Foreign companies have found Singapore to be progressively becoming a lucrative business market. Following the rules and regulations of the country, it is relatively easy to set up a Singapore offshore company, or an offshore company in other jurisdictions . Setting up a Singapore company is comparatively easy; without too many hassles, due to the investor-friendly legislation of Singapore government. Still, some of the basic rules that apply to setting up of an offshore company are valid for Singapore. In order to set up a Singapore company, the first step you must make is to visit Singapore to begin the registration formalities. Your visa is hassle-free by reason of an open and efficient immigration system. An application at the ICA - Immigration and Checkpoints Authority will have you on your way to applying for your visa.
In setting up a Singapore Company, the following are needed to assist you in the registration process: a professional company secretary, a registration agent, and a law cum accounting firm.
Your company must be registered with ACRA - the Accounting and Corporate Regulatory Authority. Any professional registration firm can efficiently guide you through this process. If you have already hired a professional firm, a company secretary will also be provided to assist you in registering and finding a location for your business. A quality corporate services firm will also be able to provide virtual office services for your new Singapore company. An Entrepreneur can set up a Singapore company by registering their company as a sole proprietor, a limited liability partnership, a limited partnership, a partnership, or an incorporated company in Singapore.
Employment visas for Singapore must be obtained via the MOM - Ministry of Manpower. Employment visas include several options such as an Employment Pass (EP) for employees, and an Entry Pass Scheme for company owners. Once you have the mandates in place, you can now start hiring a workforce as per your requirements. Professional staffing and recruitment firms in Singapore are plenty in number and include the large well-respected international firms.
Taxation in Singapore
Taxation benefits in Singapore are primary advantages to setting up a Singapore company. Singapore has very efficient taxation laws for small to medium sized companies, thus making it a financially viable jurisdiction for your offshore company. A corporate services firm can help you file your returns, and carry out other required due diligence depending upon the nature of your business.
Entrepreneurs who set up a Singapore company have the potential to flourish in an efficient jurisdiction with exceptional infrastructure, favorable registration, taxation and immigration laws in the country.