Of the many Southeast Asian nations, Singapore stands out in terms of business opportunities; a very strong domestic economy and a stable democracy bode well for foreign investors that wish to penetrate the Singaporean marketplace. Much like any other country, Singapore has its own unique set of laws, rules and regulations; if you are interested in registering a business in Singapore, this article should help.
Various Business Registration Options
There are 3 main forms of business registration, which are as follows:
- Representative Office – The RO is ideal for a foreign investor who wishes to carry out market research in Singapore; a non-trading entity that is not subject to local compliance. You will need one corporate shareholder and one chief representative from head office. If, at some point in the future, you are ready to trade, you can change to a private liability company, which is a trading entity. Connect with one of the company formation agents in Singapore for the advice you need.
- Private Liability Company – The PLC offers limited liability and it comes with working visas, which is essential for at least one foreign employee. You need at least one resident director, at least one shareholder and a company secretary. You are not restricted in business activities and the entity is subject to local compliance. A PLC can be set up within a couple of weeks and then you can trade.
- Limited Liability Partnership – Ideal for finance professionals, such as financial advisors and planners; you can create trusts for limited numbers of investors. A trading entity, with at least 1 manager and a minimum of 2 partners, there are no capital requirements, the entity is not restricted and is subject to local compliance.
Of course, one must look to the future when planning a business and by consulting with a leading Singaporean business lawyer, you can receive the best advice. Click here for reasons to switch to solar energy.
Essential Business Services
Managing a business remotely is much easier when you use local staff; you do not need to hire directly, rather an agency can provide tailored services that a business might need.
- Bookkeeping & accounting
- Call handling
- Reports & audits
- Financial statements
- General administration
- Compliance
The law firm has associations with many Singaporean third-party providers that service foreign entrepreneurs by offering a wide range of essential business services. This allows you to manage your company remotely and you can enable access to your cloud to authorised personnel by issuing usernames and passwords.
To conclude, setting up a business in Singapore is possible when you engage the services of a leading international law firm; legal experts can explain the pros and cons of the various types of business registrations, allowing you to make an informed decision. Whatever your chosen sector, Singapore has a lot to offer foreign investors and with a top lawyer in your team, you are sure to enjoy sustainable growth.
