Things to Know About Starting a Business in Singapore

February 8, 2022

Singapore is one of the best places in the world to do business and be successful. Their culture was almost entirely founded on being a business center; because of this, ease of doing business is a priority. But like anywhere in the world, they have their laws and ways and ideas to do business. If you want to do business in Singapore, there are many things to learn. Fortunately, it is a developed nation with a first-class infrastructure and proficiency in many languages, particularly English, due to its history as part of the British Empire.

  • Getting Started: If you have already done some research, and you know all the economic and operational issues of starting a business in Singapore. Then the next step will be to start getting your paperwork in order. When registering a new company in Singapore you should enlist the help of qualified and trusted international agencies to help you navigate the system. It is possible to do everything yourself, up to a point. You will have to satisfy all the requirements of the Accounting and Corporate Regulatory Authority (ACRA). And you will have to employ the services of a filing agent. Foreigners are required to retain the services of a business registration provider.
  • Visas: Singapore is an easy place to visit, but you will have to work out the visa options that will work the best for you if you intend to stay long term. Once again, this is something an agent will be able to help you with. As an entrepreneur, you are likely looking at an EntrePass or the Singapore Business Global Investor Program. Both programs are intended to make the process of doing business in Singapore more manageable, but you will have to look closely at the details to see how they apply to you.
  • Living in Singapore: Singapore has the best of everything, so no matter what lifestyle you prefer, you will find something to your taste if you can afford it. Like most global business hubs, Singapore can be an expensive place to live. The cost of living in Singapore is among the top five most expensive. That doesn’t mean that you have to pay a king’s ransom to live there. But it is not going to be cheap either. The good news is that culturally Singapore is second to none with a rich variety of cuisine, entertainment, and cultural diversity. It is in one of the most beautiful regions of the earth. World-class holidays are only an hour’s flight away. Singapore’s hospitals and schools are first-rate, and crime is very low. However, they have a very low tolerance for criminal behavior, and the punishment is often severe, if not medieval.

Running a business in Singapore is a straightforward affair with clear laws and very little bureaucracy. If you follow the rules and the laws of the land. You should have no problem operating your business your way. There is a vibrant ex-pat community, and with it being such a business-friendly environment. You should be able to focus on growing your company instead of appeasing local government or political interests.

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