According to the World Bank and International Finance Corporation, Singapore is the easiest country in the world for doing business. Singapore’s success is based on its economy and the low tax rates which are very attractive for foreign investors seeking to expand their operations in the Asia Pacific region. However, each country has its own regulations with respect to doing business and below you can find 10 of the most important regulations when doing business in Singapore.
The video below shows the 10 most important business regulations when opening a company in Singapore:
Most businessmen travel to Singapore with the purpose of setting up their own business in the city state. However, when deciding to open a company in Singapore they must appeal to the services of a local professional, company or law firm.
Investors may choose the type of company they want to open in Singapore. When doing business in Singapore they will usually take into account the share capital and company registration requirements. They can choose between limited liability companies, partnerships and sole proprietorships.
One of the most important aspects of opening a company in Singapore is obtaining the appropriate business license. Depending on the license, the company will fall under different regulation of specific authorities. Our Singapore lawyers may provide you with more information about specific regulations depending on the undertaken business activity.
Singapore companies must obtain permission from the Urban Redevelopment Authority before starting operating in the country. Due to the country’s strict regulations for the protection of employees, Singapore companies must also obtain permission from the Central Building Plans Unit, the Land Transport Authority and the Commissioner for Workplace Safety and Health. However, obtaining these permits does not take long.
Singapore is renowned worldwide for its taxation system. The corporate tax rate is 17%, but thanks to Singapore’s double taxation treaties, the rate can decrease significantly. Also, all tax-related documents, including social security and GST (Goods and Services Tax) must be submitted online, thus minimizing the red tape.
Most investors choose Singapore because of the access it provides to Asian and Middle Eastern markets. Importing and exporting from Singapore is quite easy, the only requirements being to file only four documents with the Singapore Customs: an IN permit for importing, an OUT permit for exporting and payment of the afferent GST.
Foreign investors operating in Singapore benefit from enhanced protection against disclosure, liability and lawsuits, according to the World Bank who ranked the country second in the world for strength of investor protection.
Singapore has a strong legislation for foreign investments, most of the industries offering different grants or subsidies to entrepreneurs deciding to open companies here. Our lawyers in Singapore will provide you with information about all current incentives for foreign investors.
Singapore is renowned for its highly skilled labor force. When seeking to employ personnel in a Singapore company, one must take into considerations the requirements of the Employment Law and the tax matters related to hiring employees.
Singapore companies are allowed to hire foreign personnel as long as they make sure the foreign worker obtains an employment pass. Singapore employment passes are granted based on the education and skills of the employee.
Hoping the information above was helpful we invite you to contact us in order to discover more reasons for investing in Singapore.
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