I recently have set up my business in Singapore and want to share my experience with you. I know that there are people who want to extend their business to Singapore and hope that this reference proves to be a good guide for them. Lately Singapore has become a popular market for foreign business. It is very easy to set up an offshore company in Singapore, if we compare it with setting up companies in other parts of the world because of the investor friendly legislation of Singapore. The Accounting and Corporate Regulatory Authority (ACRA) in Singapore has made the setting up of incorporated companies as simple and pain free as possible. The minimum initial paid up share capital is $1. Singapore’s corporate taxation is also a major reason for Singapore’s worldwide popularity. The taxation policy states that start up companies do not have to pay up to $10,000 of income for the first three years. Also a 50% exemption is given on the next $20,000 of chargeable income. Singapore has a strict Anti Money Laundering and Anti terrorism laws. Hence all companies which want to launch in Singapore have to provide the following three documents compulsorily. They need to submit a clear proof of the identity of the company and its board of directors and other share holders. They should have documents to prove the present registered address of the company and the residential address of the board of directors.

First of all you and your subordinates should have visa for Singapore. You should appoint a secretary, a registration agent and a lawyer to assist you in the registration process. Your company has to be registered with the ACRA. You should make sure that the company name does not clash with any other existing organizations or brands. If all goes well then the registration process should be over in a few hours. If your company name is rejected then you can submit an appeal for another company name. This will take a few days. Once your company name is accepted you can complete the registration documents for Singapore Company Formation. It is better to allow a professional body that specializes in company formation and registration in Singapore. Next avail the employment visas for Singapore from the Ministry of Manpower (MOM). For employees they have Employment Pass (EP) and for company owners they have Entry Pass Scheme. Now you can start recruiting for your company. Next open a bank account in your business name, so that all the business related transactions can be made. Other issues to keep in mind are that the company should have at least one local resident in the board of directors. No board of director can be less than 18 years of age. There is no requirement of having a domestic shareholder in the company. The company can be 100% owned by foreign investors. With such encouraging registration, taxation and immigration laws, it is highly advisable for young entrepreneurs to incorporate a company in Singapore.

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