Singapore boasts about being one of the best places in the world to start a business, and has been acclaimed for being the easiest place worldwide to establish a business for a number of years. The factors that contribute to its high ranking as a great business hub include government intervention through grants and subsidies, progressive legislation, advanced infrastructure, and availability of funding avenues, among others. Are you a non-Singaporean and wish to establish a business in Singapore? You can engage the services of Visa Express to help you register your company and grab a slice of the Singaporean economic pie.
Benefits of starting a business in Singapore
The following are some benefits that your business is going to enjoy for being sited in Singapore:
- Ideas and innovations will be secure and well protected due to the country’s existence and implementation of intellectual property laws.
- The business will obtain highly experienced staff due to a highly trained and competent pool.
- It will enjoy Singapore’s wide network of more than 50 Double Taxation Avoidance Agreements.
- It will reap the benefits of great connectivity and strategic location.
- It will take advantage of Singapore’s numerous free trade agreements and Investment Guarantee Agreements
Registering a business
The process of registering a business in Singapore is pretty simple, even for foreign branch offices, because you can do so by going online and completing the process at Bizfile, which is run by the Accounting and Corporate Regulatory Authority. You can do the process on your own or involve relevant professionals.
While still in the registration process, foreign companies that intend to open a representative office in this business hub may liaise with the following government departments:
- In the line of financial services (bank, insurance, and others), they should approach the Monetary Authority of Singapore.
- In legal specialization, they need to liaise with the Legal Services Regulatory Authority.
- Business in all other sectors or industries should consult Enterprise Singapore.
Getting business premises
Singapore offers a wide variety of premises for use to set up business. Irrespective of the location of the premises—be it in the central business district or in a suburban estate, or accommodated in the contemporary buildings or in a flatted factory—businesses can get high-quality amenities and infrastructure.
It is crucial to seek the necessary approvals, whatever the case may be. For example, if you want to rent an HDB building, you must get the authorization of the Housing Development Board. If you intend to operate from a rented house, you must get approval for such an undertaking through the Home Office Scheme (HOS).
You have a great advantage, since the best Asian economic hub—Singapore—has attracted many highly qualified and experienced professionals from various fields. You can easily find employees from the numerous online recruitment portals and the agencies that do head hunting.
As earlier stated, Singapore is well known for great government support that involves various agencies working together toward the success and growth of the business. For some assistance in taking your business up a few notches, seek the assistance of the following government agencies:
- Economic Development Board – offers holistic investor support and provides a conducive business environment in Singapore
- Enterprise Singapore – for supporting business development
- Accounting and Corporate Regulatory Authority (ACRA) – for registering businesses, for advice on compliance necessities, and for information on business structures and corporate governance practices