To see your company grow rapidly and reach the next level, one of the most recommended methods is reaching out to offshore markets. With an appropriate jurisdiction, your company is sure to enjoy better support, lower taxes, and rapid growth. There are a number of jurisdictions that you can consider for offshore company registration across the globe, but it is Singapore that stands tallest.
Why Singapore? Keep reading to learn more about Singapore as an offshore investment destination. We will also outline the main process required for company registration in Singapore.
A Brief about Singapore
The most notable thing about Singapore is its strategic location in Southeast Asia. Once your company is fully incorporated in Singapore, you are sure of easily accessing the neighboring countries, including Indonesia (273 million people), India (279 million), and Australia, among other markets in Asia-Pacific. Here are other important facts about Singapore:
- Singapore’s latest economic freedom score is 84.4, which makes it the freest economy of the polled 39 countries.
- In 2020, Transparency International ranked Singapore 3rd out of 180 on its Corruption Perception Index. Because of this, it is considered one of the least corrupt countries on the planet.
- Singapore is one of the countries that offer the greatest support to businesses for success. In 2021. The International Monetary Fund estimated that the Singapore administration’s subsidies, capital injection, grants, and subversions, take about 17% of the GDP.
Other notable facts include a population of 5.7 million, a GDP of USD560.2 billion, and about 27 preferential trade agreements with different countries. These facts indicate that Singapore is a high-potential jurisdiction.
The Process of Company Registration in Singapore
To register a company in Singapore, you need to follow this process.
Get Your Company’s Name and Have It Approved
This is the first step when registering a company in Singapore. You should identify a good company name and have it reserved by ACRA. Ensure the name is unique, meaningful, and free of any copyright issues. Note that a higher authority might be required to approve companies that contain words such as “media” and “Finance.”
Select the Preferred Company Structure and Address
Make up the decision about the preferred company structure. You can select different business vehicles, from branch offices to partnership, but the best option is a limited liability company. Then, get a business office in Singapore to serve as the company’s address.
Prepare the Required Documents for Company Incorporation
Some of the documents that you need to prepare for business registration in Singapore include:
- The company name.
- Description of business activities.
- Registered address.
- Details of company directors. Note that one of the directors must be a Singapore resident. For foreigners who do not have people on the island, it is advisable to work with a nominee director.
- Details of shareholders and company secretary.
- Articles of association.
Once you have prepared all the required documents, submit them to ACRA for your company incorporation. Note that ACRA might need some more information, and it is important to provide it promptly for the process of registration to complete fast.
Post-Company Registration Requirements
Once you receive a certificate of incorporation, it might not be enough to get your company running. In addition, you will need to open a bank account, get a company’s stamp, and register for taxes. Then, prepare a business strategy for entering a new market.
This process, especially the preparation of incorporation documents, is never easy for many foreigners. Getting a local office and nominee director is also a huge challenge. To overcome these challenges, you need to work with an agency of experts. These are professionals who are ready to hold your hand during company registration in Singapore and even after for business success.