Singapore has consistently maintained its top position as the overall
easiest country in the world to do business for more than 5 years now.
This is based on the World Bank report where 183 countries around the
world are ranked in terms of ease of doing business. Company formation
in Singapore ranked at number 4 while New Zealand took the lead in that
category at number 1. Thinking about setting a company in Singapore?
There are a few things to remember.
When starting a business in Singapore, one of the first things you need to face is the registration process. In other countries, registering your business can take weeks or months to finish, but Singapore company registration is so simple and straightforward, it can actually be done in around 15 minutes, provided that the requirements are all in order. There are exceptions to this fast registration process though and these are those businesses that must go thorough other government establishments like schools, banks, insurance companies and so on. To make matters easier for businesses, the Singaporean government also has an online portal called BizFile which can be utilized for online registrations. In order for you to properly utilize this portal, make sure that all the requirements are complete before you start the process.
Whatever form of business structure you are eyeing to put up - sole proprietorship, partnership, or corporation--you are required to register your business with ACRA or the Accounting and Corporate Regulatory Authority. While foreign businesses are welcome in business-friendly Singapore, they are required to have at least two local agents to to act on their behalf who should should be citizens of Singapore or permanent residents in the city state.
Additionally, you will need to see if the business name you'll be using is already registered for use by another entity and this can be done with the use of BizFile's online directory. You'll also need to know what your Singapore Standard Industry Classification (SSIC) code is in order to categorize your company. Another requirement when it comes to company formation in Singapore is an address or physical location. You cannot use P.O. boxes for this, so you will need to have a physical office in order to complete your registration.
You should also be aware that the company registration Singapore businesses go through also brings with it certain fees that need to be paid. For example, you'll need to pay S$15 for name approval fees alone. For foreign companies that don't have share capital, registration costs S$1,200 but those that do have share capital only need to pay S$300. Indeed, company formation in Singapore is infinitely easier when compared with the steps that you have to undertake in other places. All the information that is needed to fulfill this is easily found on the web and it is even possible to get things done without you being in Singapore to start this process. Such conveniences make it easier to understand why Singapore is still considered the best place for businesses worldwide.
When starting a business in Singapore, one of the first things you need to face is the registration process. In other countries, registering your business can take weeks or months to finish, but Singapore company registration is so simple and straightforward, it can actually be done in around 15 minutes, provided that the requirements are all in order. There are exceptions to this fast registration process though and these are those businesses that must go thorough other government establishments like schools, banks, insurance companies and so on. To make matters easier for businesses, the Singaporean government also has an online portal called BizFile which can be utilized for online registrations. In order for you to properly utilize this portal, make sure that all the requirements are complete before you start the process.
Whatever form of business structure you are eyeing to put up - sole proprietorship, partnership, or corporation--you are required to register your business with ACRA or the Accounting and Corporate Regulatory Authority. While foreign businesses are welcome in business-friendly Singapore, they are required to have at least two local agents to to act on their behalf who should should be citizens of Singapore or permanent residents in the city state.
Additionally, you will need to see if the business name you'll be using is already registered for use by another entity and this can be done with the use of BizFile's online directory. You'll also need to know what your Singapore Standard Industry Classification (SSIC) code is in order to categorize your company. Another requirement when it comes to company formation in Singapore is an address or physical location. You cannot use P.O. boxes for this, so you will need to have a physical office in order to complete your registration.
You should also be aware that the company registration Singapore businesses go through also brings with it certain fees that need to be paid. For example, you'll need to pay S$15 for name approval fees alone. For foreign companies that don't have share capital, registration costs S$1,200 but those that do have share capital only need to pay S$300. Indeed, company formation in Singapore is infinitely easier when compared with the steps that you have to undertake in other places. All the information that is needed to fulfill this is easily found on the web and it is even possible to get things done without you being in Singapore to start this process. Such conveniences make it easier to understand why Singapore is still considered the best place for businesses worldwide.
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