STARTING A BUSINESS IN SINGAPORE FOR FOREIGNERS

Singapore aims to become a recognised gateway for entrepreneurs and technopreneurs in the Asia-Pacific and the world.

In 2003, the Economist Intelligence Unit (EIU) ranked Singapore as the best business environment in the Asia Pacific while the BERI report ranked Singapore the second most profitable place for investors in the world.

Another good reason is that it is very easy to start a business in Singapore thanks to entrepreneur friendly policies and highly-simplified procedures. The individuals and companies registering business firms need not be Singaporeans or incorporated in Singapore.

The First Step

The first thing you wish to do before starting a business in Singapore is to check on the procedures for doing so. The Accounting & Corporate Regulatory Authority (ACRA) will be able to advise prospective applicants about the necessary procedures. Application forms can also be obtained at the ACRA.

Check with ACRA for the categories under which you may register a business. This includes any firm, individual or corporation which operates as a nominee, trustee or agent for any foreign corporation.

You may call the Accounting & Corporate Regulatory Authority at (65) 6325 3731 / (65) 6325 3732 or visit EDB: Setting Up a Business.

The Second Step

Once you are clear that you can start in Singapore, the next thing to consider is whether your business is in demand in Singapore or by the Singapore Government. If you, there may be a chance that the Singapore Government may be interested to take part in your business. (Yes, the Government of Singapore takes an active role in promoting business, engaging in business and also showing the direction new businesses or startups could take through incentives such a fundings, grants, favourable legislative rulings and even starting their own companies to show the way.)

Initiatives like the Startup Enterprise Development Scheme (SEEDS), a S$50 million equity finance fund and HOTspots (Hub of Technopreneurs) have had a strong take-up rate which indicates their relevance and critical role to encourage an active and flourishing entrepreneurship in Singapore.

The Third Step

Once that is done, or simultaneously, you could consider seeking out a local consultant to work with you for the second step or to assist you make the relocation from your home base into Singapore. To do that, there are several preparatory steps you have to do. Fortunately within our site are such experts ready to assist.

Do let us know your requirements and we shall then be able to provide the necessary experts to work with you on your requirements.