The short answer is yes. Singapore is a very business-friendly sovereign island city-state and offers several advantages to a range of different companies, including start-ups.
Singapore brings together impressive infrastructure, a highly motivated local workforce, efficient legal system and beneficial tax rates for businesses. Compared with other jurisdictions, a lot of work has gone into making the republic as appealing to businesses as possible.
How Simple is it to Start a Business in Singapore?
It’s simple to set up a new business in Singapore. Small companies and start-ups could have all the paperwork done in a day and be set up to start running very quickly.
- To incorporate a company in Singapore, you will need to appoint a resident director. You can either find a contact you trust or take advantage of ou professional local nominee director service which fulfils the requirements.
- Once the company is up and running, you may be eligible (subject to certain conditions) to obtain a work visa called the Singapore employment pass or you can take advantage of the entrepreneur pass which was introduced to promote and support start-ups.
How to Set Up a Business in Singapore
The key here is to choose the right international company formation service who understand all aspects of running a business in Singapore.
They will help with setting up the directorship, finding a resident company secretary, they can advise on the tax benefits and how to submit accounts to the Singapore Inland Revenue as well as how to set up a bank account or e-wallet to support your business.
If you are looking for the perfect jurisdiction in which to base your company, this republic has a lot to offer. Contact our expert team today to discuss your requirements and discover how easy it is to set up a business in Singapore if you are a foreigner.