It is very easy for foreigners to visit Singapore. They do have an open and efficient immigration policy that encourages most businessmen to look for stability and investment there.
We can say that Singapore businesses are really increasing in numbers. We are all aware that most shoppers choose to purchase clothes and other accessories in Singapore. Even you are from other country such as Philippines, Saudi Arabia, USA or Europe, you travel that far just to do shopping in Singapore for best buy. So, most business minded individuals plan to start their business in Singapore. They think that they can start better investment there compare to other countries. But before you form a Singapore company, there are things that you need to do first to make it possible.
The business organizations that can be registered in Singapore are (1) Sole Proprietorship which is under the Business Registration Act. First thing you need to do is check if the name of your business is still available or not in the Registrar. The good thing with this Sole Proprietorship is that you don’t need to fill up annual accounts but they still need to renew their registrations every year. It is just the same with (2) Partnership, and with this kind of business they only allow maximum of 20 persons.(3) While the Incorporated Companies under Company Act which has three main types (a) Private Limited Companies, (b)Public Companies and (c)Foreign Companies, all of this are either limited by share, guarantee or unlimited for both.
After registering your business, you can get Representative Officer to help you look for business opportunities that you can explore with the region. Nevertheless, you can only ask your RO to do market research, feasibility studies and liaison work for the company. If you need to ship transport goods, ask for a local distributor. These tasks cannot be done by an RO.
Then you need to obtain Entry Pass. This is required for foreigners who want to start a private company in Singapore that will allow them to live there with their families. You can go in and out of Singapore as long as the company remains visible and operating.
There are also other documents that you need to submit and make sure that they are valid. You need to prepare a certified copy of the foreign company’s Certificate of Incorporation or Registration as well as a certified copy of the foreign company’s charter or memorandum. A memorandum of appointment or power of attorney appointing two or more local residents whether it is a Singapore Citizen, Singapore Permanent Resident or Singapore Employment Pass Holder is also needed. They are authorized to accept service of process and any notices required to be served on the foreign company. You need also to obtain one or more business license after you have incorporated your company, though very few business activities require such license. But if your business operates like restaurants, educational institutes, travel agencies, financial services or import/export goods then you need to get a license to transact your business in Singapore.
You also need to learn about your taxes. You need to process them as much as possible right before you start business in Singapore. Once your business has been incorporated, there’s one more thing that you need to accomplish. The Company Act must be followed as it dictates certain annual filing of requirements and formalities.
SBS Consulting Singapore provides complete corporate solutions to small and medium firms and to local and foreign entrepreneurs. SBS Consulting can help you form a Singapore company. they offer company formation and professional services like accounting and bookkeeping.
