Foreigners who come to Singapore are often totally unaware of how easy it is for them to open their office in Singapore. The ACRA doesn’t allow them to go directly to register their companies. They must necessarily go through an authorized agent. This makes the job very easy for the foreigners and they are able to open their Singapore office within a couple of days. In many instances, it is not even essential for the foreign company representative to visit Singapore to open the company.
What Attracts Foreigners To Singapore?
Before anyone approaches the agents to open an office they must know why Singapore is the choicest destination for foreign companies to expand their market. The first reason is that Singapore has a location that favors it for trading business. It is located strategically to cater to the whole of South East Asia. The port facilities and logistics support are excellent. This makes it easy for foreign companies to bring their goods here.
There are many other reasons like ease of doing business, excellent infrastructure, support by the government and an efficient workforce. The rate of tax is very low in Singapore which is another attraction for the foreign companies.
Completing a Prerequisite for Registration of Company
There are certain conditions that must be fulfilled before you can register the company here. The rules for company registration in Singapore state that there must be at least one director who is a resident of Singapore. This is a difficult obligation to fulfill for foreign companies who don’t have any contact here. However, there is an option that a foreigner with an employment pass can become the resident director. The consultants will help you with a resident director till the time you can get yourself an employment pass.
Choosing the Right Agency Is Important
It is very important to get yourself a good agency for the incorporation of your company. The agency must offer you other services also which will be helpful once you have finished setting up a company in Singapore. There are agencies which use the most modern technologies to provide you with all the services that will help you fulfill the various requirements of the government in Singapore. At least, in the beginning, you will find appointing all the employees for various jobs a big financial strain. These jobs can be completed by the agencies that help you with company registration.
Many of these agencies have experts in many fields like human resources, company law, business management, etc. which can help you run your business in a better way. These agencies can help you when you need to appoint people by finding able and qualified candidates from Singapore.
Setting Up a Company in Singapore
It is everyone’s dream to own a company. People who work for many years for someone else will always want to do something for themselves. The best way is to set up a company and use the skills for self-development. There is no limit to your growth when you work for your own company. If you have the right skills and work hard, you can certainly develop the company to become a large corporate. Singapore probably is the best place for that.
Why Is Singapore So Conducive To Business
Whether it is a local investor or foreigner, Singapore offers a great opportunity for setting up a company and making it big. The economy in the country is robust and people have the money to buy new products. The nation has one of the lowest percentages of tax and offers a lot of tax benefits for new companies. Companies are not taxed up to a certain limit for the first three years. This will be a huge support to the companies and help them grow well. Setting up a company in Singapore is easy because the procedures are simple and it takes a very short time to get your company incorporated.
Create Your Business Plan
There are certain things you must do before you start your incorporation process. The first thing to do is to make a business plan. In this, you must chalk out your growth path for the business. You must mention your aim and how you are going to achieve this. Mention every move that you must make to create the company and how you will work once the company is set up. This will help you move in a planned manner.
A well laid-out business plan is essential if you are planning to seek funds from an institution. They will need to know how you are planning to earn money to repay the amount. They will need to know every detail about how you are going to spend your money. The aim is to show them that you have a concrete plan in mind.
Deciding On the Company Type
The next thing to do is to decide what type of company you want to open in Singapore. This will depend on how big you want the company to be and how many people you want to take as partners or shareholders. The consultant you approach for company registration in Singapore will be the best person to advise you on this.
