Singapore is fast becoming the go to destination for entrepreneurs. Its vast network of Avoidance of Double Taxation Agreements signed by the country is one of the major factors for this. The government has created an environment for entrepreneurs and their businesses to thrive. With so many benefits being provided by Singapore it makes sense for entrepreneurs to start their businesses here.
If you’re an entrepreneur with similar goals, then this article can help you. We’ll help you understand everything you need to know about starting a company in Singapore. Here are 5 steps you need to undertake to get your business started.
Register Your Company
Registering your company is obviously going to be the first step. Everything from your company name to the names of your Board of Directors must be registered with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) before you commence operations or start employing staff.
Once you’ve registered the company, you can go ahead and apply for the necessary permits to start your company.
Get the Necessary Permits
Prior to running your business, you may need to get the proper permits. There’s no need for you to research the permits pertaining to your industry. EnterpriseOne has the complete list and you can apply for them through their website. EnterpriseOne is an online branch of the government that helps entrepreneurs figure out how to set up their businesses in Singapore. As you can see, the Singapore government has taken every measure to make the process of starting a new business as effortless as possible.
Set Up an Office
Finding the right location for your business is imperative for its survival. It may be a problem in other countries, but not in Singapore. The government has invested in many business parks around the country that serve as the perfect stage for your company’s debut. You won’t have trouble finding the right office space in Singapore with these business parks around the country.
Singapore is making efforts to help startups have better access to a pool of well-trained and qualified professionals. The WDA (Workforce Development Agency) will launch a jobs bank which makes it easy for a startup company to look for and hire employees. You may also hire workers from overseas, if you can secure for them valid work passes.
You also need to acquaint yourself with your duties as an employer in accordance with the Employment Act. For example, you must pay them within 7 days after the salary period ends and grant them rest days and medical leaves. It’s also advisable to get medical insurance that covers your employees’ healthcare needs.
File Your Taxes
If you think starting up a business in Singapore is going to result in double taxation, then you’re wrong. Singapore has comprehensive Avoidance of Double Taxation Agreements with over 73 countries. And for the ones it doesn’t have an agreement with, it provides unilateral tax credit. By providing these benefits they expect you to pay your taxes on time. Hire an tax consultant to keep your taxes simple and manageable. It’ll make your job easier and help you fulfill your tax duties in a timely manner.
The country you base your headquarters in is just as important as your business. Singapore is the new destination for entrepreneurs and the government is keen to attract international companies that can inject innovation and vibrancy to the business community, as well as create meaningful jobs for Singaporeans. Hence, they’ve created an environment that makes doing business a breeze.
All you have to do is take a leap of faith. Your business could have access to the funding and support it needs in Singapore. It’s the new “land of opportunity”. If you’re looking to start your own business, we suggest you start here. This is the place where your company can make a fortune and branch out to the rest of the world.