Singapore is a highly developed country on the Malaysian peninsula, it is gaining increasing popularity among the business community because of its sustainable economic growth and favorable business opportunities.
Singapore is one of the largest financial centers in the world, thanks to its well-developed tax system. Starting a business in Singapore means taking advantage of all the benefits offered by the country.
Profits derived from activities outside Singapore are exempt from taxes and the payment of dividends; this makes the country fertile for business development. Moreover, Singapore signed double tax treaties with a wide range of countries, and there are many flexible tax policies for startups and companies seeking to do business here.
If you decide to set up a company in Singapore, here are a few factors you might want to consider.
- Take into account the type of legal entity. Most legal entities in Singapore are limited liability companies. The property of such companies is separated from the assets of their shareholders, and the shareholders are responsible for the debts of the company only to the extent of their contributions to the share capital.
- If you decide to open a company in Singapore, it must be approved by the Commercial Register.
- The minimum number of directors needed to open a company is one. If you have multiple directors one of them must be a resident of Singapore.
- The secretary should be appointed within six months from the company’s registration.
- Opening a business in Singapore does not require a large investment in the share capital, and the minimum needed is only $1.
- In order to set up a company in Singapore, you must pay the State an application fee of $300.
- The company must have a physical address, P.O boxes are not allowed.
- You will need to use the services of a local agent. Foreigners cannot open a business in Singapore on their own.
Considering all of the above conditions registering a company would roughly take three days, if the company has a foreign partner, the registration process may take longer. An electronic certificate of incorporation is delivered once the registration process is finalized.
Once all of the above requirements have been met, the company then has the right to open its own bank account. Most banks require the presence of all foreign partners at the time of opening an account in order to provide complete and accurate information about the activities of the company and its members. If you are seeking to expand your business, establishing a company in Singapore might be an option you might want to consider.
FERZ SA will help you establish and develop your business in Singapore. We possess all the necessary resources and skills to establish your business ventures in Singapore and beyond.