Company registration in Singapore

 Registration of a company in Singapore: your strategic springboard for doing business in Asia

With globalization reshaping the professional landscape, firms and enterprises must carefully select jurisdictions that offer optimal conditions for investment and enormous business expansion. Registering a firm in Singapore opens the door for everyone to conduct business in one of Asia's most iconic, promising, and developed business-oriented countries. A lot of financiers from all over the world are eager to enter this profitable market, which promises great prospects for those wishing to increase their capital. Registering a firm in Singapore is very convenient, fast, and free of unnecessary bureaucracy. Beyond legal rules, the country's unique culture is crucial for international businessmen. This analysis explains the legal landscape for Singapore startup founders. 

Great pluses of registering a firm in Singapore: a brief overview

This innovative region attracts entrepreneurs from different parts of the world with its high prestige, preferential tax system, lack of bureaucracy, and many other pluses. This amazing country is among the top ten in terms of ease of doing business, which can be started by registering a company and launching a small startup. It is a wonderful land of great professional capabilities and progressive high-tech technologies with optimized processes, a loyal tax regime, and an emphasis on research and growth. The promising space contributes to the prosperity of both small firms and large corporations. Firms can be launched online through BizFile, a dedicated electronic filing system that combines all tax and other necessities into one simple online form. Regardless of the ownership’s form, this jurisdiction offers several pros and prospects for implementing business models.

The attractiveness of the Asian country for various investors is determined by the following leading factors. This country leads in ease of business, proposing a transparent and business-friendly legal system, good infrastructure, and power structures to help entrepreneurship. It has long served as a trade gateway to the Asia-Pacific region, providing quick and easy entry to key professional markets and stimulating international trade. Besides, the land boasts a highly qualified workforce with experience in various industries emphasizing education and training. Given competitive rates and incentives for investors worldwide, the local tax environment is the best for businessmen. The country boasts one of the world's most resilient economies, with consistent GDP growth and a stable investment climate. This track record of success provides investors with a strong foundation for their ventures. Singapore's streamlined company launch process makes it a swift and hassle-free choice for global executives. 

A global business hub

A tiny titan, Singapore, has defied its limited landmass through audacious land reclamation. Fueled by a burgeoning population, this Southeast Asian island nation has relentlessly expanded its shores. By strategically adding land through advanced engineering techniques, Singapore has carved out space for essential infrastructure, thriving industries, and vibrant communities.

From Marina Bay's dazzling cityscape to Jurong Island's industrial might, reclaimed land underpins Singapore's remarkable transformation. These meticulously crafted expansions stand as testaments to the nation's unwavering quest for progress.

Boasting a booming economy and a population exceeding 600 million, this region's strategic location at the heart of Southeast Asia grants businesses effortless access to a vast and diverse market.

It has a strong pro-business stance and is committed to creating a space that is conducive to growth. It’s reflected in the country's low tax rates, free trade agreements, and transparent regulatory system. Singapore has a well-skilled workforce, with a strong emphasis on English proficiency. It makes it simple for different modern businesses to find the talent they need to succeed. This region features a highly developed infrastructure, including a modern transportation system, reliable telecommunications networks, and efficient ports and logistics facilities. This robust infrastructure supports businesses of all sizes and helps reduce operational costs. Additionally, the region is politically stable, with a long history of good governance, offering businesses the confidence they need to invest securely.

It is a major commercial center with a deep pool of capital. It makes it easy for businesses to access financing for their operations and expansion plans. This land has strong laws that help protect businesses' investments. The country’s administration proposes a wide range of support services for businessmen, including assistance with finding premises, hiring staff, and accessing financing. These are just some reasons why this land is a profitable location to do profitable business.  

Legal rules of registration

Registering a firm in Singapore takes a relatively short time. The absence of unnecessary bureaucracy allows you to get started quickly. Regardless of the variant of ownership, the country provides several impressive capabilities for the implementation of a great variety of the most daring ideas. This jurisdiction actively supports innovation and new start-ups, offering various programs or incentives for new companies. The tax climate is favorable for doing business in any preferred field. BizFile's user-friendly platform allows for all applications to be submitted electronically. 

Launching a business in Singapore necessitates navigating not just legal requirements, but also the unique nuances of the local business culture. The Asian approach to doing business can be quite different from the Western one, and productively adapting to these differences can greatly improve your chances of success. 

