Singapore is an ever growing business hub and an ideal place to start a new venture or expand an existing business. It is preferred by individuals and corporations alike, due to a stable government, sound financial situation, and a fairly easy startup process. Getting started, one has to view certain aspects of business setup such as the following points.
- Understanding the basic business structure:
One has to understand the right business structure apt for their business needs and this decision is the foundation to the entire process. There are many types, namely, Branch, Partnership, Subsidiary, Private Limited company- local and foreign individual, sole proprietorship. Deciding on the type of business to start will dictate the further steps in the process.
- Registration of a business:
Any business in Singapore must be registered with ACR, the Accounting and Corporate Regulatory Authority. A foreign company that wants to start a branch in Singapore must hire two local agents who should have work permit, citizenship or permanent residency to act on their behalf. Businesses that are registered in Singapore are usually under the Company Act(CA).
- Visa process:
For starting a business in Singapore, the employees need to have a mandatory work permit- Entre PASS. There are some requirements for any given company to obtain this permit-
- The applicant should hold 30% of the company shares
- The company must have been registered as private limited company
- The business should be legal
- The company should have at least 50,000$ capital.
These are a few of the regulations required to be followed to be eligible for the Entre PASS.
- Seeking local professional services:
There are many agencies with expertise in this area that provide in depth understanding of the local business situation and help in the smooth business startup process. They also help in maintaining the business, providing assistance in the form of appointing local directors, accounting, auditing, maintaining tax reports, visa processing and more. The entire process of starting a business becomes less of a task with help from these agencies.
Many companies find Singapore to be the next big business capital and seem keen in investing here. It is a nation constantly reinventing itself and the emerging definition of new age business hub. The strategic location is a prime factor that further adds to the attractions for the individuals seeking to kick start their ventures.