Singapore is a state where doing business is very easy. The authorities make sure that registering a business is straightforward and fair for everyone, including expats who have settled in Singapore.
Expats in Singapore may have come here to stay either temporarily or permanently depending on their reasons to be here. Those who have come to start a business will need to go through the right procedures to set it up.
The guidelines that we are going to share below will help any expat in setting up a business in Singapore with ease.
Gather the Necessary Personal Permits
Before an expat can think of setting up a company, branch office, or any other enterprise in Singapore, they need to have the necessary documents and permits. Ultimately, you will need either an employment pass or an Entrepass depending on the qualifications you have. This should be acquired before the business is set up. Any attempt to incorporate a company before these documents are presented can land you into problems with the authorities.
Liaise with Locals
International businesses that want to operate in Singapore are required to have a local secretary and a director. Therefore, it is crucial to find these people as part of the preparations for business incorporation. As an expat, looking for these partners is easy and straightforward. You probably need some local connections, a few business meetings, and that is it.
Incorporating the Business
Generally speaking, incorporating any business or enterprise in Singapore is almost the same. One thing to note is that using qualified and experienced agents makes all of the work simple for you. As an expat, you can visit the Visa Express website to get any help in incorporating your business in Singapore.
It is crucial to understand all of the requirements for incorporating a business. The primary ones include the following:
- Minimum share capital of $1
- Minimum of one shareholder
- A local secretary
- Registered local address
- A local director
When all of the above are prepared, the application, which is done online through the help of an agent, follows. It is a country that is advanced in technology and most of the operations are done online.
Getting the Best Location
As part of setting up a business in Singapore, an expat will need to survey for the best location that is suitable for their business. The market availability, access to raw materials and goods, as well as other factors may dictate the ideal location for the business. With a perfect location, the business is likely to pick up fast without any challenges.
Recruit and Start Operations
The final part of setting up a business is recruiting the necessary staff and starting operations. The number of employees depends on the type of business. The most important employees are the marketing team who will help to advertise and promote the company brand, the accountant who will keep the books, and the customer contact team if necessary.
With these preparations, any expat in Singapore will find it easy to set up a business. Thus, it is paramount to read and put them into practice.