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Top pros why you should start a new business in Singapore 

Launching a company in Singapore proposes numerous pluses, making it a suitable jurisdiction for entrepreneurs. We present to you the key pros:

1. Strategic location in Asia: the country provides direct entrance to some of the region's largest and most dynamic professional markets, including China, Indonesia, Hong Kong, Malaysia, and the Philippines.
2. Leader in innovation: it ranks 5th in the 2023 Global Innovation Index (GII), outperforming all countries in Southeast Asia and Oceania. This highlights the impressive level of innovation activity and the advantageous environment for startups.
3. Holding structure: there are already 74 DTAs (double taxation agreements) in place, making Singapore a convenient partner for many countries.
4. Economic freedom: according to the 2023 Index of Economic Freedom, Singapore ranks first in the world with a score of 83.9. It creates highly effective conditions for conducting business.
5. International Maritime Center: home to one of the busiest ports globally, the country is a leading International Maritime Center (IMC), attracting numerous top logistics enterprises.  
6. Zero capital gains tax: businesses can freely establish, develop, and sell their firms in Singapore without capital gains tax. In this case, the proceeds are not taxed and remain at the disposal of the owner. 
7. A global innovative hub for technological innovation: Singapore is a leading center for global technological development, with world-class research laboratories, business incubators, accelerators, and venture funds. This creates an ideal ecosystem for company establishment.
8. Strong intellectual property assurance: according to the Global Competitiveness Report 2022, Singapore ranks 3rd in the world and 1st in Asia for intangible assets rights protection, making it the best destination for research and modern technology companies seeking secure assurance for their designs.
9. In terms of key indicators, the country ranks first in the global Doing Business ranking (compiled based on indicators that countries create favorable conditions for business).
10. Rule of law: ranked 1st in Asia and among the top globally by the World Justice Project, Singapore provides robust legal protection for entrepreneurs. 

Establishing a new company in Singapore opens up several opportunities, making this jurisdiction an ideal place to develop your professional activities. 

Business culture: national characteristics

As one of the four Asian "tigers" or "dragons" of the global economy, modern Singapore has been shaped by its business culture. The World Bank ranked Singapore as the best country in the world to do business in 2012. He was also ranked as the 7th most motivated employee in the world.

Singaporeans tend to be open and cosmopolitan in their views. English is the working language, while the official languages ​​are Chinese, Malay, and Tamil. There is a local language, Singlish, which is essentially English, generously peppered with local slang and dialects. 

Singaporeans are usually punctual in meetings and expect the same from others. Therefore, if you are late, you must inform us about this. Being late is seen as a sign of disrespect.

If you are patient, calm, and polite, you are likely to be quite successful in negotiations.

Local citizens tend to be quite slow in negotiations. Singaporeans prefer to develop partnerships that will last rather than making “quick deals”. As part of this long-term approach to business relationships, they typically want to know a lot about their partners to build the trust and loyalty needed to support the business in the future.

Singapore Intellectual Property Strategy 2030

Singapore is making a bold move to become the leading intellectual property (IP) hub in Southeast Asia. To achieve this, they've unveiled an ambitious 10-year plan called SIPS 2030.

This initiative focuses on creating a future-proof ecosystem for intangible assets. Here's what makes it profitable for businesses considering company registration in Singapore. SIPS 2030 emphasizes developing and implementing coordinated strategies for managing intangible assets like trademarks or patents. The plan prioritizes staying ahead of the curve by aligning these strategies with and even surpassing the pace of technological advancements. This commitment to fostering high-tech innovation and protecting intangible assets makes Singapore a highly suitable location for businesses of all sizes.

In essence, SIPS 2030 positions Singapore as a great ground for intangible assets, making it a prime destination for businessmen looking to thrive in the global innovation landscape. 

Under this program, the local government is actively partnering with businessmen to effectively implement their research and development results. This includes helping companies raise capital using their intangible assets and intellectual property (IA/IP) and bringing their products and various services to the local professional market. Besides, the local authorities provide comprehensive IA/IP training or education programs specifically designed to meet the primary needs of various industries, especially those operating in the digital sector. These programs are aimed at increasing the level of knowledge and skills in the field of management of intangible assets and intangible assets. The country actively promotes cutting-edge technologies and in every possible way stimulates the development of the digital sector. SIPS 2030 places a special emphasis on initiatives that promote the creation and protection of intellectual property in the high-tech sphere. 

