A Guide to Starting a Business in Singapore
Thanks to Singapore’s positive business ambience, the Lion Capital is becoming the go-to destination for new and innovative entrepreneurs. One of the biggest benefits that businesspeople in Singapore can enjoy is the double taxation agreements that the country has entered into with numerous other nations (more on this later). In addition, Singapore offers a number of attractive schemes designed to help new ventures. For instance, SPRING Singapore aims to make sure that every innovative business idea is converted into a practical plan by supporting every young and ambitious entrepreneur.
All in all, Singapore is one of the most business-friendly nations in the world, but there are still certain procedures, rules, and regulations that you need to adhere to. If you are considering starting a business in Singapore, this guide, covering all the basic steps that you need to take, will prove immensely helpful to you.
Starting a Singaporean Business:
Step 1 – Registering the business:
Getting your Singaporean company registered is certainly the first step towards getting your business up and running. Every one of your business aspects – from the company name to the Board of Directors details – must be registered through the Accounting and Corporate Regulatory Authority of Singapore (ACRA). Without executing this step, you will not be able to start the operations or hire any employees. After you have gotten your business registered in the country, you can go ahead and apply for any permits that you will require to operate your company, which brings us to the second step.
Step 2 – Acquiring any required permits:
Before you start your Singaporean operations, it is important to obtain any permits that are essential for your business. This means that you need to conduct comprehensive research and learn about any permits that might be pertinent to your business. Thankfully, EnterpriseOne contains the full list of permits, and you can even use their website to apply for any permits that you might need for your business operations. EnterpriseOne belongs to the Singapore government, and has been designed to assist businesspeople looking to start a venture in Singapore. The government has taken every possible step to ensure that entrepreneurs can start new businesses in the country without minimal hiccups or roadblocks.
Step 3 – Setting up an office:
Location is one of the most important factors for a business’ survival and growth. Although finding the right location can be a headache in many nations, that is fortunately not the case in Singapore. Once again, the Singaporean government has ensured ease of business by setting up numerous large business parks across the entire country, which can serve as the perfect platform for the launch of your startup. Thanks to these business parks, you will be able to find the right place for your Singaporean office without much trouble.
Step 4 – Recruiting Employees:
Yet again, Singapore has walked the extra mile to make sure that every new and established entrepreneur can enjoy a consistent stream of capable, skilled, and trained professionals. The WDA (Workforce Development Agency) comes up with jobs banks that entrepreneurs can access to find and recruit employees for their businesses. If you plan to hire workers from other countries, you will be able to do so once you obtain work passes.
In addition, it is important to understand your rights, responsibilities, and duties as an employer in Singapore according to the country’s Employment Act. For example, you cannot delay your employees’ salary for more than a week after the salary period has passed, and you will also be required to provide them with rest days and medical leaves. We also recommend obtaining medical insurance that can cover your workers’ health and safety needs. In return, you can expect your staff to deliver reasonable performances.
Step 5 – Filing Relevant Taxes:
If you are under the impression that starting a Singaporean business will mean enduring double taxation, you are fortunately mistaken. Singapore has signed an ‘Avoidance of Double Taxation’ agreement with 73 countries, not to mention that it provides unilateral tax credits with any country that it does not have this agreement with. Because the government provides such significant tax benefits, it also expects its entrepreneurs to pay taxes in a timely manner. If you find that that you are unable to manage or pay your business taxes, you can always hire a professional tax consultant to take care of your taxation needs.
Thanks to the many benefits, incentives, and opportunities that Singapore offers its entrepreneurs, coupled with the country’s flourishing economy and highly stable political atmosphere, it is one of the best destinations for anyone looking to start or expand their business.
To learn more about starting a business in Singapore, explore entrepreneurial opportunities in the country, or to make the business registration process easier, please feel free to reach out to us.
In the meantime, we hope that this brief guide will prove useful to you in getting the ball rolling with regards to your Singaporean venture.