Singapore is the most politically stable country in Asia, boasting a reputable regulatory environment. There is availability of highly skilled labour force. It is a paradise for high-net-worth entrepreneurs. It highly supports start-up companies and all the budding entrepreneurs. The nation has taken an initiative namely, StartUp SG that grants companies early-stage funding to support their branding, funding and talent attraction. The Singapore government (SPRING, IPOS) offers multiple grants for different types of business.
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Benefits of incorporating a company in Singapore
Some are the factors which make Singapore the favourite destination in the world for business owners are mentioned below.
- A powerful economy with well-developed capital markets and financial systems.
- A rational tax system with low tax rates,
- An efficient process for incorporating and running a new company.
- Strategic geographical location and excellent infrastructure.
- Well-trained and productive workforce,
- No restrictions on repatriation of profits or import of capital,
- Stable political and economic climate with strong adherence to the laws, regulations and minimum corruption.
- Excellent quality of life.
Requirements to establish a Singapore start-up company
The most popular type of business among start-ups in Singapore is a private limited company (pte.Ltd) also known as Singapore LLC. Basic requirements include;
- One resident director
- One minimum shareholder
- One resident company secretary
- A business name
- A minimum paid-up capital of S$1
- A local address in Singapore
Steps to form a Singapore company
- Reserve your company name;
- Prepare the company documens (shareholders and directors informatio, local address, paid-up capital etc);
- Incorporate the compay with the Accounting and Corporate Regulatory Authority (ACRA) and receiving the approved documents;
- Appy for relevant permits and licenses through LicenseOne;
- Open a business bank account.