Power structures are consistently striving to establish a sustainable and cohesive environment for the management of intangible assets. This involves collaboration with international organizations, sharing experiences and best practices, and expanding partnerships with leading technology and research centers. Moreover, Singapore is vigorously enhancing the protection of intangible asset rights, making it an attractive destination for research and high-tech innovative companies. As part of this initiative, the government is continually refining the legal framework to ensure robust protection of IP rights. These initiatives include supporting technology enterprises, as well as creating auspicious conditions for their growth.

The authorities provide different grants, mentoring programs, and consulting services to new enterprises to help them grow productively and protect their intellectual assets. Through this project, the authorities are creating favorable conditions for developing innovation, enormous investment, and ensuring reliable protection of intangible assets rights. 

Registration of a Singapore company: a selection of legal structures 

Selecting the right legal structure for your enterprise or startup is important. The first step is to define your aspirations. Here are some interesting and important questions to consider:

1. Growth strategy: do you envision rapid expansion with multiple branches or a more controlled, organic growth pattern?
2. Investment plans: are you considering attracting external investors or venture capital?
3. Public offering: is an eventual Initial Public Offering (IPO) a possibility in the future?

Once you have a plan, you can explore how different structures align with your business vision. For example, a Joint-Stock Company is ideal for companies seeking large-scale development and potential public offerings. JSCs offer businessmen greater flexibility in raising capital through the issuance of shares. However, they come with various increased regulatory needs and complexities. Decide on the type of firm you want to register in Singapore.

Selecting a form of firm: what to pay attention to 

Finding the right form for your promising business is a top priority. Consider the following factors to make a wise decision:

Available corporate forms  

This modern high-tech country proposes several options for corporate forms for registering a firm in Singapore. Each of them has its key characteristics and features:

Limited Liability Company

Be sure to pay attention to this option. It is well-known as the most useful form for medium or small-sized businesses. Owners of this common form have limited liability, which protects their assets from various debts. It is also an extremely flexible structure that makes it simple to manage professional activity.

This variant is similar to the common LLC form of business used in Europe and the USA. This convenient structure provides some limitations on the owner's liability to their capital contributions. There can be at least one founder and one resident manager. The appointment of a resident secretary is mandatory. 

Establishing an LLC does not provide for the personal liability of participants for the business activities of the company. A maximum of fifty participants are allowed in a firm structure. Enjoy tax pluses in the first three years. There are no minimum specifications for authorized capital. There is an opportunity to conduct almost any activity. Administrative rules or legal regulations govern the management and operation of an enterprise. You can register an enterprise in Singapore remotely. In the case of a firm dissolution, certain statutory duties apply.

Individual entrepreneurship

This interesting form is suitable for small startups run by one person. This is the simplest and cheapest form of registration, but the firm’s owner is personally responsible for all possible debts and duties. Run by one person. 

The firm’s owner has full, unlimited liability for all important commercial duties of the business. So, in case of debts, creditors can demand their repayment, including at the expense of the individual entrepreneur’s personal property (apartment, car, etc.). Individual entrepreneurs do not need to submit separate reports to ACRA.

Pros of launching an individual entrepreneur:

• Ease of creation and liquidation of individual entrepreneurs.
• Minimum management and reporting rules.

Individual entrepreneurship is limited to the residents or EntrePass holders. Consider other structures for foreign investment. 

Public Limited Company   

PLCs target large businesses seeking public investment. PLCs propose unlimited shares for public trading but face stricter commercial reporting.

Primary pluses:

• Raising capital: a PLC can issue shares for public trading on an exchange, raising funds from a wide range of financiers to finance large projects.
• Liquidity of shares: it shares are easily converted into cash on the stock exchange, which provides equity holders with the freedom to dispose of their assets.
• Transparency: you need to publish commercial statements and meet strict regulatory standards, increasing investor and customer confidence.
• Entrance to large transactions: PLCs can take part in mergers or acquisitions, attract external investors, and implement large-scale projects.
• Easy entry to funding: reputable PLCs have access to credit and borrowings from commercial institutions.
• Effective governance: a PLC can have a developed governance structure, including a board of specialized committees, which helps optimize processes. 

