To open company in Singapore, you need to fulfill a number of key requirements. First, you will need to decide which legal vessel you want to register your business as – sole proprietorship, partnership or private company. Each comes with their own set of benefits and sacrifices. Once you’ve decided which one will be right for your company, it’s time to start filling out paperwork.
Singapore’s government has made the incorporation process simple for foreigners. You can complete all the initial registration steps in less than three days, and a private limited company requires only one shareholder, one director, a local company secretary, a Singapore address, and an initial share capital of $1.
Moreover, Singapore is known for its efficient economy and is considered to be the best place in Asia to do business. Its vibrant international hub where East meets West has a well-connected, world-class infrastructure. Its low tax rates, minimal red tape and no corruption have paved the way for Singapore to be a top location for entrepreneurs, investors, and global companies alike.
It is also a great place to start a small business, such as online trading and other services that require less startup capital. Depending on your business activities, you might need to obtain a license or approval from the relevant government authorities. Lastly, you should check whether your company needs to be registered for GST (goods and services tax), which is an annual requirement.