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Learning To Fly: Start A New Business In Singapore
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For anyone trying to establish themselves, the first step is always the hardest. There are confusions, nervousness and dilemma. But starting a business in Singapore is easier than anything else. Before discussing your plans with investors, everyone should learn the mandatory steps that they should take. One of the steps is applying for the Singapore company registration. Registering your business is an important part of establishing it.
What makes business in Singapore easy?
One of the main reasons for Singapore to be a business hub is its location. With better connectivity to major countries and a massive industrial development, Singapore is known among the Four Asian Tigers. This is why Singapore is the business hub of South East Asia. This success is not limited to large-scale industries. Every year thousands of local and foreign entrepreneurs and established businesses are registering their companies. Because of the internet, it has become easier to consult with professionals too. In Singapore, there is a better chance of getting investors and the least bureaucratic troubles. The system is very flexible for starting a new company or for a subsidiary company registration. In Singapore, company registration is simple and transparent. But the system is different for diverse businesses and foreigners.
How does the system apply to locals?
For any local resident, most of the procedure is hassle free. The standard steps of providing a nominee director or a nominee shareholder doesn’t apply to local residents. The business person will have to provide the details of the kind of business they want to start. Other than that the documents should be provided for verification. Residents can either start a Private Limited Company, an LLP (Limited Liability Partnership) or Sole Proprietorship after the procedure.
What are the steps required by foreign companies?
For any foreign company, it is compulsory to have a local representative for their business. Thus it is important for the company to provide a representative. For an established foreign company, it is important to apply for the Singapore branch registration. Depending on the kind of office being set up, there are different services. There is the representative office, the branch office and the subsidiary office. There are many private firms who act as an intermediary to this registration process. Since Singapore is such an important business point, there are many offers to choose from.
How is this different from Foreign Entrepreneurs?
For Foreign entrepreneurs, a local nominee is provided to represent his business. The option to start the enterprise as a local shareholder is also provided. Since the formation of the company is in Singapore, there is no need for branch registration or subsidiary registration. With a local representative, investors and shareholders, the system is simple enough.
The author is a consultant with a law firm in Singapore that assists foreign and local entrepreneurs in their company registration processes. He writes articles and blogs to assist new entrants in Singapore. For more details, visit now.
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