Partnership

This interesting structure is ideal for two or more companions to run a business together. All members share full obligations for the duties and debts. There are various variants of partnerships, like general or limited partnerships, with their unique pluses. Singapore's thriving business environment attracts entrepreneurs from other countries. But before diving into the exciting world of company formation, selecting the most convenient corporate structure is really crucial. This decision impacts various aspects of your professional activity, including taxation, liability, and administrative requirements.

One common option for businesses with multiple founders is the general partnership. In this useful structure you can find:

• Shared professional responsibilities: all firm’s members have equal rights for managing the actual operations of the business. They contribute their skills, expertise, and potential capital to the venture.
• General partnerships: think about personal risk. In such case the firm’s members have unlimited liability, meaning they're personally responsible for the business's debts. If the company fails, creditors can come after your assets like your car or house to settle the outstanding amounts.
• Pluses and loss sharing: members share the company's profits and losses according to their pre-determined ownership stake. A partner with a 50% ownership stake would receive half of the profits and be liable for half of the losses.

While general partnerships offer a simple and flexible structure, unlimited liability can be a significant risk factor. Carefully evaluate your risk tolerance and long-term aims before making a decision. 

A partnership can be formed by two or more people to pursue common targets. If the partners intend to register the partnership under a legal name (as opposed to their full names), they must set up it with ACRA.

Features of setting up a partnership in this country:

• Simple establishment procedure.
• Tax transparency: each professional is taxed on an individual basis.
• Simplified liquidation procedure.

Partnerships can be created in three forms:  

General Partnership 

All members are fully responsible for the company's main debts and duties, regardless of their contributions. It means each companion can be held personally liable, even for debts they didn't directly incur. 

Pros of creating a GP:

• Simple establishment procedure.
• Minimum conditions for management.
• Tax transparency.
• Simplified liquidation procedure.  

Limited Liability Partnership 

LLPs are good businesses due to their flexibility or partner protection. Here's what makes them suitable:

• Simple setup: demands minimal formalities compared to other professional structures.
• Tax efficiency: business partners are taxed individually, promoting transparency.
• Limited liability: companions' assets are shielded from various debts, unlike a traditional partnership.
• Scalability: no limit on the number of companions, allowing for growth.
• Easy exit: this process for dissolving an LLP is relatively simple. 

Limited Partnership  

This form of company invariably arouses the interest of the public interested in business development. To set up an LP, businessmen require at least two companions, one of whom is a general business partner and the other a limited firm partner. LP is an association in which one or more persons (general partners) carry out business activities under a common name and are severally liable for all assignments of the partnership.

General Partners (GPs) hold full responsibility for the LP's debts or obligations. What does it mean? The assets are on the line if the LP faces financial trouble. Limited Partners contribute capital but have limited liability, meaning they only lose their investment, not personal assets. The firm’s members have a limited say in day-to-day business operations but can vote on major decisions. GP possesses full legal status, meaning it can act on behalf of the LP, engage in transactions, and be accountable for its obligations. The limited partner, however, lacks legal status, cannot act on behalf of the LP, and does not bear secondary liability for its primary obligations.     

The choice between setting up as a PLC, LLP, GP, or LP depends on your primary professional goals, the firm’s size, the level of responsibility you are willing to bear, and the need to raise capital publicly. So, a joint stock company provides enormous chances to attract considerable investment and participate in large projects but demands compliance with strict reporting standards. Partnerships propose flexibility and ease of management but vary in their level of duties and legal personality. 

Licensing for businesses   

The permitting process in this territory varies based on your professional activities. While a general business registration with ACRA is necessary, you may also need specific licenses to comply with industry standards.

1. General business registration: registration is the first important stage and is mandatory for all types of firms.
2. Industry-specific licenses: different industries have some standards and licensing requirements. Below are some examples:
3. Launching a food business in the F&B industry requires securing several key approvals :
4. Food shop license: this is mandatory for all establishments serving food, from high-end restaurants to humble food stalls.
5. Liquor license: if your business plans to offer alcoholic beverages, this additional license is essential.
6. Food handler's permit: Protecting public health is paramount. This permit ensures that staff directly involved in preparing and handling food meet the necessary safety standards. 
7. Retail industry: a retail license is required for businesses selling goods to consumers. An advertising license is needed If you intend to display outdoor advertisements or signboards.
8. Healthcare Industry: a medical clinic license is needed for operating a medical clinic or healthcare facility. A pharmacy license is necessary for businesses selling pharmaceutical products.
9. Construction industry: a Building and Construction Authority (BCA) License is required for construction and engineering firms. Permit to carry out structural works is necessary for any structural modifications or building projects.
10. Education and training: private education institution (PEI) registration: is required for private schools and educational institutions. A workplace trainer license is necessary for businesses offering vocational training.

