Singapore is one of the most exciting business markets in the world right now for an entrepreneur. The market is growing at a phenomenal rate, but it is also quite immature, which means that there is a great deal of opportunity for businesses and investors. The Republic of Singapore government has taken a very open approach to foreign investment and business, and that openness is a big reason why the market is flourishing and why both foreign and local businesses are as well.
Meet the Eligibility Requirements
If a foreigner wants to start a business in Singapore, then the very first step is to ensure that they meet the eligibility requirements, which are specific to foreign businesses. Keep in mind that if you start a business with Singapore partners, then there will be a separate set of eligibility requirements because the government will view the business as a local rather than foreign entity. All eligibility requirements are listed on the Si ngapore website at www.business.gov.sg.
Get the Appropriate Visa
Before you can conduct any business in Singapore or even enter the country, you must secure a valid visa. Since Singapore has opened its doors to the travel industry, acquiring a visa is relatively easy, but there is still a series of steps that you must complete in order to get proper documentation. Visit the Immigration & Checkpoints Authority of Singapore (ICA) website by navigating to www.ica.gov.sg. You’ll need to complete both Form 14 and Form V39I.
Prepare the Details
At this point, you have your visa and know what the eligibility requirements are, so it’s time to prepare them for registration of the business.
Critical details include an available business name, the SSIC code for your business, a target location and any necessary permits and licenses. Depending on the complexity of your industry, it may be wise to hire a Singapore-based business consultant that can help you make this transition.Prepare for Taxation
Like all governments, Singapore taxes business and has its own tax rates and set of tax rules. For the average business, the tax rate is about 17 percent, which is reasonable within the world context. The good news is that Singapore is very new business friendly and offers a wide range of tax benefits for small to medium sized businesses, including foreign businesses. For this reason, it is crucial to hire a Singapore accountant that can help you maximize these benefits prior to registration.
Register the Business
At this point, it’s time to register the business, which is usually a relatively simple process for mo st small businesses. Businesses register through Bizfile, which is a system established and maintained by Accounting and Corporate Regulatory Authority (ACRA). There are also small business tools available through ACRA and through the Economic Development Board (EDB), which can ease the process considerably. Larger businesses will likely make use of a consultant to conduct the process.
Economic Development Board
The EDB is an important resource for foreign business because it can provide viable locations in Singapore where a business can set up. The EDB helps large corporations, but it’s not exclusive to them, and it actually has entire departments that exist to help new small businesses. The EDB is a great starting point because it can direct you to many of the other resources available to you.
Capital
There are many opportunities for small to medium sized businesses that want to expand into Singapore. In fact, the re are low-interest loans and other opportunities available, and the EDB can help direct you to many of those opportunities. It is also possible to secure financing through more traditional means, and Singapore banks will provide business loans to foreign nationals.
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