Research.
Follow A Nominee Director Of A Singapore Company.
Appointing a local resident director is important while registering your business in Singapore. However, here you need to follow a native nominee director from Singapore to leverage your business.
These nominee directors have some steps to do business with, and if you can follow their ethics of doing business and incorporate them easily, then you are all set to do business here. Additionally, inscribe a business in Singapore can help you to manage your needs in registering your business easily in that place.
