Business Registration in Singapore 2021
Registering a business in Singapore in 2021 has many advantages. There is an opportunity to enter the Asian market and reduce taxation legally. The state has a stable economy, and it is respectable. There is also an opportunity to choose one of several legal forms. To clarify the nuances of company registration, contact our experts at IT-OFFSHORE.
The advantages of opening a company
Opening a company in Singapore in 2021 is relevant because the political and economic situations are both stable the territory. Infrastructure, as well as information and transportation sectors, are developed. There is a high probability that the funds will be repaid, and it is possible to make a profit.
There is no currency control. The advantage of registering of a firm in Singapore in 2021 is a developed sector of financial services. There are no restrictions on capital flows. Only profits made within the country are taxed. It is possible to buy a ready-made company in Singapore.
New businesses can take advantage of benefits. There are no strict conditions regarding the amount of share capital, and almost no risk of double taxation. Some firms may be exempt from audits.
Relevant is the development of agro-technology for agriculture, which would increase production. The biotech industry is actively promoted. Alternative business options are fast food, cafes, and the provision of transportation services. It is possible to set up production and trade in electronics - this type of industry is considered one of the largest in the country.
It is possible to open an online store and provide financial services. Another direction is the production and sale of car spare parts, repair of equipment, cleaning, sale of courses, and provision of IT services.
How to open a company?
Before setting up a business in Singapore in 2021, it is required to choose a legal form. It is possible to open a company with liability that is limited to shares, guarantees, or has unlimited liability.
Non-residents most often open companies with liability limited to shares. There are no strict conditions regarding the amount of share capital, but it must be at least $1. Requires a minimum of one shareholder and one resident director. A legal address is required.
May be required to obtain a business permit to open a company (ACRA). Obtaining a license is required to open a private school, bank, sell alcohol, travel services, etc.
For full business, activities it is necessary to open an account. It is possible to register a deposit with such banks as Bank of Singapore, DBS Bank, Far Eastern Bank, Oversea-Chinese Banking Corporation, and Singapore Island Bank.