Are you thinking of starting your own business in Singapore? You may have the idea you want to base the business on but confused about the correct steps to follow. Just like most countries, Singapore invites foreign businesses to set up branches in their country, and just like most countries they have their own set of rules too. Migrating to a new country can be daunting especially when you don’t have advisors. How do you decide the right way to go about setting up your business? Here is a step by step guide that puts things in perspective for you.
The Singapore government requires you as a new business to register yourself with them. This is the first step to your new journey in a new country. The Accounting and Corporate Regulatory Authority (ACRA) of Singapore is the government body you need to first get yourself registered with. Beginning with the name of your business to the Board of Directors have to be registered with ACRA before you start setting up office. You need to have your registration approved before you can start acquiring your permits to essentially start your business. This is the basic ground work you need to lay before anything. Investing in a good company service is advisable to kick-start your business. This article explains in detail the basic conditions that you may have to look into when you register your new business
- Necessary permits
When you set up your business in Singapore it is imperative that you define which sector your business belongs to. Singapore has different lists of permits for every industry. After registration you have to procure the necessary permits for your business. It is only after this that you can begin setting up your business. It is because that you need different permits for different industries, you need extensive research into permits that are necessary for your own company. The Singapore government has the list of permits that you would require on their website. You can apply for each individual permit on the website easily. Even though the government has taken all the measures that you set up your business without any hassles and smoothly, it is advisable that you go through an agency which has the knowledge and competency to sail you through the entire process. It is understandable that you would have a hundred things to see to, so take a little help for certain processes.
Setting up office and finding the right location for your business is always important in any country and so it is the same in Singapore too. The Singapore government has planned for this contingency, and set up business parks all over in different places. Since all the commercial areas are localized it minimizes any loss you may incur. It is relatively easier to set up companies in Singapore because of the ease of commerce that the government provides to businesses. These business parks have all the facilities needed for office administration. The only thing you need to do is choose a good office space and make the payment proceedings towards the property, the rest is all taken care of by the facility authorities.
The next thing after finalizing the office is looking for the right employees for your organization. Just like setting up your office the Singapore government also has a set of guidelines for organizations. They have approved a number of websites and employment agencies which you can traverse to find employees that suit your needs. You have to comply with the Employment Act and make sure that all your employees have medical insurance and get the prescribed number of leaves and benefits. This act lays down very precise rules for every type of company and employee. These guidelines protect both the organization and the employees.
Taxation is always the trickiest component of starting a business. When you start a company abroad you may end up paying double taxes, but Singapore has entered into Avoidance of Double Taxation policies with 73 countries. It offers unilateral tax credit to the countries it hasn’t entered into such agreements with. The Singapore government has a very streamlined and easy process for companies to set up their businesses including taxation. They also have executives and tax consultants who can advise you about your tax benefits.
Singapore invites companies from a global outreach and has laid down the necessary prerequisites for it. The ease of doing business and ethics make this country a lucrative site for businesses of every kind.