Any foreigner who is interested in opening a new business in Singapore should gather enough information to allow them to settle down into business quickly. Unfortunately, most of them waste resources like time, money, and opportunities because they do not have the right guide. If you are already looking for a way to open a new foreign branch or a totally new business in Singapore, you need to follow these guidelines. They are simple and straightforward, which is the primary intention of the Singaporean authorities.
As mentioned above, potential entrepreneurs should understand how registration of businesses works in Singapore. The best thing to do is to go online and look for the information. Furthermore, a person can speak various consultants with international experience. Better still, talk to those who are involved with Singaporean business registration directions.
Get a Work Permit
It is advisable to have a work visa before starting your business registration in Singapore. Check the category that you qualify for depending on the role you will be playing in the business. Reputable and reliable agents can help you acquire either an EntrePass or employment pass for you and a few other employees that you would like to bring along. In this case, make an inquiry at one-visa.com since they are one of the best in processing work permits, passes, and visas to Singapore.
Start the Business Incorporation Process
According to the laws in Singapore, only people who are above 18 years old can register a business. It does not matter whether they are citizens or foreigners.
You can register either a subsidiary company or representative office or a branch. Most people prefer a subsidiary company that can have a mother company either outside or inside the state. It is a limited liability company just like many other local companies in the state. While using an agent, they will take you through the incorporation process, which is similar to that of a local company.
One thing to note as a foreigner is that Singaporean business incorporation services are primarily offered online. They also take a few days to process, and therefore it is important to plan well. The state has many authorized business incorporation agents who charge a fee for the services.
Opening a Corporate Business Account
It is a requirement to have a corporate business account when starting a business in Singapore. This includes all people whether you are a foreigner or not. It is the official channel for all transactions, which increases accountability. It is easy to get one from any of the many banks. Some are local banks while others are international. If the bank of your mother company is available, it is better to start services with them.
Singapore allows companies to hire foreigners and locals at a certain ratio. You need to follow such guidelines as part of compliance. Just like incorporation, you can use a recruiting and training agent who is specialized in your area of business.
After reading this, you can see how easy it is to start a business in Singapore as a foreigner. There is nothing to take you around in circles since all of the procedures are straightforward.