Advantages of starting an IT business in Singapore
There are some nuances of opening an IT business in Singapore. The advantage of registering a company is that the state is respectable and offers attractive conditions for doing business. Contact our specialists at IT-OFFSHORE to learn more about the nuances of opening an IT-related company.
The advantages of opening a company
There are many advantages to registering an IT company in Singapore in 2021. The country has a stable economic and political situation. Transport infrastructure is well developed. Singapore has a positive climate for investment. There is a high probability that the investment will generate income.
Other advantages include the following:
- There are no currency controls;
- There is a well-developed financial services sector;
- There are no restrictions on capital flows;
- Only profits made within the jurisdiction are taxed;
- There are benefits for new businesses.
There are no capital requirements for establishing an IT company in Singapore in 2021. There are also favorable conditions for the development and implementation of new software or equipment related to information technology. There is a strict system of intellectual property protection to ensure the interests of entrepreneurs. Local employees are highly qualified.
Nuances of opening a company
Southeast Asia is one of the largest markets for IT companies. The climate is favorable for the immigration of businesspeople. The cost of paying taxes is comparatively low, and the use of incentives and grants is offered. It is possible to legally reduce the costs of product development and promotion. The state is favorably located geographically.
To open a business, you must first prepare a plan for development, conduct an analysis of risks and competitors, intended customers, and establish sources of funding.
The name of the enterprise should be drawn up. It is desirable to prepare several options. For beneficiary-individuals it is necessary to prepare passport copies, where names, date of birth, citizenship, and addresses of residence are all written. For shareholders legal entities, it is necessary to collect constituent documents.
Bank account opening
When opening an account, you need to determine what purposes it will be serve. After that, it is necessary to formulate the requirements for the bank. Some financial institutions offer to register a deposit remotely.
Pros of opening an account:
- Ability to manage remotely;
- No hidden fees;
- Support and consulting;
- Large selection of services;
- Security of assets.
Registering a corporate account will require gathering detailed information about the business. Applicant identification documents and beneficiary details need to be prepared. Popular organizations where you can register an account are Bank of Singapore, Far Eastern Bank, Singapore Island Bank, The Islamic Bank of Asia, and United Overseas Bank.