Singapore is the ideal business destination for both foreign entrepreneurs and companies seeking to expand their operations in Asia. The country offers a world-class infrastructure, well-trained workforce and a business-friendly environment with no restrictions on the ownership and operation of businesses by foreigners. In addition, it supports a variety of schemes to nurture local talent and encourage innovation through the Global Ready Program and Startup SG talent grant scheme.
Before you get started, it’s important to determine your business structure and financial requirements. A detailed business plan and initial financial forecast will help you understand your capital needs and provide a clear roadmap to achieving your goals.
Once you’ve established the type of company you wish to register, you will need to secure a business name. The process is simple and typically happens prior to your company registration. You’ll also need to determine if your company requires a permit or license. The best place to start is with GoBusiness Singapore, a one-stop resource for all the permits, licences and government grants you may require.
Finally, you will need to register your company for goods and services tax (GST) if it has an expected turnover of over S$1 million. The process is straightforward and can be completed online. You’ll also need to open a bank account for your company as it is the most convenient way to conduct business with customers, partners and the government. It will also protect your personal assets by separating the funds for your company from your own personal accounts. starting a company in Singapore