Incorporation in Singapore: How to Start Your Business in Asia

Entrepreneurs aspiring to leverage the thriving economy of Southeast Asia can use starting a business in Singapore as a game-changer. Singapore is regarded as one of the most appropriate places to incorporate a company in Asia. This is not just due to its strategic position. It is also because of its well-developed infrastructure.

Why Company Incorporation in Singapore is Important

Strategic location is one of the key benefits. That is because it links you to markets worldwide, especially in Asia. Moreover, Singapore has an efficient legal system and low taxes. This makes Singapore a great place to be both locally and internationally.

You have the opportunity to pursue company incorporation in Asia because Singapore has an open market economy. This also gives you a highly qualified and diversified workforce. With this, you enable your business to flourish in a global environment.

The Singapore Company Incorporation Steps

The process of incorporating a company in Singapore is quite simple. But it must be approached with great care regarding the legal and regulatory implications. This is a step-by-step breakdown:

1.   Select a Business Form

Your first move within the company is to determine the nature of the business. In Singapore, there are private limited companies (Pte Ltd), sole proprietorships, and partnerships as common business structures. The foreign entrepreneur prefers the private limited company as the most popular structure, given its protection of limited liability.

2.   Register Your Company Name

Once you have chosen a business structure, the second thing to do is to select a distinctive company name. This name should not be similar to well-known registered businesses in Singapore, and it should comply with the national naming policy. The Accounting and Corporate Regulatory Authority (ACRA) is the best place to verify the availability of your desired name.

3.       Appoint a Company Director & Shareholders

A Singaporean company is required to have at least one director who is a resident of Singapore. Also, you will have at least one shareholder in common, which can be another person or a company. Shareholders can also be non-residents, albeit where a local director is appointed or a corporate services provider engaged.

4.   Register an Address Locally

Any company located in Singapore should be able to receive an address in Singapore. Your company shall use this address as its legal residence to receive official correspondence dispatched by ACRA and other state organs. Ensuring that your address is valid and easy to access is crucial.

5.       Submit the Required Documents

Already equipped with your company name, director, and shareholders, you will be required to provide corresponding documentation to ACRA. This contains the constitution of the company, the identification numbers of the directors and shareholders, and the registered address. Upon receipt, ACRA will handle the application and grant your registration.

Important Things to Consider When Registering in Singapore

The following considerations are fundamental before initiating the incorporation process:

·       Taxation

·       Licensing and permits

·       Ongoing compliance

Incorporating your business in Singapore is important. It helps to establish long-term success in a vibrant and competitive market. Singapore continues to be a top destination to venture in Asia. This is because of the comparatively easy process of incorporating it.