Singapore is often referred to as the Asian center of innovations. According to various ratings, the country has one of the most competitive economies in the world. In addition, Singapore has been ranking high for the ease of doing business for years and years. The country attracts entrepreneurs from all around the world.
If you are interested in enhancing your business opportunities and relocating to Singapore with your family, please read on to find out about the main aspects that you have to bear in mind in the process.
Register a company in Singapore
Registering a company takes only a few hours in Singapore because a large part of the preparatory work can be done online. When you pay a visit to the Registrar, please make sure that all the personal names are spelled correctly in the registration documents and all the numbers are correct too. You will be well-advised to have several alternative names for your prospective company.
You can combine registering a company in Singapore with opening a bank account in the country. A personal visit (or two) to the bank is going to be required in any case. Please be prepared to wait for a few days before the bank makes the decision.
Banking services may be denied to you if your local company director is also the director of a dozen more companies. You will also have to demonstrate ties with Singapore: you should have clients, partners, or suppliers in the country.
The process of bank account opening can take between5 days and 3 weeks depending on the bank. The amount of the company’s registered capital is symbolic in Singapore: only one dollar. The minimum number of company shareholders is also one.
The corporate profit tax is 17% in Singapore, which is one of the lowest rates in Asia. Besides, the first 100,000 Singaporean dollars of profit is tax-exempt for the first 3 years of the company’s existence.
The most popular form of Usainfopress company ownership in Singapore is ‘Exempt Private Limited Company’ because it does not have to be audited.
Finally, you will have to hire a local company Secretary. If you would like to have more detailed information about the procedure of registering a company in Singapore, you can find it here.
Don’t be shy to ask for help
A foreign national can register a company in Singapore only via a registered registration agent. Make sure you investigate the existing opportunities very well so as not to miss a good chance. For instance, there are various Government grants in Singapore available to startups.
Singapore invests into automation of business processing and personnel training. You may be eligible for a grant from the Economic Development Board or Enterprise Singapore. You will be pleased to know that there are more than 100 business accelerators in the country, 30 startup incubators, and about 150 venture funds.
In addition, there are beneficial credit programs in Singapore that allow obtaining loans at low interest rates.
Relocate to Singapore with your family
Singapore applies strict migration policies because many people from other countries dream of relocating to Singapore. Foreign entrepreneurs, however, are welcome.
You and your company workers can qualify for infonewsmedia Employment Passes – residence permits for company managers and qualified specialists. There is also a Professionals/ Technical Personnel Scheme that suits foreign specialists spending a lot of time in Singapore but not living there full time.
There is also an Entrepreneur Pass but it’s hard to get it. Your business idea has to be truly innovative if you are to qualify for this type of residence permit in Singapore.
Your family members will be eligible for Dependent Passes. With time, you can qualify for permanent residence in Singapore and then for citizenship of the country so you’d better move to Singapore with your family.
You are not going to feel alien in Singapore
Singapore is a country of immigrants. In addition to expats from other Asian countries, you will find people from Europe, America, and Australia living in Singapore.
According to statistics, foreigners work for more than half of all startups in Singapore and the country welcomes everybody. What you do have to have is the knowledge of English and advanced skills or qualifications.
Plan expanding your business to the neighboring countries
Singapore has a highly beneficial geographical position and you can use it as a platform for extending your business operations to other countries in Eastern Asia: Indonesia, Malaysia, Thailand, Vietnam, Philippines, Cambodia, and Myanmar.
This is the third largest market in the world in terms of its population (600 million people). If you take China and India into account too, the population of your potential market will exceed 3 billion people. Many European companies set up branches in Singapore to be able to work with China.
The transportation network is superb in Singapore. Changi airport connects Singapore with 300 cities in 70 countries. Local seaports are connected with 600 ports in 120 foreign countries and they are the busiest seaports in the world.
In addition, there are three Free Trade Zones in Singapore and many companies use them for storing, packaging, and exporting goods on beneficial conditions.
Assess your financial capabilities correctly
Registering a legal entity in Singapore is going to cost you between 2 and 6 thousand Singaporean dollars and you will have to pay the same sum every year.
Residential accommodations are expensive in Singapore and the same goes for transport and utilities. A monthly travel pass costs 92 dollars and your electricity bill is going to be between 160 and 300 dollars per month.
Mid-level IT specialists make 5 to 7 thousand dollars per month and people working in arts and humanities make 4 to 5 thousand dollars. If you hire a foreigner, you will have to pay him/ her enough to make him/ her qualified for an Employment Pass.
Singapore is a comfortable and a promising platform for launching a business venture. It has advanced legislation, a reliable financial system, a unique infrastructure, a flexible taxation system, and no bureaucracy.
Singapore has been attracting close to 100 billion dollars in foreign direct investment over the recent years. More than 90% of technological companies from the Fortune 1,000 list have offices in Singapore. So, why don’t you join this wonderful company?