In recent past years, Singapore has become Asia’s one of most influential service, financial, and shipping centers. It is the ‘state capitalism’ model which is followed as the economic philosophy of this nation. It fetches numerous advantages from its notable geographical location. It has a long-standing reputation of being one of the best places for businesses. Here you can get the most attractive incentives from the government and effective corporate tax rates of about 0 – 17%, which makes it the most suitable place for foreigners to invest.
Whether you want to reside and have a more-hands approach to your business or to run your business from overseas, you can easily get your business registered and just wait for it to prosper.
According to GFCI (Global Financial Centers Index), a report of 2018, has ranked Singapore as the fourth largest international financial center. The topmost place was grabbed by London, New York, and Hong Kong.
Even a foreigner is allowed to set up a company in this nation. For foreigners to set up an entity in Singapore, there are three options available:
Option 1- Private Limited Company + EntrePass
Option 2- Private Limited Company + Employment Pass
Option 3- Private Limited Company + Resident Director
Singapore has the credit of being a ‘garden city’ from which one can extrapolate the essence of landscape and sanitation present in the nation.
GAWC has ranked this nation the world first-tier city, Singapore is a component of
– ASEAN stands for the Association of Southeast Asian Nations.
– APEC, Asia- Pacific Economic Cooperation.
– WTO, World Trade Organization.
Advantages for setting up a company in Singapore –
1. An independent and sound financial system.
2. Good company reputation.
3. The strategic geographical location of a logistics center.
4. Possibility for setting as migrants.
5. Bridge of listing financing and trade financing.
6. Preferential tax policies.
7. It gives access to opportunities for international investment. It offers a reduction in trade barriers for sensitive technologies.
8. It is an effective and great platform for protecting intellectual property rights expanding international brands.
What are the registration requirements to be done for setting a company in Singapore?
– At least 1 Singapore dollar of registered capital.
– Minimum 1 local director (permanent resident, citizens, and the pass holder who is residing in Singapore).
– At least one natural person or a body corporate shareholder who is having no nationality limitation.
– Two of the specified business scope with relevant industries can be specified.
Materials –
1. The articles of association and the company’s memorandum.
2. Identification certificate.
3. Affidavit of compliance.
4. Proper details of the auditors and the company secretaries,
5. The details of share issue records are to be submitted within one month of the incorporation.
Starting a business and making it the most influential is easy. You just need to set up your goal and get ready with all the registration requirement, you can be done with all the necessary processes in a single day. You can also hire a specialist for incorporation to help you out in the process of registration.