Singapore is progressively becoming a lucrative market for foreign businesses. It is quite easy to set up a Singapore offshore company, or an offshore company in other jurisdictions, provided the rules and regulations of that country are properly followed. Setting up a Singapore company is comparatively easy; without too many hassles, due to the investor-friendly legislations of Singapore government. Still, some of the basic rules that apply to setting up of an offshore company are valid for Singapore. The most important among them are compliance with the Anti Money Laundering legislations and the laws enforced to prevent terrorism. For these purposes, all the new business entities desiring to establish a company in Singapore or elsewhere have to provide three main particulars. They are clear proof of identity of the company, its directors and other shareholders, verifiable proof of present registered address of the company and the residential addresses of the directors and the main reason, known as ‘reason d’être’, for establishing the company in Singapore.
The first step to embark on, to set up a Singapore company is to visit Singapore in order to start the registration formalities. An open and efficient immigration system ensures that your visa is hassle free. An application at the ICA – Immigration and Checkpoints Authority will have you on your way to applying for your visa.
In order to set up a Singapore company you would need to engage a professional company secretary, a registration agent, and a law cum accounting firm to assist you in the registration process. However, hiring a corporate services firm can manage all these processes so you can be rest assured that your start-up procedure will be efficient, well organized and in adherence to the Singapore rules and regulations.
Your company must be registered with ACRA – the Accounting and Corporate Regulatory Authority. Any professional registration firm will be able to guide you through this process. If you have hired one, a company secretary will also be in a position to assist you in registering and finding a location for your business. A quality corporate services firm will also be able to provide virtual office services for your new Singapore company. An Entrepreneur can set up a Singapore company by registering their company as a sole proprietor, a limited liability partnership, a limited partnership, a partnership, or an incorporated company in Singapore.
Employment visas for Singapore must be obtained via the MOM – Ministry of Manpower. There are different options, including an Employment Pass (EP) for employees, and for company owners there is an Entry Pass Scheme. Once you have the mandates in place, you can now start hiring a workforce as per your requirements. Professional staffing and recruitment firms in Singapore are plenty in number and include the large well-respected international firms.
Taxation in Singapore
One primary advantage to setting up a company in Singapore is taxation benefits. Singapore has very efficient taxation laws for small to medium sized companies, thus making it a financially viable jurisdiction for your offshore company. A corporate services firm can help you file your returns, and carry out other required due diligence depending upon the nature of your business.
With favorable registration, taxation and immigration laws, entrepreneurs who set up a Singapore company have the potential to flourish in an efficient jurisdiction with exceptional infrastructure.