Setting Up a Business in Singapore
If you can be flexible on where in the world you see tup your business, then Singapore may well be near the top of your list. This cosmopolitan country is welcoming to new businesses with it's straightforward rules and regulations and appealing taxation levels.
Incorporating a Company in Singapore
As the process of setting up a business in Singapore is relatively simple, many entrepreneurs choose to incorporate their businesses here. This section will provide an overview of the process of company incorporation in Singapore.
Company Registration
The first step is to submit an application for company registration with the Accounting and Corporate Regulatory Authority (ACRA). The applicant will need to provide information such as the proposed company name, the business activities that the company will be engaged in, the registered address of the company, and the names and particulars of the directors and shareholders.
Once ACRA has approved the application, the next step is to open a corporate bank account. The applicant will need to provide documents such as the Certificate of Incorporation, the company’s Constitution, and a list of the director’s personal particulars.
Business License
The next step is to apply for a business license from the relevant government agency. The applicant will need to provide information on the nature of the business, the registered address of the company, and the proposed activities of the company.
Compliance Requirements
After the business license has been obtained, the company can commence operations in Singapore. However, it is important to note that there are ongoing compliance requirements that companies must meet, such as filing annual returns with ACRA and maintaining proper accounting records.
It should be noted that there are various types of business licenses available in Singapore, and the application process may vary depending on the type of license required.
Recruiting Staff in Singapore
The next step is to recruit staff for the company. The Ministry of Manpower (MOM) provides a range of services to help businesses in Singapore find suitable employees.
The MOM website includes a job portal where businesses can post vacancies and search for candidates, as well as a range of resources on employment practices in Singapore.
Businesses can also apply for work passes for foreign employees. The application process will vary depending on the type of work pass required.
Setting Up Premises
The next step is to find suitable premises for the business. The Business Space Finder tool on the EDB website can be used to search for commercial property in Singapore.
Businesses can also lease space from coworking spaces or incubators/accelerators.
Taxation in Singapore
The next step is to register for taxes with the Inland Revenue Authority of Singapore (IRAS). The types of taxes that businesses must pay include corporate income tax, Goods and Services Tax (GST), and property tax.
Businesses can register for GST online through the IRAS website.
Cost of Living in Singapore
The cost of living in Singapore is relatively high, but there are a number of ways to save money. For example, many businesses choose to house their employees in shared accommodation or dormitories.
When compared to other cities such as New York or London, the cost of living in Singapore is actually relatively affordable.
Singapore Culture
Singapore is a cosmopolitan city with a diverse population. The three main ethnic groups are Chinese, Malay, and Indian.
As English is one of the official languages in Singapore, it is widely spoken by the population.
The Singaporean culture is a mix of Eastern and Western influences. The traditional Chinese festivals of Lunar New Year and Mid-Autumn Festival are widely celebrated, while Western holidays such as Christmas and Halloween are also popular.
Business Etiquette in Singapore
When doing business in Singapore, it is important to be aware of the local customs and etiquette. For example, it is considered polite to exchange business cards when meeting someone for the first time.
Greetings are usually done with a handshake, although it is not uncommon for men to greet each other with a pat on the back.
Business meetings are generally formal affairs, and it is important to be punctual.
The dress code in Singapore is relatively casual, although smart casual or business attire may be required for certain meetings or events.
Conclusion
The process of setting up a business in Singapore is relatively straightforward, and there are a number of government agencies and resources available to assist businesses in getting started. However, it is important to note that there are ongoing compliance requirements that companies must meet.