Achieving success in a new market is a challenge, but Singapore is a great place for entrepreneurs to start and grow their businesses. The country offers strong trademark IP protection, a business-friendly tax framework, state-of-the-art legal systems and an attractive corporate tax rate for foreign ownership. It also has a robust talent pool of skilled professionals, as well as an extensive network of investors and venture capitalists to help you scale your business.
Incorporating a company in Singapore is relatively straightforward, and the process can be completed within an hour if your application passes ACRA’s vetting requirements. However, the process can take longer if your company falls under a regulated industry or if it uses certain words that are prohibited from being used in the name of a business.
Once you have decided on your business structure, you should decide on a unique company name and reserve it with ACRA. You should also select a local address, hire a secretary and a Singapore-resident director (or utilize our nominee director service), and deposit your paid-up share capital with IRAS.
You will then need to register your business for Goods and Services Tax (GST). This is a value-added tax that you must collect from your clients and pay to IRAS. If your business has a turnover of over $1 million, you must also register for excise tax. If you are unsure about the taxation requirements of your business, you should seek advice from your provider of services for company incorporation Singapore. how to set up a company in Singapore