Setting up businesses is very easy if you have a good guide
by Arina Smith Business Planning 28 June 2018
Technological advancement and the internet have turned the world into a global village, and geographical borders are no more any barrier for business. Anyone wishing to conduct business across any part of the world can do it, provided the business infrastructure supports the initiative. Companies can not only engage in borderless trading, but they can also set up offices in other countries to expand the business base for ease of operations and higher profitability. Today, businesses of all sizes can avail equal opportunities of growth, which is the reason why business owners are more interested in having multiple bases that help to increase turnover and profitability by availing special business incentives offered by some countries.
The world economy has changed :
The opening up of the economy has brought about some significant changes in the world economic scenarios. New economic superpowers like China have emerged, and other Asian countries are galloping fast to find a place among the top-rated nations in the world. Singapore is one of the Asian nations after China that has established itself as a major global player that can move the needle of the global economy. Singapore has become one of the chosen destinations for aspiring entrepreneurs who want to create global footprints for their business. They want to move their business beyond the borders and be a part of the worldwide community. Singapore is welcoming entrepreneurs with open arms, and the business communities from other parts of the world are flocking to Singapore to use it as an operational base for their business.
Going global with business is now easy :
It has now become accessible to go international with your company and explore better business prospects in other countries like Singapore. Today, Singapore is a real hot spot for businesses that want to create a global name by taking advantage of the flourishing economy of that country. From large corporations to investors and small and medium companies, everyone is vying to open offices and business establishments in Singapore. In this article, we will discuss what makes Singapore so attractive for business and how entrepreneurs should prepare to take their business to that country. What are the requirements to fulfil for setting up shop in Singapore will also become clear?
The many advantages of Singapore as a business hub :
Singapore’s economy, openness to the global business community and a highly business-friendly environment are the main reasons for attracting companies from other parts of the world to set up business establishments there. Several, business owners and investors look upon Singapore not only as a financial centre of South East Asia but also of entire Asia. Many others feel that it is just a matter of time before the country establishes as a powerful economic hub for the whole world. Here are some other reasons that business owners find most compelling to look for a place in Singapore to set up business.
- Singapore ranks on the top of countries for ease of doing business according to the World Bank.
- Wealth multiplies wealth and setting up a business in Singapore means that you take your business to the third wealthiest country in the world.
- The country has very high political stability, and it is here that you would find the best labor force in the world.
- Low corporate taxes and low personal taxes together with no taxes on capital gains and dividend, makes Singapore a great place to seek prosperity. You need not even pay inheritance tax or estate tax in Singapore.
- The strict laws of the country about intellectual property right protection provide better opportunities for businesses to monetize the innovations and discoveries.
More and more businesses are moving to Singapore as part of expanding their companies or even setting up new markets.
Business registration in Singapore :
Singapore has a Global Investor Program that acts as the entry point for prospective entrepreneurs keen to set up business in the country. The Singapore government issues a pass called Entrepass for foreign people in industry interested in creating a business facility and starting business operations. The pass is valid for two years and renewable if supported by a proper business plan.
Every business has to register with the Accounting & Corporate Regulatory Authority. To set up a branch for your business in Singapore, it is mandatory to induct two local agents who would represent your company. The agents must be permanent residents of Singapore or citizens, and it could also be some foreigner with employment or having dependent passes.
Making it easy :
To comply with the strict guidelines for registration of foreign-owned or foreign-based companies and to make the process of registration completely hassle-free, it is better to seek guidance in Singapore Nominee Director Services from some reputed consultancy firms that specialize in comprehensive corporate services. By hiring the company that provides corporate services, you would receive all-around assistance that helps in proper compliance with the laws of the land and speeds up the process of business registration. From company incorporation to office address registration to accounting services you would get everything in the package deal. Besides, you remain covered for company secretarial services and even nominee director registration which is a unique requirement for setting up business in Singapore.
Benefits of hiring a consultant :
The consultancy firm ensures smooth and speedy business registration, and you can start operations just within 2 hours of getting the business registered. Since the consultancy firm has a strong accounting background, it can advise you on the best ways of saving corporate tax while remaining fully compliant with all legal requirements. As the firm will handle all the work on your behalf, you need not apply for a work visa or relocate to Singapore as you can monitor the progress even from your existing base. Most importantly, the firm will search and appoint a native director for your business which is mandatory as per Singapore laws.
The Singapore government is always eager to facilitate foreigners setting up business, and the consultancy firm makes it easy for you.
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