Some countries make it really tough to start a business. Singapore is different. They made it easy. The whole world noticed. Learn more!
This is not something they say to make themselves look good. The truth is, Singapore has infrastructure, clear laws and they process things quickly. People who have started companies in countries will tell you that Singapore is one of the best. They do things right. They do them fast.
To start a company in Singapore you use something called BizFile+. This is a system that is run by ACRA. To register your company you need a things. You need an address at least one director who lives in Singapore and a company secretary. You have six months to find a company secretary after you start your company. Most of the time you get approved in one day. Not a week, not a month. One day.
What makes people trust Singapore is not what they say. What they do. The laws are simple. They are applied fairly. There are no secrets or surprises. Companies know what to expect. They can plan for the future.
Taxes are also a thing about Singapore. The tax rate is 17 percent, which's not too high. New companies also get some tax breaks. If your company makes less than S$200,000 you do not have to pay taxes on all of it. This can be a help when you are just starting out.
One thing that can be tricky is banking. Singapore has a lot of banks and financial institutions. You can choose from banks, digital banks and other options. It can take some time to open a corporate bank account so you should start the process soon as you can.
Some people think that there must be a catch. There is not. You can own 100 percent of your company even if you are not from Singapore. You do not need a partner or to give away part of your company.
One mistake that people make is not paying attention to the shareholder structure and company constitution. These are documents and you should get them right, from the start. If you make a mistake it can cost you time and money to fix it.
You do not have to use a service provider but it can be a good idea. They can help you with all the paperwork and regulations so you can focus on running your business.
Singapore is a place to start a company. You should take advantage of it.