Singapore is among the top strategic locations where foreign companies can start to operate their businesses. With their sound financial system as well as stable political environment, the country offers excellent springboard that will help you start your business.
How can foreigner set up their business in Singapore?
When setting a business in Singapore, you must follow the procedure that will help you get your business running. Here is a guide on how a foreigner can set up a business in Singapore:
Registering your business
You can register your business easily, including your foreign branch offices at Bizfile online by the Accounting & Corporate Regulatory Authority. They are the body mandated with the responsibility of registering these companies operated by foreigners in Singapore.
Foreign businesses that would like to set up representative offices in Singapore can also approach any of these government agencies:
- Banking, finance & insurance – the Singapore Monetary Authority
- Legal – Legal Services & Regulatory Authority.
- All other industries – the International Enterprise Singapore.
Through the process, you will learn the procedure on how to register your business easily before you can be in a position to begin operating it in Singapore.
Finding the business premises
Singapore offers a wide range of premises for new businesses. When you do your research well, you will definitely know the best location where you start your business in Singapore. If you want to start it at a civic district or near a suburban estate, a modern house with luxury, a flatted factory or businesses that are assured of good infrastructure and premium facilities.
Nominee Director (For foreign-owned companies in Singapore)
All foreign-owned companies are required to have a nominee director (local resident director) before they are able to establish their company in Singapore. You can always contact a local nominee services provider like Director Plus – http://www.nomineedirectorservices.com.sg/ to assist in setting up your company while meeting all the legal requirements.
Singapore attracts many businesses with a strong pool of international talent. After starting your business in Singapore, you will find employees through head-hunting agencies and online recruitment portals. You as the business owner must learn to the labor market and information available on hiring and training located at SMEPortal.sg. It is important that you explore training programs offered by the EDB in partnership with many other corporations. You will be able to recruit the best team that will help you grow your business in Singapore.
Get the necessary licenses and business permits
You can never start operating a business in Singapore without the licenses and permits. This will give you the freedom to start operating the business in the market. These licenses and permits are:
- Business License
- Fire Department Permit
- Air and Water Pollution Control Permit
- State Licenses
- Sales Tax License
- Health Department Permits
You should ensure that you have the above permits and licenses when you want to operate within the Singapore market as a foreigner. Market your business for potential customers Singapore has a strong media that you can use as a form of marketing depending on the kind of business that you will do in Singapore. You can always choose the best as per your marketing budget if you want to grow your business after its launch in Singapore as a foreigner. Assistance from the government agencies
Singapore is known for a smooth-running bureaucracy that sees the inter-agency co-operation and working seamlessly to assist businesses to grow.
You can always contact these government agencies to understand the business environment in Singapore before you start to operate. These are:
- Economic Development Board or EDB: this EDB will provide a comprehensive investor support by ensuring the pro-business environment is available in Singapore.
- Standards, Productivity, and Innovation Board: SPRING is an agency from the Ministry of Trade & Industry to help you operate your business freely in Singapore. The agency will help your business in financing, capabilities & management development, access to markets and technology and innovations
- Accounting & Corporate Regulatory Authority: ACRA will oversee registration as well as regulation of business accountants and business entities thus helping in compliance requirements, and practices of corporate governance.
What are the Laws and regulations? You should have information on the statutes when running a business in Singapore. Some of the statutes you should know include:
- National Environment Agency ( the Miscellaneous Amendments) Act of 2016- New Subsidiary Legislation force
- National Environment Agency (the Miscellaneous Amendments) Act of 2016 (Commencement) Notification 2016
When you have information on the rules and regulations, you will never have problems with the legal authorities thus giving you time to run and grow your business in Singapore.
In conclusion, the above information should help you as a foreigner set up a business in Singapore thus assisting you to grow it easily.