Singapore is a business haven that is known all over the world due to the state-of-the-art infrastructure, tax-friendly policies, political stability and overall ease of doing business. The Lion City receives numerous business visitors who are looking for an opportunity to start a business here.
According to numerous reports from job consultancies in singapore for foreigners, the majority of the entrepreneurs who visit the state find it conducive to business and will immediately start the process of launching either a new business or an affiliate branch. Such a quick decision must be triggered by some compelling reasons.
Why Start a Business in Singapore
- People are friendly and open – some statistics show that you are more likely to strike a business deal with Singaporeans and other entrepreneurs in Singapore than in many other places in the world. They are genuine and open to foreigners who want to bring business here. They also do not complicate business meetings but rather like meeting in the open at coffee shops and restaurants.
- Government support – the government of Singapore has made the business environment very friendly and straightforward. Corruption has no place in Singapore, which means that an investor has to follow these simple processes. They also have low-tax policies for both local and foreign entrepreneurs.
- Thriving market – with all the interest in starting a business in this city state, it means that the market is prime. Singapore is located at a strategic place in Asia and has one of the best harbors and airports. Buyers and sellers can conveniently meet and make transactions. The technology and other infrastructure are well-developed to support a thriving market for any business.
How to Launch a Business in Singapore
As mentioned earlier, Singapore has a straightforward process for conducting business. Any entrepreneur who wants to succeed must engage in some research and follow the steps to incorporate her or his business in Singapore.
- Check if you qualify – by now, we can assume that you know which business you want to launch in Singapore. What you do not know is whether you qualify or not. Each business category has some minimum requirement that must be met to obtain an incorporation certificate. At this point, you can seek the help of an agent to take you through what you need to prepare.
- Incorporation of the business – this process requires one to fill out the business registration forms and use an agent to assist with the process. There are numerous legit business incorporation agents in Singapore. They will guide you through how to complete the process and meet the requirements. Using an agent reduces the chances of not receiving your certificate as needed.
- Employment – after a successful incorporation, you will need to employ both locals and foreign employees as per the guidelines of your business category. Recruiting agencies in Singapore will perform this part excellently on your behalf for a fee.
- Taxation – complying with tax laws is important for any business in Singapore. One has to follow all the requirements to avoid problems with the authorities.
Most business startups in Singapore are likely to thrive within a short time. This is why people are always looking for an opportunity to start one here. However, there is a great need to follow the right procedure for launching one.