Doing business in Singapore opens up all the strengths of the "Asian tiger": low tax rates and freedom of trade and development. The world trade highway runs through Singapore, which guarantees first-class partnerships, investment attractiveness, and profits to resident companies.
Singapore is an "Asian tiger", which has been one of the ten world financial centers since the end of the last century. If a business targets not only the Asian region, but the entire world, then Singapore should be considered as the best option for opening a company. This metropolis has everything you need for incredible economic growth.
It must be noted that Singapore cannot be called an offshore zone. It is a reputable and large financial center with a great reputation in the global economy. A company operating from a city-state will have a solid image for partners and contractors.
Singapore inherited the English legal system with all its strengths. Private Limited Company (Ltd) is the best organizational and legal form of doing business in the city. It is noteworthy that this form of the company is equally well suited for active production and investment activities. As an alternative, you can consider the joint-stock form of the organization, but the requirements for the minimum size of the authorized capital are significantly higher in this case.
Since English law is in force in the metropolis, the registration procedure requires similar certificates as in the UK. You need a basic set of documents to open a business in Singapore:
A business can be registered in Chinese or in English due to the multicultural nature of the city. No apostille is available in the country – a non-resident will need legalization, and Cortax can help with this. All prepared documents are submitted to the state registrar.
There are some specifics in the megalopolis that are worth remembering when registering your business:
The name of the company can be in English, in Latin letters. As in most other developed legal orders, the name must be unique. Repeating the designations of third parties is not allowed.
The legal address is another obligatory requisite of any enterprise. At the same time, the mailbox address cannot be used as an official requisite for the company location – a real office is required. Contact Cortax to resolve any difficulties with finding and renting a legal address.
Following the registration results, the applicant receives the list of officially certified documents:
All these documents confirm the successful completion of the procedure, after which the enterprise can start full-fledged activities in the world financial center.
Singapore is known for its lighter tax burden on businesses ¬– the city-state offers lots of incentives for foreign investment and businesses. In particular, this is manifested in the minimum of the existing taxes and their rates:
Remarkably, there is no minimum wage in Singapore – the employer sets the wage level at their discretion. As such, the tax burden in the metropolis is one of the most loyal in the world. That is why business is attracted to Singapore – this city provides all the opportunities for prosperity, and Cortax recommends to consider this "Asian Tiger" as one of the main candidates for an official location.
