If you are an entrepreneur who values innovation and simplicity, Singapore is one of the best countries to set up your business. The Singapore government has put in place measures to attract investors and entrepreneurs into the country. By relocating your business to this county, you will enjoy one of the most comprehensive and robust intellectual property protection and tax policies. The policies favor not only the large business but also the small and medium enterprises.
Here are golden tips to help you relocate your business to the country more conveniently and affordably.
Carry Out Feasibility Studies
As an entrepreneur, you already know the importance of thinking through ideas before getting down to the nitty-gritty. Evaluate the business idea ability to generate more dollars than it is going to spend. Calculate the overheads and come up with ways of cutting them off as much as possible. Carry out an intensive research to know if your service or product is needed here then connect with people who have the same ideology and are willing to support you on the way to excellence.
Determine and Create a Business Structure
Singapore authorities have worked hard to simplify the company registration processes. However, you need to have a business structure at hand to successfully register the company. There are six primary company incorporation options namely:
- Sole proprietorship
- Limited Liability Company
- Branch office
- A subsidiary
- Representative office
Each business structure is different, and so it is imperative to compare and contrast the pros and cons before making your final decision. For example, if you intend to partner with another local investor or entrepreneur, registering the company as a partnership firm is the best option. On the other hand, a sole proprietorship is ideal for freelance activity or self-employed individuals.
Registering a private limited company in Singapore is also a good option since it limits your liability to the business assets. That is, the business owner is considered a separate legal entity from the business. One of the directors and shareholders of the private company must be a Singaporean permanent resident. New private companies enjoy incentives from the government such as no corporate tax for the first SGD 100,000 and 17% tax if the annual revenue exceeds SGD 300,000.
Get a Verifiable Address
Before embarking on registering a company in Singapore, you are required to have a valid Singaporean address of where the offices will be located. You also need to liaise with Urban Redevelopment Authority to get a license to use the premises for commercial purposes. If you intend to use a rented house as the central office, you are required to get an approval from the Home Office Scheme.
The downside of registering the company office under HOS is that you will not be allowed to recruit more than two foreign employees. It is recommended to work with a company incorporation service provider to make the right decision at this stage.
Just in like in other parts of the world, some industries require all new companies to acquire a compulsory license. Please note that you cannot qualify for the license until the company is recognized and registered by ACRA. For example, if your business is going to operate in multiple sectors such as education, entertainment, and production of cigarettes, beer and other controlled products, you will need to get operating licenses from different government authorities and regulatory bodies.
Finally, you need to get a visa for every staff member whom you intend to relocate with to the country. Company executives, managers, and other professionals can settle and work in Singapore using the employment pass permit which expires after 1-2 years. This permit can be renewed if the holders adhere to the set requirements. Note that the employment pass is only issued if the company registration process is completed successfully.