Don't forget location-specific approvals: fire safety certificates, environmental clearances, and medical approvals might be required depending on your firm’s type and location.  

Government portals like GoBusiness Licensing simplify the process by helping business owners find and apply for the required various permits. This streamlined process removes hurdles and makes adhering to standards more manageable.  

Consider your long-term vision when navigating licensing requirements. If you plan to expand into specific markets in the future, research the licensing requirements for those areas in advance to avoid potential delays. 

Stages of company’s registration in Singapore: an in-depth analysis

Launching a firm in this good authority is a fast and easy way to initiate your business activity in a country, known for its stable economy, well-developed infrastructure, or favorable taxation regime. Primary registration steps:

• Selection of structure: depending on your primary aims, you may choose PLC, LP, or other structures. It is recommended that you consult with a specialist to determine your choice. It's most useful for your situation. On the Singapore Companies Regulatory Authority website you will find detailed info about each structure, including necessities for founders, share capital, record keeping, etc.
• Select the best name: check availability on the ACRA website. Avoid offensive, misleading, or illegal terms. Keep it under 67 characters. 
• Appointment of manager(s): a PLC demands at least one manager, while an LP demands one GP and one (or more) limited companions. Managers can be individuals who are over 18 years of age, who are not bankrupt, and who have no criminal record for financial crimes. A PLC demands the appointment of a firm secretary.  
• Registration of a firm address in this country: for official purposes, your firm needs a registered address in the country. It can be your actual office space or a virtual office address. Whichever you choose, ACRA will use it to send you the primary official papers. 
• Preparation of registration papers: the charter should specify the primary aims and objectives of the enterprise, as well as detail the specific obligations and conditions of the equity holders, chiefs, and the secretary.
• The Memorandum of Agreement, as a rule, includes the addresses of the firm’s founders and the amount of shares they are signing. You also should complete and submit several forms to ACRA, including an application to launch a new business, an appointment of chiefs and secretary form, and a beneficial ownership form.
• Applying for registration: streamline your firm registration online via the ACRA website.
• Pay all the registration fees. 
• Obtaining a certificate of registration: once your application has been processed, ACRA will issue you with a Certificate. This important certificate is proof that your firm is registered in Singapore.
• A bank account is necessary (for operations). To open one, present your new project registration certificate, chief/shareholder passports, and any additional bank-requested docs. Several banks offer special packages for new entrepreneurs.  
• Licenses & approvals: depending on the special professional activity, additional permits may be needed.
• Proof of identity, such as a valid passport.
• Proof of residence, including telephone or utility bills.
• Confirmation of sources of income.
• For some variants of accounts, financial institution managers may require you to provide a letter of recommendation.
• Control package of KYC official papers. KYC documentation is required to verify the identity of individuals and various corporate entities in this innovative business-friendly country. Below is a list of the leading files. 

Business for foreigners: significant nuances 

It is an attractive authority for foreign businessmen, proposing a stable economy, developed infrastructure, or auspicious taxation rules.

To set up a new promising business in Singapore, foreigners should:

1. Operating under this structure requires at least one resident manager. The responsibilities include filing necessary reports and attending shareholder meetings.
2. Every firm needs a registered office in this territory. It can be a physical address where you conduct business or a virtual address service. Your firm’s office should house the required docs for easy entry by officials or yourself. Here's what you need to have readily available: Power of Attorney, etc. Other official records maintain a safe and organized filing climate for any additional official docs relevant to your company's operations. 
3. Necessities for a secretary: mandates the appointment of a resident chief within six  months of firm registration. The firm secretary handles administrative tasks like legal compliance, meeting minutes, and government filings.  
4. A non-resident firm should inform the Singapore Companies Regulatory Authority about any changes in the composition of its founders, managers, and secretaries, as well as any alterations in the ownership system. The new startup should also regularly submit financial statements to ACRA. The unique commercial reporting criteria depend on the company's size or type of activity.

