Singapore is a leading commercial destination for investors. The government of Singapore is very congenial and provides a business-friendly environment to the entrepreneurs. The legal framework and judiciary system are transparent and autonomous. Singapore is among the world’s least corrupt countries, which makes it easier for anyone to conduct their business.
In these times of globalization, Singapore has emerged as a major attraction for many global businesses to have their headquarters at. Singapore is considered the gateway of many Asian countries. It is also considered to be the most competent among all the Asian countries.
Why set up a business in Singapore?
It is a known fact that Singapore is a dream destination for commercial activities. Let’s talk about business opportunities here in Singapore. There is a list of industries flourishing in Singapore, which an entrepreneur can access for the opportunities.
- Travel and Tourism
- Construction and Real Estate
- Healthcare and Medical
- Publishing and Press
- Recruitment & Placement
How to register a business in Singapore?
Setting up a business in Singapore, for any foreigner, is not as difficult as many of them believe it to be.
Five business entities are available to register a business in Singapore:
- Sole proprietorship
- Limited liability Company
- Limited liability partnership
- Limited partnership
Registration Process of a company in Singapore
To register a company in Singapore, the entrepreneur needs to complete some procedures
- Company Name Approval
- Company Registration with ACRA.
A list of the proposed name for the company should be provided to the registered agent. The availability of the desired name is checked online on the Accounting and Corporate Regulatory Authority (ACRA) website. The available name is registered for the use for up to 60 days after paying a specified amount of fees to the ACRA.
The name of the company should be picked up very carefully. The company name must not be identical to any existing firm, nor should it be black-listed. The name should not be vulgar or hurting to sentiments of any community. The objective must be to give an idea to the customer what type of product or service a company deals with.
Having all the necessary registration documents and a registered company name, the registered agent is ready can now apply to ACRA to register the company in Singapore.
Setting up a Foreign Company in Singapore
There are options available to any entrepreneur that aims to register in Singapore:-
- Branch Office
- Representative Office (RO)
Each of the options having their own merits and demerits associated with them. Also various points such as the extent of liability, taxation, etc, require due attention. Careful scrutiny should be done for the best options available for setting up a business in Singapore.
Hire PMC Solutions DMCC and Get Your Business Registered in Singapore
PMC Solutions DMCC is a leading business consultancy firm in the UAE and is active in setting up business internationally for the clients. We provide a broad range of commercial services starting from the very start till the company is finally registered and fully operational.
We help in the formation of the company and opening a bank account. As a registered agent we deal with all the government departments on behalf of our client and make the process easy and hassle-free.
All investors who are willing to set up a company in Singapore can contact us and our professional staff will be very happy to help them out.