Singapore is known for its strategic location and strong trade relations with other parts of the world. This makes the country one of the best places in Asia to set up a business.
If you are planning to open up a company or part of your existing venture in Singapore, you would need to be familiar with the ins and outs of offshore company registration in Singapore process. Be sure to pay close attention to the following sections given you to wrap up the whole process in minimal delay:
It is illegal for foreigners to self-register their business in Singapore
Foreign nationals are not allowed to carry out the process of company registration Singapore using the self-registration method. It is imperative that one hires a firm that offers company registration services.
You won’t need a Singaporean Visa to run a company in the country
You read that right! You wouldn’t need to apply for a Singaporean visa if you don’t want to live in the country but simply want to run your business in the same. The remote operation of businesses in Singapore is possible.
If you want to visit your business premises, you can do so using a visitor’s visa given you have a local resident as one of your company’s local directors.
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Apply for an Entrepreneur Pass or Employment Pass
If you want to be the local resident director of the company in order to operate the same from the country itself, you would need to apply for an Employment or Entrepreneur Pass.
The tax system in Singapore is impressive!
Singapore’s tax incentives and exemptions are impressive, to say the least!
- You wouldn’t need to pay more than 8.5 % tax on your first annual profits within the nation given it is within 300,000 Singapore Dollars. From there onwards, you would need to pay a mere seventeen percent tax to the government yearly that will be calculated based on your annual profits.
- There are no capital gains and dividend taxes in Singapore!
The company name
Your company needs to carry a name that has been pre-approved by the authorities before it can be used legally during the company registration process in Singapore!
You would need to appoint a company secretary
You would need to appoint a qualified person as your company’s secretary as soon as your business is incorporated. This is mandatory as per Section 171 of the Singapore Companies Act.
Be sure to keep in mind that a shareholder or the sole director cannot be appointed as a company’s secretary. The post should be filled with a qualified Singaporean resident who resides locally.
Singapore is one of the best places to do business and if you are planning to make your venture go international, it is best that you set up shop in this beautiful Asian country. Factors like strong trade relations with other countries and investments made by the Singaporean government made the country a blessing for companies to use the land as a business expansion platform. With that being stated, given you keep in mind the things mentioned in this post, your business will be up and running in Singapore in no time!
About Author: My name is Adam Smith, being a business-minded and health freak guy, I always desired to share my real-life experiences about my travel and business knowledge, tips, and suggestions with others.