Singapore is rapidly becoming one of the most preferred destinations for business people and investors. The government of Singapore alongside other relevant agencies have created an environment for businesses to do well. Additionally, Singapore is among the top five financial giants globally. Besides this, the city-state is considered to be relatively corruption free in comparison to other developed countries.
Due to this, the World Bank has ranked Singapore in the top position globally for seven years straight since 2012 as the best place for doing business. However, there are a few procedures foreigners need to follow before they open company in Singapore.
Register Your Business
In practically all countries, registering your company is the first step. Before hiring any staff,you need to forward your firm’s name and the names of your board members to Singapore’s Accounting and Corporate Regulatory Authority.
Once you are done with business registration, you can now proceed to the next procedure of acquiring the needed licenses and permits for your firm.
Acquire the Necessary Permits and Licenses
Before setting up your firm, you need to get the required licenses and permits.You can easily find these on the internet. Visit EnterpriseOne is a government-run online platform that helps entrepreneurs search and apply for permits without too much hassle.This is one of the many efforts the government of Singapore has taken towards ensuring that setting up businesses is as smooth as possible.
Office Space
Business location plays a crucial role in its success. Finding office space can be tricky in other countries. Nonetheless, that is not the case in Singapore. The government has constructed businesses parks where you can launch your firm. Additionally, you can opt for the shared workspaces, which are now becoming popular around Singapore.
Hiring Staff
Here, you will need to familiarize yourself with Singapore’s Employment Act. For instance, you need to give employees rest days. Additionally, you will have to provide comprehensive medical coverage. Through its Workforce Development Agency, Singapore is working towards creating a pool of well-trained professionals to work in startups.
Besides, you can hire staff from other countries if you can secure a valid work pass for them. For foreigners, you will have them apply for employment passes from the Ministry of Manpower.On the other hand, for the pass to be issued, there are a few rules. The company shouldn’t be registered for more than six months and must be legal.Applicants need to hold at least 30% of the shares in the firm.
File Your Tax Returns
Singapore has an all-inclusive Avoidance of Double Taxation Agreements with over 73 nations. For the countries not covered under the agreement, there is a unilateral tax credit. So, don’t be afraid that you will be double taxed.
However, make sure you pay your taxes as required. If you find it difficult, you can hire a tax consultant to help you file your returns on time.
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