Singapore is among the attractive countries for running a business, especially if you want to establish a global presence or set up your office in Asia. Business opportunities are abundant not only for locals but for foreign entrepreneurs, too. Those who set up businesses here enjoy benefits such as good banking system and infrastructure, and a pro-business government. Are you interested in registering a company in this politically and economically stable environment? Setting up a business in Singapore is certainly possible, but it requires a bit of tact and preparation, especially if you are a foreigner. Here are the steps to consider to successfully setup a business in Singapore:
- Determine your business structure – Singapore has a selection of legal entity forms for registration, such as partnership, sole proprietorship, a subsidiary, Limited Liability Company, and representative or branch office. Choose carefully, as your business format will impact several factors such as your credibility in the eyes of customers, personal liability, capability of borrowing money, the attitude of creditors and banks towards your business, and the chances of the business expanding.
- Pick a business name – Make sure it is appropriate and unique for your company. The Singapore government is quite strict; business names have to represent the philosophy of the business and must not sound the same as other existing companies. Do a name check prior to registration to prevent delays and other issues.
- Have an actual address – Business registration cannot be completed without a real local address where your business will be physically present. Official documentation will be sent only to that address. Make sure you agree with the URA (Urban Redevelopment Authority) to get approved to use the establishment commercially. If you intend to rent a flat for a small firm, get approval from the Housing Development Board or from the Home Office Scheme if you are renting a home.
- Get help – Look for a reputable Singapore company registration service provider that is based there. Make sure they are established and that they have a good track record of helping foreigners and locals start businesses and form companies in Singapore. Consider a service provider that has other services, too, such as accounting, auditing, work pass application, local nominee dictatorship, and corporate secretarial services, so you do not have to look further. They can assist you in the setup and registration of your business in Singapore.
ABOUT THE COMPANY
Global Corporate Advisory Pte. Ltd., better known as LCC Global, is one of the leading corporate advisory firms in Singapore. The company offers professional services, legal aid and consultation to Singapore residents and foreigners for setting up business in the country along with assistance regarding matters such as auditing, taxation, work pass application and corporate secretarial services.