This useful information summarizes the basic rules for people from foreign entrepreneurs interested in doing business. For more in-depth information, contact a professional specializing in corporate law in your country. Business operations in this country are subject to a comprehensive set of rules and critical obligations. Failure to adhere to these requirements may result in financial penalties, sanctions, or even the dissolution of the enterprise. 

Structure and tax implications

Strong legal and loyal tax systems combined with a seamlessly connected commercial infrastructure make this region an Asian investment powerhouse. 

Tax pluses for startups:

• Income tax: the local territorial system taxes only Singapore-earned income. Capital gains are usually exempt (except for various activities).
• Reduced rates: SMEs enjoy a lower rate (8.5%) on the next S$300,000.
• GST: similar to VAT, but with a 7% standard rate. Registration is needed for businesses exceeding S$1 million annual turnover.

A thriving environment for startups is necessary. This great country fosters startup growth through different gainful initiatives:

• Business incubators: provide workspace, mentorship, and different funding access.
• Tax incentives: reduced income tax, GST pluses, and other tax breaks for SMEs and startups.
• Government grants: multiple programs propose financial support.
• Funding options: easy entrance to venture capital, angel investments, and crowdfunding.  

If you decide to register a company in Singapore, for your reference, here are some illustrative examples of helpful assistance programs:

Startup SG: provides collateral and mentoring assistance to startups in this country. It presents various types of grants such as: 

1. Grant for Early Stage Startups: up to SGD 50,000 for early-stage firms. 
2. Startup Acceleration Program Grant: up to SGD 100,000 for more mature companies.
3. EDB Startup Investment Program (ESHIP): a joint program between the authorities and Temasek Holdings that provides co-financing for venture capital investments in local start-ups. 

Let's take a closer look.

Enterprise Singapore Grant: capabilities for your perspective business 

It is an assistance designed to stimulate the fast development and transformation of companies. It provides grants for projects:

• Focused on strategy growth, human capital growth, improving service quality, and commercial management. 
• Exploring new perspective growth areas, improving process redesign, efficiency, product growth, automation, etc.

Achieve market entry through foreign expansion, strategic business combinations (mergers & acquisitions), adherence to international standards, and implementation of pilot projects. 

Grant amount: up to 50% of qualifying outgoings for large firms, up to 70% of qualifying outgoings for small startups and medium-sized firms.

Pluses: 

• Help in the implementation of various strategic initiatives.
• Foster innovation and considerable productivity gains.
• Expanding capabilities to enter new markets.
• Reducing the commercial costs of business.
• It’s suitable for a great number of companies registered in Singapore, SMEs, and large enterprises operating in different industries and seeking growth, transformation, and reaching a new level.

Visit the Enterprise Singapore website for well-detailed program terms and conditions. Select the appropriate support area, prepare a package of documents, and apply. An Enterprise Development Grant is a great tool for growing your professional activity in this interesting land. 

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Other start-up initiatives  

In addition to these grants described earlier, aspiring entrepreneurs in this exciting country can benefit from other support programs:

Business incubators, which are aimed at helping various startups grow and develop. These are programs that nurture startup growth and development. Examples: NUS Enterprise, SGInnovate, and Startup Weekend. 

Angel investors or business angels are wealthy financiers who invest personal funds in promising projects in the early stages of development in exchange for a share in the launched firm.

Main pluses:

1. Quick entry to capital.
2. Valuable advice and mentoring.
3. Expanding your network of various contacts.

Investment amounts vary:

1. Group investors: from 250,000 to 750,000 SGD.
2. Individual Business Angels: SGD 25,000 to SGD 100,000.

Venture capital firms (VCs) are specialized investors who target established startups with significant commercial potential. VCs provide large sums of capital to fuel these ventures' expansion. 

Pluses:

• Significant investment.
• Business experience and knowledge.
• Access to a network of contacts.

Investment criteria:

• Explosive growth potential. 
• Expected Profitability 

What should you do at first? Invest in the chosen firms at the expansion stage, look for various companies with ambitious pluses in the local market. Carefully review all available assistance initiatives. Find the ones that best suit your professional needs. Prepare an in-depth plan and presentation. So, you should prepare to present your new project to potential investors. With the correct approach, you could find the chief resources and assistance to successfully launch and develop your startup in this region. 

