The First Five Steps to Start Your Own Business in Singapore

Situated in the heart of Southeast Asia, Singapore is the best choice for starting business or incorporating a new company.  Among many developed countries in the world Singapore holds the first place for a number of points, for instance, ease of doing business, the most politically stable country in Asia, the best labor force in the world, best quality of Life among a few. Singapore also holds the 3rd rank for most globalized economy. Not only this, the tax rates are about 8.5% up to $300K profits and 17% beyond that. There are no taxes on dividends, capital gains, estate, death, or inheritance. These are just a few morale boosters when the idea of setting up a business in Singapore invades the mind. The following five steps will throw light on the process and procedure for a company formation in Singapore.

1. Choosing the perfect guide for your company incorporation in Singapore: The first and the foremost part is to select an efficient firm, who can guide through the legal procedures of the company formation in Singapore. It is always helpful and fruitful to follow a mentor when a dream has to be achieved from scratch to finish in a country, which is promising enough but unknown and of course, which has the most efficient tax system in the world.
    
2. The Documents Submission and legal process: The next step is to submit all the relevant documents required for business setup. The Accounting and Regulatory Authority of Singapore (ACRA) confirms the availability of the business name. If available the name has to be reserved with them.  The incorporation form has to be filled and submitted. The company is successfully legally incorporates after this process without hassles. The public profile of the company and the certificate of incorporation are then obtained. With compliance to the Singapore Companies Act 1963 Section 145 (1) a director, who is the resident of Singapore has to be appointed. One shareholder, not necessarily Singapore resident, is another mandatory requirement.
    
3. Opening a corporate bank account: The following step after the formation of the company is to open a corporate bank account which can be either a Singapore corporate bank account or a Hong Kong corporate bank account. Both are tax efficient, major global finance centers, and support multi currency accounts as well as global internet banking facilities.
    
4. Obtaining a local address: The next step is to obtain a local address of Singapore for correspondence and generating/receiving invoices.
    
5. Set up the infrastructure: The infrastructure and other necessary equipments like phone, fax, and email support, etc are been looked for after the initial successful steps are completed.

It takes only 1 to 5 days, (depending on the approval of the name asked for) in Singapore to own a registered company. The process is simple and hassle free.