Here are a few pointers that may come in Handy.
Singapore is one of the countries offering the most favorable environment for individuals to bring their business. The country is friendly to start-up businesses, offers trade across many borders and enforces strict laws that protect investors and employees.
Both foreigners and local residents, above 18 years can register their business in Singapore, on condition that the business complies with the country’s existing laws.
How can foreigners bring their business to Singapore?
Foreigners are recommended to seek advice from professional firms when bringing their business to Singapore. This is mainly because the country’s laws do not allow foreigners to self-register their companies.
So, how can foreigners register their companies in Singapore?
As a foreigner, it is importance to understand how to start or expand your business in the country. First and foremost, you should ensure that you acquire the right visa, meet all the necessary requirements needed for registering the business and last but not least, follow the correct registration process for the business.
In this brief article, I will bring you up to speed with a few pointers that will help you bring your Business to Singapore.
Tips to help you bring your business to Singapore
1. Meet the threshold to register a company – legibility for registration as a foreigner
Before registering your company with Singapore’s registrar of companies, below are a few things that you need to consider. The company must,
- Have at least one nominee director who must be a Singapore Citizen
- Have at least one shareholder. He or she may be the nominee director
- Have a unique business name that isn’t registered with another business in Singapore.
- Have a primary address for the business
- Know its Singapore Standard Industry Classification (SSIC) code. This is important when it comes to categorizing the business.
2. Get approval of the company name
When filing the business name, you should present at least two or three names for the business. In case, the first two names are already registered, you are ready with another option. The process usually takes less than an hour until you receive a notification whether your business name was approved or rejected.
3. Business registration process as a foreigner
In Singapore, registering a new company or converting your business into a limited company is quick and efficient because of the fully computerized system. You can easily register your business through the BizFile system. This is a system set up by ACRA (Accounting & Corporate Regulatory Authority).
All foreign business persons wishing to bring their business to Singapore should apply for a work pass, also known as the EntrePass. This is a permit that allows foreign entrepreneurs to start and optimize all business opportunities in the country. It is the mandate of the country’s Ministry of Manpower, with the help of the standards, productivity & innovation board Singapore to process all EntrePass application forms.
Those who qualify get these work passes enjoy working in the country for a period of not less than two years. The validation period for this permit is readily available for all first-time applicants. After the EntrePass expires, you can renew it if you meet the criteria for its renewal. The work pass renewals are awarded for the duration of up to three years.
4. Incorporating a company
Most private companies in Singapore are registered as private limited liability companies. Aside from being limited to only 50 shares, this type of company limits the liabilities of the shareholders to the amount of share they have in the company. Beyond the value of their shares, they will not be made accountable for the company’s debts
5. Expansion of Business
Registration for expansion of your business in Singapore is also done through BizFile system. That is, you can also register your business branch through the same system you registered your company. However, it is important to seek guidance from different government agencies on how to expand your current business to Singapore.
Singapore’s large population provides enough manpower needed by the company. You may use various recruitment agencies and recruitment portals to aid you to get the most talented workforce to kick start your business. Additionally, you can find more information about training potential recruits and their availability on EnterpriseOne website and any other recruiting agency websites.
Well, that’s basically everything you need to know about bringing and starting your business in Singapore, as a foreign individual.
Feel free to contact the company incorporation expert at Director Plus at http://www.nomineedirectorservices.com.sg for any company incorporation queries.