Many individuals and companies find Singapore a great destination where they can establish their businesses. The existence of robust trade and investment puts this island state at a preferred position both in Asia and globally for business. The well-developed infrastructure in form of transport facilities and other facilities make doing business there so efficient.
Businesses also stand to gain from the big network of double taxation avoidance agreements; the free trade treaties and investment guarantee agreements. The great intellectual property laws also guarantee entrepreneurs protection of their innovations. The progressive laws of the Asian business hub allow foreigners to start businesses there thus migration to Singapore from India, other Asian and Non-Asian countries is possible having followed the due process.
7 Stages of establishing a business in Singapore
Coming up with a business plan
You must analyze the business idea to check for viability and profitability. Do the market research on the salability of your offering. Also consider if you have the reliable personnel to enable you to execute your business idea.
Choosing the form of business
There are several forms of business that one interested to have a business in Singapore can choose from-sole proprietorship, partnership, limited liability companies, and others. The type that one goes for should be well considered as it will have several legal implications on the entrepreneur. One of the best forms of businesses in Singapore is a private limited company.
Selecting a business name
The business founders should get an appropriate name for their business that is neither obscene nor similar to that of another existing business
Obtaining an appropriate address
The businessman must provide the address of a local place in Singapore during the registration process. The address help to identify the location of the business for the delivery of documents and business correspondences.
Find out about business licenses
Licenses mostly have to be there once the business has incorporation. It is important to know there could be compulsory licenses depending on the line the business is operating in.Studying the business requirement earlier ensures that there will no issues that will arise from going against some laws or not meeting some legal requirements.
Arranging for visas
The entrepreneur should get to know about the visas required for each person in their team and for themselves too. The entrepreneur can seek EntrePass, which is a work permit for foreign business founders. The rest of the team should each get an Employment Pass.
Registering the business
Having fulfilled all the necessary requirement, the business founders can then register the business themselves on the Bizfile, the online business registration portal, or have it done by a professional incorporating firm.
Sourcing for business premises
Businesses have a wide variety of premises to choose from which could be situated in the central business district or in the suburban areas. They are first-class amenities and infrastructure. You can see the premises list online in the Economic Development Board’s list of industrial parks and business centers.
Singapore attracts top-notch professionals in various fields thus there is plenty of reliable labor supply. The several online recruitment portals and head-hunting bureaus make it so easy to get the relevant professionals.
Singapore is well-known for an effective administration that works well.There are several departments to facilitate businesses take-off and continued success.The entrepreneurs can consult the various government departments or agencies for the different types of needs that they may have.