According to the World Bank, Singapore is the world’s easiest place to do business. Considering a good number of trusted licensed money lenders are offering business loan in Singapore! And with its stable political environment and sound financial system, it’s easy to see why this tiny country earned this distinction. In fact, many large international corporations have based their headquarters in Singapore due to its talented workforce, attractive corporate tax rates, low crime rate, advanced infrastructure, availability of funding, and flexible immigration policies for expatriates who relocate there.
But just because it’s easy to do business there doesn’t mean
you can just set up shop there tomorrow. Like other countries, Singapore has laws and procedures that have to be followed in order to do open a business and do business.
First, if you wish to do business in Singapore, you will need to register your business with the Accounting & Corporate Regulatory Authority (ACRA). If your company is a foreign one, you will need to appoint two local agents –who are citizens of Singapore, permanent residents, or foreigners with employment or dependent passes- who will act on behalf of the business. Once you are registered, you will need to choose a unique name for your business that is not obscene or too similar to known brands or trademarks.
After you are registered and have chosen a name for your business, you need to decide your business’ structure. You can select a Limited liability Company (LLC), Foreign Company, Sole Proprietorship, or Partnership. You will choose the one that best suits your business and its needs.
In order to do business, your company will need a Singapore address. If you’re operating a home office, retail outlet, or similar, you may use a physical address. If your business does not require a physical location, there are service providers that can provide virtual addresses for you to use.
If you are a doctor, lawyer, accountant, pilot; or wish to operate a private school, travel agency, childcare center, or foreign worker employment agency, you will need to apply for specific licenses in order to run your business. The former requires an Occupational License, the latter requires a Compulsory License.
You will need a Singapore bank account in order to do business. Evaluate all your banking options before you open an account with a bank in Singapore.
Finally, all foreigners engage with a professional business registration firm to register a business. . Law firms, accounting firms, and corporate secretarial agencies can all assist with this step. There are also money lending firms who offer loans to foreigners in Singapore.