Permanent residence for businessmen

Singapore's business-loyal climate and strategic location draw in entrepreneurs and various business experts. If you are considering relocating to this country for professional activity, obtaining Permanent Residence can provide numerous pluses, including long-term stability and access to local resources. Here are the primary pathways to PR for business expertise:  

Employment Pass (EP) to PR Pathway

It is for international experts, various managers, or executives who have a job offer in this country. EP holders can apply for PR after a period of employment.

Eligibility criteria:  

• Possess relevant professional qualifications.
• Meet the minimum salary requirement (varies based on experts’ experience and qualifications).
• Receive a job offer from a Singapore-based company.  

Pathway to PR:

• Apply for PR through the Immigration & Checkpoints Authority.
• Hold an EP for a certain period (usually 1-2 years). 

Application Process for PR

1. Prepare docs: passport-sized photographs, valid passport, employment or business-related papers, and proof of financial standing (bank statements, tax records).
2. Applications are submitted through the Immigration & Checkpoints Authority website. Pay the applicable processing fee.
3. Attend an interview if required by ICA.
4. Upon approval, complete the necessary formalities such as medical examinations and submission of additional docs.

EntrePass Scheme 

It targets foreign innovators and venture-backed startups seeking a base in Singapore. 

Eligibility criteria:  

1. Fresh Start or fast growth? Your company can be either a newly incorporated entity (within 6 months of application) or an existing one, but no older than 6 months at the time of applying.
2. Innovation or Investment? Demonstrate your innovative capabilities through groundbreaking technology or secure backing from venture capitalists.
3. Plan for success: an in-depth business plan outlining your strategy and vision is essential. Provide compelling evidence to support your funding or innovative technology. 

Global Investor Programme  

It is targeted at high-net-worth individuals who decide to invest in this perspective country and make a contribution to the country’s economy.

Eligibility criteria: this variant requires at least SGD 2.5 million. This signifies a substantial financial commitment to the commercial landscape. Note, that this investment must be directed toward a new business entity set up in the country. This could involve establishing an entirely new company or a subsidiary of an existing one. Alternatively, the investment can be used for the expansion of an existing operation in the country. This could involve funding the opening of new branches, product development, or increasing production capacity. The new firm or the expanded operation must be set up and operating in this modern region - Singapore. It ensures that the investment directly contributes to the country's economy and creates jobs locally. 

• Have considerable professional and successful entrepreneurial experience.

Investment options 

• Variant 1: invest in a GIP-approved fund.
• Variant 2: invest in a new business or expand an existing business. 

You need only an investment plan and proof of investment funds.

A glimpse into Singapore

Singapore beckons, a vibrant island nation pulsating with energy and rich in cultural tapestry. But before we delve into its captivating depths, let's establish a foundation with some essential facts:

• Officially known as the Republic of Singapore, this Southeast Asian gem boasts a population of 5.61 million.
• A parliamentary republic thrives within its borders, guided by a dynamic form of government.
• The local currency fuels its thriving economy.
• The region's symphony of languages reflects its multicultural heritage, with English, Malay, Chinese, and Tamil holding official status.
• Intriguingly, the country holds the unique distinction of being the world's only island city-state. While other city-states like Monaco exist, none reside solely on islands.

Now, with this groundwork laid, let's explore 15 fascinating facts that unveil the true essence of this captivating destination!

Registration of a firm in Singapore with our help: open the doors to success in Asia  

It is a dynamically developing country proposing unprecedented business chances. A thriving economy hinges on steady GDP growth, an ambitious professional space, and a mature funding sector. So, well-developed uninterrupted communications and effective systems functioning guarantee the smooth running of a business. A safe investment environment is ensured by the rule of law. A qualified talent pool with high skill adaptability that places a premium on training and education is a valuable asset for any business. Entrance to impressive technology positions the region as a leading, globally recognized center for innovation. This jurisdiction boasts an unshakeable financial framework and a loyal tax ecosystem that welcomes businesses, making it a magnet for global funding activity. 

Given its gainful strategic location, economic growth, reliable infrastructure, and advantageous regulatory space, this Asian land is becoming increasingly good to executives looking to launch a new firm.

Our specialists are always up-to-date with current legal changes that executives in the country may encounter.