Why you should relocate your business in Singapore
Well-developed financial infrastructure, attractive investment climate, preferential tax policies for small businesses — not a complete list of the reasons why foreign entrepreneurs are thinking about their own business in Singapore. Today, in this country are represented offices of 30 thousand of the largest international companies — Singapore is considered one of the most important financial centers of the world.
Easy to start
For those who would like to start a small business in Singapore, there is another positive factor: the country specializes on providing travel, financial, transport and trade services. In this area you can find your place, even without having a particularly large initial capital.
If you already have the idea of the business, it is time to move to the action. The minimum capital is a symbolic $ 1. The minimum number of shareholders is one. License for the majority of businesses are not required. Foreigners can own 100% of the shares. In fact, the only legal requirement — the director of the company must be a resident of Singapore.
But there is an option when a foreign businessman receives a work visa. In this case, you can do without the Singaporean director. If you have a higher education and business experience, there shouldn`t be no problems obtaining this visa. The most popular visa is Employment Pass.
What is needed
To open your own business, it is easiest to apply to consulting or law firms, which are a lot in Singapore. There you will be not only explained all the details of the establishment and running your own business in the country and also will help to arrange everything in a few days. However, the procedure for starting a business in Singapore is really simple, if you have ever opened a business in another country, you will be able to deal. The procedure is next:
- Approval of a unique name in a special state body — ACRA (Accounting and corporate regulatory authority);
- Preparation and signing the constituent documents;
- Registration of the company;
- Opening a bank account;
In Singapore, opening own business takes a few days, and sometimes the whole procedure can be completed in one day.
Finally, another advantage of Singapore can be called that, although 75% of the population of this country is immigrants from China, the main language of business there is still English. The English language helps foreign businesses feel more confident, especially — in Asia.