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How can foreigners bring their business to Singapore?

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Singapore Garden at Marina

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.

6. Labor

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.

 

Why You Need A Business Lawyer

Business Lawyer

BUSINESS_WOMANYou’re strong-willed to start the latest type of business. Well done! Where do you go from here? Do you appoint a business lawyer or do you require an accountant? An accountant will surely help you with your taxes when you are prepared to do so, but the lawyer will definitely cover all the legal aspects that you will be facing during the time that your business is operational.

Depending on the category of business setup you have and the total number of investors in your business setup, you will require to talk with a business lawyer regarding entity formation, copyright or trademarks, insurance and extra ways to care for your personal assets. The money you invest in a first-class business lawyer at the start of your business, will save you noteworthy money down the line.

It’s important to have someone specialized to ask for legal help whenever you need it, and a business is definitely one of those occasions when you will constantly need this type of help.

Here are some ways a business lawyer can facilitate you:

1. Entity Formation. We like to counsel our new business owners to outline an LLC – a limited liability company (unless this is not obtainable for your category of business, such as a licensed contractor). The main cause is very simple: experience shows that most undersized businesses will not hold yearly meetings and keep minutes. Failure to stay up corporate formalities as a company can have disturbing effects.

Business_and_Economics_Barnstar_Hires2. Trademarks. If you work tough to come up with a name or designing a good logo, you don’t desire to defend it? By filing for a brand with the country. Copyright and Trademark Office, you can care for that name or logo. And a good business lawyer will help you to know the importance of doing this foremost – rather than waiting until you have recognized your business. The most horrible thing you can do is spend a large number of money marketing your brand, just to find an important person else has registered that name – or an alike name before you.

3. Contracts. Contracts for every small business is a must. Some citizens feel that they can download contracts from a good website, but do you know who has drafted the contract? Do you identify who it was written for? What state law apply? It is not a first-class idea to start your business setup with a contract from the internet. Let a first-class business lawyer prepare the contract you want for your business setup. Intellectual Property.

4. Insurance. Insurance is necessary for a business, but it is not sufficient. You want to have a business unit to protect your home and private assets. Hiring an attorney for your small business setup may not
seem to be an obligation if you’re not facing any lawful battles. This is not accurate! You want a legal representative who is well-known to you and your business, so if you do wind up in a legal mess, they’ll be competent to smooth it out. optimistically, before it ends up in court.

5. DBA. Some citizens use a DBA for their business setup name. This is first-class to have and a business, lebusiness (6)gal representative can facilitate you with the filings required.

It is crucial fo
r new business setup owners to appoint a first-class business lawyer to help them in setting up their business. You desire your business to be successful, so be sure to start off with the advice of someone who understands what your business needs. If you’ve already created your business plan, you can still ask for help and guidance in this area, because it’s never to late to do so.

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