Curious about the advantages of establishing a company in Singapore and how to start a business there? Let’s talk!
Singapore is a city-state located in the East Asia and Pacific regions. The state has a more than 5,5 million population and offers one of the highest incomes to its investors and employees. Singapore is categorized as a high-income country, where the GNI Per Capita is $58,770.
If you are planning to start a business in Singapore, there are some details that you need to know in advance. First of all, anyone can start a business unless they comply with the regulations of the country and follow the required procedures to register.
Singapore with Figures
In this section, we are going to provide some statistics that will help you to make a better analysis of whether you should start a business or not. Among 190 countries, Singapore ranks number 4 for being the best country to start a business.
The country ranked number 5 and 19 in terms of dealing with construction permits and getting electricity, respectively. Registering property is a bit more difficult than the previous factors and Singapore ranks number 21 among all countries.
As a foreigner, you need to have enough funds to start your own business in Singapore. It is because the country ranks number 37 in getting credits. Trading across borders is a bit challenging due to the regulations and Singapore ranks number 47 in this list.
However, the country is quite appealing in terms of enforcing contracts and ranks number one on the list. Thanks to the regulations, the country does its best to protect minority investors and ranks number three among all countries.
Paying taxes is also quite easy in Singapore and the convenience the government offers made the country rank number 7 on the lists. It will be worth noting that Singapore ranks at number 27 in resolving insolvencies.
How to Start a Business in Singapore?
If you apply online to start a business, you can complete all the procedures in less than a day. It will cost you about 315 Singapore dollars. SGD 15 will be requested as a company name fee and SGD 300 will be requested for the registration fee.
All the processes are carried over Bizfile+ systems. First, you need to apply for a new company name through bizfile.gov.sg. You will be charged SGD 15 once you submit your application. Your application will be approved a few minutes after your payment is processed.
Please note that if your company name requires the approval of another agency or company, the process varies between 14 and 60 days. After the approval of your company’s name, it will be reserved for you for 4 months.
Later on, you need to submit incorporation forms and pay SGD 300. You will be notified about the status of your application through email and the approval process generally takes about 15 minutes. All kinds of companies, regardless of their size or trade volume, should carry out the same procedures.
Once you are done, you need to apply for Employee Compensation Insurance. It takes one business day, and no fees will be charged. However, depending on your company type and insurance company, the process may take up to 5 business days too.