Singapore has consistently maintained its top position as the overall easiest country in the world to conduct 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 keep in mind.
Much like what you would be required to do in other countries, a business in Singapore also begins with registration proceedings. While it usually takes weeks or months to complete the registration process in other countries, Singapore company registration can actually be accomplished in 15 minutes, as long as all your requirements are provided. Exempted from this speedy procedure however, are businesses that need to go through several government establishments such as schools, insurance companies, banks and many more. The Singaporean government has also managed to increase the simplicity of the process by creating BizFile, an online registration portal for businesses. You just have to make sure that all the requirements are complete before you proceed to the registration process in order to quickly complete your transaction.
Whatever form of business structure you are eyeing to put up - sole proprietorship, partnership, or corporation--you are required to register your business with the Accounting and Corporate Regulatory Authority. While foreign businesses are welcome in business-friendly Singapore, they're 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.
Next, check if your business name is still available and BizFile can help you do this with the use of its online directory. Knowing what your SSIC or Singapore Standard Industry Classification code should be is also important since this will help determine which category your business belongs. It is also crucial when it comes to company formation in Singapore that an office address in the country must be provided. P.O. boxes can't be accepted for this purpose, which is why a physical office should be put up in order for company registration to be completed.
Finally, when completing the process of company registration Singapore proprietors have to pay certain fees. For name approval, you pay S$15. For foreign businesses with share capital, registration costs S$300; and for foreign businesses without share capital, it's S$1,200. Comparatively, company formation in Singapore is easier and more hassle-free than in most countries. All information is available on the web and you don't even have to be in Singapore physically to register your business. With all these innovations, it is no wonder Singapore continues to be a primary option for businesspeople.
Much like what you would be required to do in other countries, a business in Singapore also begins with registration proceedings. While it usually takes weeks or months to complete the registration process in other countries, Singapore company registration can actually be accomplished in 15 minutes, as long as all your requirements are provided. Exempted from this speedy procedure however, are businesses that need to go through several government establishments such as schools, insurance companies, banks and many more. The Singaporean government has also managed to increase the simplicity of the process by creating BizFile, an online registration portal for businesses. You just have to make sure that all the requirements are complete before you proceed to the registration process in order to quickly complete your transaction.
Whatever form of business structure you are eyeing to put up - sole proprietorship, partnership, or corporation--you are required to register your business with the Accounting and Corporate Regulatory Authority. While foreign businesses are welcome in business-friendly Singapore, they're 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.
Next, check if your business name is still available and BizFile can help you do this with the use of its online directory. Knowing what your SSIC or Singapore Standard Industry Classification code should be is also important since this will help determine which category your business belongs. It is also crucial when it comes to company formation in Singapore that an office address in the country must be provided. P.O. boxes can't be accepted for this purpose, which is why a physical office should be put up in order for company registration to be completed.
Finally, when completing the process of company registration Singapore proprietors have to pay certain fees. For name approval, you pay S$15. For foreign businesses with share capital, registration costs S$300; and for foreign businesses without share capital, it's S$1,200. Comparatively, company formation in Singapore is easier and more hassle-free than in most countries. All information is available on the web and you don't even have to be in Singapore physically to register your business. With all these innovations, it is no wonder Singapore continues to be a primary option for businesspeople.
About the Author:
Related articles on register company in Singapore or visit www.richmondcorporateadvisory.com
No comments:
Post a Comment