If you’re thinking about starting a company in Singapore, it is important to understand the country’s business ecosystem and regulations before you begin. You will need a well-drafted and realistic business plan to determine how much capital you will require during and after incorporating your company, as well as what the minimum startup capital is set at by the Accounting and Corporate Regulatory Authority. In addition, you’ll want to consider various government schemes available to convert innovative business ideas into competitive global brands.
Singapore is one of the most renowned business destinations worldwide due to its streamlined bureaucracy and friendly investment and trade regulations. In fact, it’s ranked second in the world for ease of doing business. The lion city’s prestigious tax system is another selling point that attracts entrepreneurs and businesses of all sizes, with its standard corporate tax rate at 17% (and 0% for offshore companies) being the lowest in Asia.
There are several types of companies that you can register in Singapore, including a sole proprietorship, a partnership or a limited liability company. A sole proprietorship is the simplest and most cost-effective option, while a partnership operates in much the same way as a sole proprietorship with multiple owners and joint liabilities. A limited liability company, on the other hand, splits equities into shares and separates personal liabilities. Our company formation consultants in Singapore can help you select and register the ideal type of business for your needs.