Singapore is known around the world as a centre for international business because it has a government that supports business, is in a good location, and has access to Southeast Asian markets. If you’re a foreigner who wants to do business in Asia, filling out your application for company registration in Singapore could be one of the best things you do for your firm.
Why Singapore Is Attractive to Foreign Business Owners
There are a few main reasons why foreign entrepreneurs are interested in Singapore:
- Easy to set up a business
- In most industries, 100% foreign ownership is allowed.
- No limits on money, which makes it easy to trade and invest with other countries
- Access to tax treaties and a business tax rate of 17% that is appealing
- A solid IP protection system and a developed legal system
Singapore is different from many countries in that it lets foreigners fully own and run their businesses as long as they hire at least one local person as a director.
Acclime Singapore helps international entrepreneurs with the process of applying to register a business. They offer practical, step-by-step help for foreign-owned enterprises, such as nominee director services, virtual offices, and submitting documents.
Different Types of Companies for Foreigners
The Private Limited Company (Pte Ltd) is the most common type of business for entrepreneurs from other countries. It works well for businesses that want to grow and gives founders the limited liability protection they want.
Other choices are:
- Branch office: A direct extension of a foreign business that is good for established businesses that want to enter the Singapore market.
- A representative office is a temporary place for doing market research without making money.
- It’s important to go to a local professional to figure out which structure is best for you because each one has different tax and compliance issues.
Don’t Forget About Compliance—It’s Really Important
Singapore’s system works well, but it doesn’t mean you don’t have to follow the rules. After they are set up, businesses must:
- Send ACRA your annual returns.
- Keep good records of your accounting.
- Have general meetings every year (AGMs).
- Send your tax forms to the Inland Revenue Authority of Singapore (IRAS).
If you don’t meet these duties, you could face heavy fines, the loss of your business registration, or possibly the removal of your directors.
Consequences of Not Registering Your Business
If you run a business in Singapore without registering it properly, you are breaking the Business Names Registration Act. This can result in fines of up to SGD 10,000 or even jail time. Unregistered firms miss out on important chances, including opening a business bank account, signing business contracts, or applying for government subsidies and incentives.
When you register your firm, you can also earn the trust and respect of clients, investors, and partners. This is very significant in fields where there is a lot of rivalry.
Protect Your Business Assets
Many business owners prefer establishing a limited company to safeguard their personal assets. By establishing the firm as a separate legal entity, you can protect your personal finances from potential debt or lawsuits.
Why You Should Work With Acclime Singapore
Acclime has helped hundreds of enterprises from other countries open successfully in Singapore. They offer full-service help that you can trust, from setting up a business and providing corporate secretarial services to continuous compliance and tax help.
Takeaway
Singapore is the best place for international business owners to start a business since it is easy to get in, clear, and has good infrastructure. You set yourself up for long-term success by starting with a well-supported application for company registration.
Get in touch with Acclime today.
