Foreign investors prefer Singapore over other countries to do business due to its being a pro-business country. Aside from that, there are number of options for setting up a business in Singapore which the investors can have the chance to choose whichever they prefer. And, by the way, the tax rates are very competitive.
Speaking of business setup options, there are three of them being offered to foreign investors, these are Sole Proprietorship, a Limited Liability Partnership or a Private Limited Company. In Singapore, majority of the businesses are incorporated as Private Limited Companies which are normally registered with the Accounting & Corporate Regulatory Authority (ACRA).
Another reason for investors in choosing Singapore over other countries is the ease of its business registration procedure. Although, foreign investors are advised that just like any other business start-ups in some other places, there are some certain rules and regulations to follow before you can setup a business. Basically, this is really needed if you wish to have your application easily gets approved and to have a smooth incorporation process.
If planning to setup a company/business in Singapore, these are some of the main requirements that must be complied:
* A business must have a resident director, a shareholder and a secretary
* A $1 minimum initial paid-up share capital
* An established business address in Singapore
Per Singapore’s law in setting up a business in their country, a business should have at least one resident director that is an EntrePass holder, or a citizen of Singapore, or an Employment Pass holder or a Dependant’s Pass holder. Additionally, the appointed company director should have a residential address in Singapore.