Singapore is one of the most attractive places for foreign entrepreneurs to launch their businesses. The Lion City has a well-developed infrastructure ecosystem, strong connectivity, political stability, and an impressive network of advisory services. Moreover, the country has a robust yet friendly trade and investment policies. It also offers low corporate taxes which make it a highly competitive business environment.
The first step to starting a company in Singapore is to decide what type of legal entity to register as. You can choose from a sole proprietorship, exempt private limited, non-exempt private limited, public limited, or subsidiary. In most cases, it is advisable for foreigners to incorporate a private limited company. This allows them to benefit from the tax efficiency offered by the local tax regime, which is among the lowest in Asia.
You should also consider how you will fund your new venture. You can use your personal savings, take a bank business loan, or access financial support like grants. The key is to be prepared for both capital costs and fixed ongoing costs, which may include rent for your business premises and salary for employees.
Once you have chosen a legal entity and decided how to fund your business, you can start the process of registering your company in Singapore. Timcole can assist with all the steps involved, including submitting your application online through ACRA’s BizFile+ system and applying for an EntrePass permit (if applicable). We also provide nominee director services at a reasonable cost. starting a company in Singapore