Singapore has many aces down its sleeve as a business location in Asia and investors are turning their attention to this tropical global financial center. Getting started in Singapore does not mean that your new business needs to be a large corporation with many employees. You can open a small business in Singapore and enjoy all that the city has to offer in terms of business location, trading environment, and a diverse economy.
We are looking at the most important aspects to consider when starting a small company in Singapore and the taxation and incorporation must-do’s for first-time investors.
Starting a business in Singapore is easy
Singapore has a strategic location in Asia and many international companies operate their business from here. The World Bank ranked the city as one of the easiest places to do business in the world, an attribute that comes naturally to Singapore since the company incorporation requirements are very straightforward and investors are not burdened by overwhelming formalities.
The process of setting up a company in Singapore includes the following steps:
- picking the right type of company and choosing the right name;
- filing the company’s documents with the Accounting and Corporate Regulatory Authority of Singapore;
- choosing your business location and hiring employees.
Small businesses in Singapore can take the form of a sole proprietorship, partnership or private limited liability company. Taxation requirements apply to all types of companies. Small businesses will need to pay the corporate income tax but a partial exemption applies for the first SGD 300,000 of chargeable income.
Asia is a market with many business opportunities for foreign investors. Top locations include Singapore but also Hong Kong. If you would like to know how to start a company in Hong Kong and how this is different from the process in Singapore, you can talk to a company formation expert. In case you would like to expand your business in Thailand and need to obtain a Thai long stay visa it is advisable to contact a team of local lawyers.
Small business ideas in Singapore
Singapore does not disappoint in terms of business and investment opportunities. The city has a diverse economy and skilled entrepreneurs will find it very easy to start their own business and quickly form their own client lists.
Some ideas for small businesses include event planning, food services (a fast food or even home-based bakeries), independent accountant or translator or business consultant for those who have already acquired experience and are ready to coach on others. Small companies in Singapore can provide a myriad of necessary services for day-to-day life. You could consider opening a company offering plumbing services in Singapore or opening a company that offers cleaning services, a laundry business or dry cleaners.
Starting a new business is a big step. Having the right business environment to set up a new company, in a city like Singapore, is just as important as the entrepreneurial drive itself. Young entrepreneurs and those who are just starting their small business can find out more about starting a business in Singapore by talking to a company incorporation expert.
