September 16, 2020 Last updated September 16th, 2020 735 Reads share

Setting Up a Company in Singapore: All you Need to Know

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If you are a business owner who wishes to get a foothold in Southeast Asia, then Singapore is the ideal location, as this country has a very stable government and a thriving economy. Whether you are the owner of a successful business or would like to become an entrepreneur and set up your first business in Singapore, the best solution is to search online for a Singapore-based business law company that can guide you through the process.

Choosing the Best Structure for your Business

If you wish to set up a business in Singapore, you have the following options:

  • Representative Office (RO) – This is the perfect solution for a company that wishes to carry out in-depth market research with a view to commencing trading in Singapore. This is a non-trading entity that allows one foreign manager to reside in Singapore, with no local compliance, and if you would like to investigate the Singapore market, this is the ideal solution.
  • Private Limited Company – This option is the most popular as it offers limited liability and employment passes, plus you can have one director, one shareholder, and a company secretary. You are unrestricted in business activities as a trading entity and must be compliant with local laws, and if you wish to begin trading in Singapore, this is likely to be the best option. The company can be 100% foreign-owned and does not require a local shareholder to be involved, although you are allowed to enter into partnership agreements with Singapore citizens. You will also enjoy the lowest tax rates in Asia, and the transfer of ownership is very easy and additional shareholders can be appointed at any time.
  • Limited Liability Partnership – This option is suitable for engineers, architects, lawyers, and other professionals, while also attractive to private investment equity funds. As a trading entity, there are no capital requirements and you are not restricted in your business activities, while you are compliant with local laws. Those who are looking for company registration in Singapore are advised to seek out a competent business law firm that is based in Singapore, and they can assist you in more ways than one.

Due to the current Covid-19 pandemic, business lawyers in Singapore are happy to give you a free video call session, when you can ask any questions you might have, plus they can advise on the best way forward and can facilitate your application in a short period of time. If you would like to locate a suitable legal practice that offers company formation assistance, a Google search is the best solution, and you can access vital information on their website, then prepare some questions for the video consultation, which is free and without obligation. The business laws in Singapore are complex and with an experienced law practice in your corner, you have the very best advice, and your application will be processed promptly, allowing you to prepare to start trading. If you are looking for office furniture, check out this article.

Additional Services

The law company that handles your registration can also offer the following services:

  • Secretarial Services – All company matters can be handled; bookkeeping, records, and ensuring compliance.
  • Registered Office – Every business in Singapore must have a registered Singaporean address, which can be provided, along with mail forwarding services.
  • Nominee Services – A private limited company in Singapore must have at least one local director, and this service is provided by your legal partner.
  • Visa Assistance – The lawyer will also assist you with your visa requirements, and any directors/shareholders who also wish to reside in Singapore.
  • Accounting Services – Your quarterly accounts and any bookkeeping can be done by a professional, ensuring you are always in compliance.
  • HR – Should you require local employees, the law firm can recruit qualified people on your behalf. Once you inform them of your needs, they can quickly source the ideal candidate for you to interview.
  • Payroll – If you need payroll services, the lawyer can source competent professionals to keep track of salaries and benefits.

Q & A Section

When you find the law company’s website, they would have a comprehensive Q & A section that pretty much covers everything, plus there is detailed information regarding all business registration options, enabling you to make an informed decision on the best option to register your business in Singapore. When setting up a business in a foreign country, one always has to bear compliance with local laws in mind, and when you use the services of an experienced law firm, you can be sure to be compliant. Click here for Singapore government details on setting up a local company.

Singapore has a thriving economy and if you are considering setting up a company, check out the various law firms that assist foreigners with company registration in Singapore, and you will receive the best business advice and can make an informed decision.