Business in Singapore

Setting up a business in Singapore is a two- step process. It is important to research the different categories of companies that are available and match the type of business that you are looking to get into. Furthermore, after you have done your research and picked a company, you will need to go through the company’s registration process. The company registration process will guide you through the process by showing you the benefits of setting up your business, and how to go about filing the application and other procedures that are required through this process.

On the other hand, company formation in Singapore can be challenging if you are not from the country. A person who is considered a foreigner will want to take on the help of service providers. These service agents will help you through the two-step process for getting your company name approved and getting your company incorporated, which is possible in only a matter of hours. Also, the Singapore Company provides you with supporting services that are necessary during the two-step process. For example, they will help you get the employment pass you need if you are not from Singapore.

You will need to have a resident director to help you through the registration process if you are not a resident of Singapore. This service director is a citizen of Singapore, and this person needs to have an employment pass, should not have a past criminal record, and should not be bankrupt, and not be younger than 18 years of age. It is important to get your company name approved.

Once your company name has been approved, it will exist for at least 60 days from the date you had first filed your application.

However, the next step after filing the application is to file for company incorporation. You can file for this right after your company name has been completed and processed. Filing for company incorporation will require you to have the proper signatures, including the signatures of the Director of Shareholders. Doing business in Singapore requires a company to be incorporated. Therefore, if you are a foreigner and you are not looking to relocate to Singapore, in order to incorporate a company, you will need to establish a contact and appoint that contact to help comply with the statutory requirements.


Accordingly, the Bvi (British Virgin Island Offshore Company) requires 1 shareholder and 1 Resident Director. There are benefits with a BVI Company, such as, no minimum capital required, income is exempt from local taxes, and there are no capital gains or withholding tax, no annual reporting or auditing is required. An offshore company cannot do business in a BVI.

How Singapore Got to the Forefront of Business

Singapore is a very successful small metropolitan city state what is world renown. Despite its relatively small size for a country, it has big economic muscles to flex and show its financial might. Being an entreport, the government of Singapore has encouraged trading and other economic services in this bustling lively nation. The authorities have encouraged its citizens and foreigners alike to do company registration, company formation or company incorporation to start businesses anytime in this bustling metropolis.

All the infrastructure are well laid out with good transportation like the MRT and public buses and taxis for people wanting do to business in this city state. All it takes is some capital to inject into the new business and set up the computers, and such to begin immediately and eventually to prosper from the business.
Anyone can also register Central Provident Fund or CPF accounts for their employees so that they can contribute monthly for their retirement. With such good infrastructure, it is easy to travel from one place to another and to visit customers at their offices. As Singapore is small, it is easy to control the security and safety of the people. There are also many international and as well as local banks like DBS, UOB, OUB, OCBC and such. These banks are amongst the biggest in South East Asia and well incorporated in Singapore.

Major multinationals and mammoth companies have set up their headquarters and base in Singapore for the Asean nation as it has good connectivity by sea, road and plane to its neighboring countries. As an aside, you might like to know that Singapore has the highest concentration of millionaires in the world and is one of the top 10 richest country.

Doing a company registration is easy peasy without all the red tape involved unlike its other Asean countries. There is also no quota for race and everything is based on merit. Anyone can prosper as long as they are hardworking, diligent and motivated. All it requires is to take concrete action that will set in motion a series of events that are life-transforming – in terms of finances and quality of life.

Singapore is your one-stop destination for all businesses to congregate. The name of ‘Singapore’ means Lion City and this city certainly roars in doing international business and it is very well connected to major players in the United States, Europe, China and other world financial centres. Setting up a company formation in Singapore need not be a hassle as the government put in place business-friendly policies to encourage anyone with some capital to start a business in this city state.

It has attracted large corporations from the US to set up headquarters for Asia in Singapore such as digital multimedia creation and movie animation with complex computer graphic moves in 3D. Pixar, a well known digital animation company has set up its base here some time back as Singapore has lots of talent locally and from overseas who come here to work.


The government also gives out various scholarships to attract talent and brains to come here to study and work. That is how Singapore got to the forefront of business – by attracting people with brains and good working attitude to come here and make a living and to make good of their fullest capabilities.