A Complete Guide to Open a Company in Singapore for Foreigners
Posted by Ai-Accountant on August 28th, 2019
Singapore is a substantial business destination for foreigners, who are seeking to start up new branches of their trades in the country. Also, the foreigners, who want to setup their business headquarters or new company in an Asian country, they also have chosen the Singapore, as their dream destination in the Asia Pacific. There are many things about Singapore, which have influenced foreigners to set up their companies in the country. Some of the genuine things, which inspire foreigners to do business in Singapore, are low business taxes, economic stability, world-class infrastructure, good corporate environment, political support, easy to get business passes, work passes, and currency exchange, etc. With these profits, many foreigners have decided to start new businesses in Singapore and grow their ventures in the country. So, if you are also a foreigner and want to open a company in Singapore, but do not know how start for the same and its legal norms to follow, you should read the below points wisely:
1) Register Your Company in Singapore as a Foreigner’s Firm
The foreigner, who wants to register company in Singapore, he or she needs to register the company as a foreigner company and fulfill its legal requirements too such as:
Thus, above are some legal norms for registering a company as a foreigner’s firm in Singapore.
2) Have Genuine Singapore Work Visa
To do either business or employment in Singapore, you need to apply for a foreigner work pass or visa wisely. Most of the foreigners do apply for employment pass (EP) in Singapore for job and business purposes too. Also, the employment pass (EP) is applicable for foreigners, who want to open a company in Singapore. This rule is governed by Ministry of Manpower (MOM) in Singapore that is applied for all foreigners, who wish to work and do business in the country.
3) Take Aid of Singapore Government Agencies for Business Setup
If you do not know how to start a business in Singapore legally, you can also take help of Singapore government recognized agencies to take legal advice or consultation for starting up a business in the country genuinely. The approved business solution agencies in Singapore are committed to help foreigners to setup their businesses or start new branch of office in the country through legal process. Also, the agencies include skilled corporate service executives and legal advisors, who will take care of all documentation works involved in the business setup process in the country too.
4) Singapore Economic Development Board
The foreigners can also take advantage of Singapore Economic Development Board (EDB) to know about legal norms for company incorporation and the best location to open company in Singapore. The EBD is a statuary board in Singapore that supports foreigner as well as existing businesses to grow and setup new offices legally in the country.
5) Enterprise Singapore
The Enterprise Singapore is another statuary board in the country, which aims to provide legal support to the small and mid size businesses in Singapore to grow and evolve as a brand at international level as well.
Thus, you may have come to know how to start a business in Singapore legally and which things to be followed to make your company recognize as a foreigner’s firms in the country.
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About the AuthorAi-Accountant
Joined: January 14th, 2019
Articles Posted: 4
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