Many entrepreneurs today find Singapore to be the ideal place to do business. This is mainly because Singapore has a ready market for most products, and because one can avoid double taxation in Singapore. This has been made possible thanks to the Avoidance of Double Taxation Agreements signed by the state several years back. This has allowed/enabled entrepreneurs to thrive here, with more and more coming to try their luck here.
If you too have been looking for a way to expand your business without attracting double taxation, then Singapore is the marketplace for you. Although there may be a ready market here, you need to do everything right, and by the book, to make it here. Here are five tips/steps how to set up a business in Singapore.
Register the Company
You’ll need first to have your company approved before setting up shop here. The first step is to have the business/company registered with ACRA (Singapore’s Accounting and Corporate Regulatory Authority). You will also need to include the names of directors when registering the company. This should be done even before you can start hiring or bringing in employees. Once the registration is approved, you can then start applying for the necessary permits to allow you do business in the country.
Get The Required Permits
You’ll need all the proper permits to start doing business or operating in Singapore. If you are a foreigner you will need a PR according to www.immigrationsolutions.sg Luckily enough, the process has been made easier, thanks to EnterpriseOne. This is a government online portal that enables entrepreneurs to figure out the necessary documentation and permits needed to start/run a particular business. The portal outlines all the licenses required and allows one to apply for the same online.
Setting up an office
You’ll need to set up business/office strategically to be able to reach out to your target audience and consumers. Unlike in most countries, Singapore has made the process of setting up offices and companies relatively easy through business parks erected for this single purpose. It is therefore much easier to find the perfect office space for your business as compared to other countries in the region. These business parks can be found all over in major cities, hence no need to worry about crowding and placement.
There’s already a pool of qualified and well-trained professionals ready to take up any job in Singapore. The Workforce Development Agency (WDA) is in the process of launching a jobs bank, where startup companies will be able to find and hire employees based on desired qualifications. Companies are also allowed to hire workers overseas for as long as they can secure valid work passes.
One thing you however need to be keen on when hiring employees is to ensure you follow the law according to the country’s Employment Act. The law demands that employers pay their employees salary within 7 days of the salary period, and also grand medical and rest days to the employees. Your employees will also need medical insurance as well.
You are required to pay taxes for as long as you have a business running in Singapore. Although Singapore has Double Taxation Avoidance Agreements with more than 73 countries, those not included in the agreement can enjoy a unilateral tax credit. You however need to hire a certified tax consultant to keep you taxes updated and manageable. Paying taxes in Singapore promptly is the only best way your business can thrive here.
Many companies and entrepreneurs have their business headquarters in Singapore. Ever since the government allowed entrepreneurs from all over the world to invest in Singapore, thousands of companies have been registered and already operating. This not only benefits the citizens here (creating employment and innovativeness) but also enables you, the entrepreneur, to maximize your business potential.
Business is all about taking the leap of faith. As many people describe it, Singapore is the new land of opportunity for entrepreneurs. You can also get business finances in Singapore as well. All this is meant to make Singapore the ideal place to set up shop and do business without fear of the unknown.