Must-knows Before Launching Your Business in Singapore

If you’re looking for the right place to launch or expand your overseas company, Singapore is your perfect choice. The Southeast Asian City-state stands out with an ideal business environment for entrepreneurs of all kinds, thanks to its investor-friendly climate along with the incentives that make operating a business in Singapore much easier than elsewhere.

When establishing a Singapore offshore company, your business can take advantage of the country’s comprehensive Double Taxation Avoidance Agreements (DTAA) as well as the Investment Guarantee Agreements (IGAs) and free trade agreements. Importantly, since Singapore strictly enforces tough intellectual property laws, your innovations and business ideas will be effectively protected.

Your guide to register a company in Singapore

The government in Singapore has taken a number of proactive steps to position the country as an attractive destination for overseas high-tech businesses. The EntrePass Visa Scheme is just one official step that allows business owners to raise their start-up capital from the source of their choice and also apply for permanent residency after 2 years only. Furthermore, foreign investors aren’t taxed when starting their business in Singapore on dividends and capital gain.

Even personal income taxes are low, starting out at 0% and maxing out at just 22%.  Moreover, startups are very lucky in Singapore! To bolster the country’s reputation as one of the most business-friendly nations worldwide, the Singaporean government always helps startups as well as small and medium enterprises with abundant grants and incentives to support them at the early stages of operating their business in the country.  The government’s generous grants and incentives help these companies to improve their workforce, boost their capabilities, and remain strong in the country’s competitive environment. 

When it comes to how to register your company in Singapore, it is important to note that the whole process can be carried out online. Although it is a smooth and relatively convenient process, a number of legal documents are required. They include:

·         Shareholders’ particulars

·         Company secretary’s particulars

·         A company constitution

·         Directors’ particulars

·         Description of the business activities

Translation is required!

Although the process of launching a company in Singapore isn’t an especially onerous task, it can be tricky for foreign investors who have a language barrier to overcome. All legal paperwork, for instance, must be flawless and eligible for the registration submission process, and therefore obtaining assistance from a native translation company is the best solution. Professional translation companies ensure that all documents are accurately translated to the native language so as to avoid misunderstandings and misrepresentations.