Reputed for its business-friendly regulatory environment, Singapore is among the most sought-after countries that entrepreneurs wish to relocate to or work for. The World Bank Group has rated Singapore as the best country among 189 countries for the ease of conducting business. Since the norms of the Republic of Singapore are very supportive of small businesses, Singapore is lauded all over the world as a safe takeoff spot for startups. With the fortunes of Singapore at a high in the last two years, the current time is considered to be the most appropriate time for company formation in Singapore.
Benefits of Company Formation in Singapore
- Being one of the countries where dividends are tax-free and the corporate income tax ranges from 0% to 16%, it is an inviting and lucrative option for small firms and startups looking at company formation in Singapore.
- Singapore has an open migration policy, making it a cakewalk for non-natives to get their companies incorporated in Singapore.
- Singaporean companies with a profit of 100,000 SND are exempted from tax payment making the country a great venue to get your company incorporated at.
- The financial ecosystem of Singapore is such that any company that has been incorporated in Singapore wins the trust and faith of potential international clients, allowing one to generate more business.
- When one incorporates a company in Singapore, they are exempted from 75%, 50% and 25% of the payable tax for the first, second and third year of incorporation respectively.
Why Business Registration is Important?
During company formation in Singapore, you are at the receiving end of multiple tax benefits. When one has a registered business and links the business to a business account or current account, they are eligible for pre-sanctioned business loans at a nominal rate of interest.
Most clients of international repute would prefer working with an incorporated company which has all its legal framework and documentation in order. Thus, getting a company incorporated can act as a magnet that attracts renowned clients and it largely turns into impressive growth opportunities.
Company formation in Singapore for non-native residents
Company incorporation in Singapore for a native resident is fairly similar to registration in many other countries of the world but the incorporation procedure for non-natives gets a little tedious and overwhelming. The entire registration process is online and
Listed below are the steps that one must adhere to during a company formation in Singapore:
- Hiring a local director who is either a citizen of Singapore or an individual with a valid employment visa.
- Incorporating the company against a local address.
- Hiring a company secretary and a registered agent along with one person who can be declared as the shareholder of the company.
- Filing a name application with the Accounting and Corporate Regulatory Authority of Singapore since all companies in Singapore are registered with ACRA.
- Acquiring a business license if your sector of operation needs it.
Even after all the relevant documents are submitted and all the documents are verified closely, it takes about two weeks for the company registration procedure to get started. It can prove to be a tedious task for a non-native who wants quick registration and begin the operations soonest. One important thing to note here is the director service and annual retainer fee for the documentation process can range anywhere between 3,000$ to 6000$. But there are ways you can get things in order by relying on experts who can help with your company formation in Singapore.
Why hire PikoHANA for Company Formation in Singapore?
With an exhaustive list of procedures to be followed and documents to be submitted, the incorporation process can be tiring and take the rush out of expanding your business abroad. Moreover, any delays in the documentation process can only further the incorporation process. But with experts at PikoHANA, company formation in Singapore can be much easier. They have an experienced team of professionals who walk one through the entire procedure and can make it seamless at every step. Compared to the other hassles of arranging things and visa documentation, let PikoHANA handle your company formation services at an affordable cost. Check out their website today, to know more.