Recently the World Bank enlisted Singapore as the globe’s most business friendly economy, and setting up a business in Singapore is quite simple. New companies need to register with the Accounting and Corporate Regulatory Authority (ACRA), who offer an online application portal known as BizFile.
Registration fees for starting a business in Singapore
In Singapore, ordinary fees for setting up a business total no than $30 or $50 (roughly 60 SGD), and applications are usually processed within fifteen minutes of the fee being remitted. But, a wait of up to two hours can occur if the application requires to be sent to any ministry for review.
Regulations for starting a business in Singapore Limited businesses are the most common set-up in Singapore, and there are a few requirements to be followed for both foreign and local investors.
The director – The director with any Singapore company setup should be a citizen or lasting dweller of Singapore. Must be above eighteen years and not bankrupt.
The shareholder – The law allows for not more than fifty shareholders for any business setup. They could be entity or individuals.
The company secretary – A Singapore business needs to have a secretary. He or she should be appointed within 6 weeks of the business incorporation and need to be dweller of Singapore.
Laws and regulations
The World Bank and IFC website have a full list of laws and civil procedure codes on the matters of credit and business, company and commercial, building and labour, securities, trade and tax.
The Singapore Statutes Online web is also important as it has a full list of statutes. It is important to educate yourself before making an investment so as to avoid any mistake or confusion when the business is up and operating.
Permits and licenses
Generally speaking, there’re 3 types of license depending on the business model:
Occupational – for organizations that offers professional services like financial planners or doctors.
Compulsory – they are for liquor distributors, moneylenders and travel agencies.
Business activity – they are for people dealing with controlled products, hiring foreign workers or exporting goods.
It is important to obtain the right license for your company to avoid running into issues from the word go. The law states that, in order to set up a business in Singapore, the company must have one movie director, one company assistant and not less than one shareholder.
With these few tips, you are ready to start your own business in Singapore. Don’t waste the opportunity.