Setting Up a Company in Singapore
Thanks to its geographical location and history, Singapore is now one of the world’s most vibrant Business Hubs in the world. Rediff Business Magazine ranked Singapore as the second best city to do business in the world.
In rankings in 2012 KOF Globalization Index Singapore was fifth, while topping the Economic Globazation ranking and was third in Social Globalization ranking. KOF:
There are good reasons for businesses to set up their offices in Singapore:
Double taxation avoidance contracts with about 50 countries
Free trade agreements
Intellectual property protection and enforcement by the Singaporean Government
Starting a Business
Registering a company in Singapore is relatively easy through the internet portal Bizfile. If you require more detailed information about setting up a company and special procdeures consult the Accounting and Corporate Regulatory Authority (ACRA) website.
You require a SingaPass authentication ID in order to use the Bizlile e-portal and it’s services. To get an SingaPass there are requirements from which one must be fulfilled: Singapore Citizen and Permanent Resident or Employment Pass and Personalised Employment Pass holders, EntrePass holders, S-Pass holders. Check out the full list and details in the Singapass website.
Company Types Available
Sole Proprietorship
Partnership
Private Limited Company
Public Limited Company
Foreign Company (branch)
Limited Liability Partnership
Limited Partnership
Naming a Company
Some names need a referral or approval from the authorities of Singapore. You can access to the list of these authorities in the ACRA's website.
If a name application is being referred, the time of review may take 14 days to 2 months.
Find a premise for the company.
There is a list of good list of business parks in Singapore in the Global Business Park website. Two examples of these Business space providers are Ascendas and Mapletree. More useful links you can find in the Singaporean Government website.
For other solutions such as mailbox rental or virtual mailbox there are solutions as well:
Singaporean post
Lowcostlterbox: https://www.lowcostletterbox.com
MyOffice: http://www.myoffice.com.sg/new/index.php
Other Services
Domain Name registration for .sg or com.sg -domains can be done at the same time as you register the business entity via BizFile. More detailed information about this at ACRA's website.
Corporate Bank Account
You can set up a bank account in Singapore with any of the banks that operate there, i.e. Bank of China, DBS, Maybank, OCBC, State Bank of India or UOB Bank.
Support
Singapore has great reputation as an accommodating place to do business. In addition to the ACRA that we’ve mentioned there are many other government agencies that help to set up and grow businesses in Singapore.
Enterprise One
Spring Singapore
Laws and Regulations at Attorneys General's Chambers
And if none of these helps, there is more sites listed in the Ministry of Manpower website.
