How Can a Foreigner Start a Business in Singapore? Learn All It Takes to Have Your Business Incorporated
Friday, June 29, 2018, 6:00 AM | Leave Comment
Singapore is one of the best locations in the world to start a business and watch it thrive! This is because of the strong trade and investment connections that this country has, which makes it the most competitive Asian country.
Starting a business in Singapore gives you wonderful benefits that include:
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Singapore’s business network which gives the company access to comprehensive tax avoidance agreements
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Protection over your own ideas and innovations by Singapore’s strong intellectual property laws
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Singapore’s free business agreements
The beauty of it all is that all these above benefits are not only for the Singapore citizens but for foreigners as well. Singapore is a country that is drawing more people to invest in it in today’s business economy, the more reason why foreigners want to open businesses here.
Due to its corruption-free nature, foreigners love to do business here. Its diverse cultures create abundant business opportunities for both the locals and the foreigners.
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How tough is it for a foreigner to establish a business?
Compared to many countries in the world, foreigners do not find it difficult to establish a business in Singapore. This is only possible for foreigners who understand the business law and know how you can expand the businesses as a foreigner.
It is also vital to follow the laws to the letter because the government is serious with its laws. Be sure to obtain the right visa and meet all the required laws for company incorporation.
You must bring yourself to the knowledge and processing of your company’s registration process without fail.
Foreigners who want to do business in Singapore must first obtain an employment pass. This helps in optimizing the available business opportunity.You have to get your entrepass application processed and approved by the authority body in the Ministry of Manpower. Once this application is passed, then you become a successful applicant and you are allowed to work in Singapore for a maximum of two years.
When your entrepass expires, you can renew it for another 3 years maximum that allows you to carry out business.
The elementary requirements of an entrepass are:
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The business must be legal
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The business must be registered as a private limited company
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The company must not be older than 6 months when applying for an entrepass
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The foreigner must own about 30% of the business
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The company must hold a minimum paid capital of SGD$50,000
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The process of incorporating a foreigner’s business in Singapore
For your business to be incorporated, you have to do it through the set system of filing that is known as BIZfile. This filing system is set up online by the accounting authority in Singapore.
Foreigners who are applying can thereby access the BIZfile through the log in using their FIN number. If you want a company registered and it comes with a branch office, then you must seek the right advice form the government agencies that offer adequate guidance.
This information can be obtained from the office of the Attorney General as well as Monetary Authority in Singapore. The two institutions are mandated with the responsibility to provide foreigners with the information about accounting and finance.
The International Enterprise in Singapore provides assistance that is related to other types of industrial work. The Economic Development Board on the other hand provides assistance on the best Singapore business locations.
Singapore is known to be highly equipped with domestic talent that will sufficiently meet the human resources that a company needs. Recruitment agencies as well as online portals are on standby to help you locate some of the best talent that your business needs.
The Economic Development Board also trains potential recruits, providing them with suitable training programs that specialize in business recruits.
The Ministry of Manpower carries all the information that you require to get all the assistance and advice on critical business areas. Diversification of cultural boundaries should be well studied before choosing to settle down and start a business.
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Understanding the Singapore work culture
Singapore is a small country as seen on the map but it has a lot of good benefits. It is recognized as one of the world’s free place to be. It carries the day with its stable economy, not forgetting its work culture that is unique. It comprises of two cultures, which are Asian and the Western culture influence.
This cultural diversification brings about traditional cultural regulations that are followed to date by Singaporeans in the workplace. The Singapore government allows a relaxed environment in the workplace, allowing a beautiful cultural trend to take over.
Singapore people are known to have a strict attitude to life that is shown by a strict adherence to the authority without a breach of the law. Most of the local companies employ a high percentage of traditional values of the Chinese. The Chinese make about 72.5% of the Singapore population.
The work culture has grown to embrace and respect the authority designated without violating it. The managers do not carry too much power compared to their juniors.
The managers do share their power willingly with the juniors even in making the right decision. If you get a job or open a business in Singapore, the best way to understand managerial relationships is to show optimum respect to everyone – both employers and employees.
The work culture in Singapore seeks to uphold rules that are appropriate in every situation. They also encourage creativity outside the strict following of the rules.
You need to understand the Singapore work culture and ethics to be able to appreciate what this government has done. Take your time and study this culture keenly before you establish a business. The result is that you will learn most of the things that make this society unique.
Understanding a foreign culture and adapting it into your business gives you the advantage of working with diverse people who think differently but work well together and this bears attractive results.
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