Company in Singapore for IT business in 2020
Singapore is a city state located in Southeast Asia. The reasons why it is worth opening a company in Singapore for IT business in 2020 are a favorable climate for investment and a high level of welfare. The economy of the state is characterized by a highly competitive environment.
The country has one of the highest GDPs in the world, and the state belongs to jurisdictions with high development and low tax burden. Jurisdictions are especially attractive for investors due to low tax rates. When planning to open an IT firm in the country, please contact our specialists for advice at IT-OFFSHORE.
Before opening a company in Singapore 2020, a preliminary feasibility study is desirable. Doing business in the country requires significant investments. A full-fledged business that involves an office, employees, account, and supplier network may at first become unprofitable or bring little profit.
At the same time, there is an opportunity to develop entrepreneurship in the segment of information technologies with small investments. Success in the IT market does not always mean guaranteed financial return, as this market is small and has a high level of competition.
But, the company, which was able to develop in Singapore, becomes prestigious and respectable, it has access to the world markets, which is important for doing business.
What is required to open a company in the IT field
One of the important nuances is the choice of mediators. Assistance may be required to approve the name of the organization and register with ACRA. The name of the company should be chosen carefully - it should be short and memorable, simple and unique.
It is necessary to choose a structure. Using one of the limited liability PSOs - CL or LLP - would be a reasonable decision. These forms have significant differences in terms of tax charges, ease of capital raising, etc. A work visa is required to hold a director position. The alternative is to use a nominal service. There are requirements for the company secretary. He must be a resident of the country and a natural person.
It is necessary to carefully choose a bank for opening an account. There is an option to open an account with a financial institution in Singapore or abroad. When working with a bank you need to pay attention to the simplicity and terms of opening, as well as the conditions of the bank regarding the account balance, service, and availability of additional services.