Singapore has a reputation as a port with most activity for foreign investment and business both for the Singaporean as well as foreign entrepreneurs. There are many business opportunities lined up in Singapore for any of these parties that might be interested in investing here. The smooth registration process for business here makes it an attractive place for foreigners to come do business with guaranteed growth.
It is important for one to understand the way of setting up a business in Singapore from scratch as a foreigner to Singapore. To start with, one needs to ensure that he attains the correct visa. A foreigner coming to do business in Singapore has to get a work pass called the EntrePass that is for foreign business people to launch a business in Singapore and to maximize the usage of business opportunities available in Singapore.
The ministry of manpower together with the Standards, Productivity and Innovation Board Singapore usually process the application for the EntrePass and those with approved EntrePass applications will have the benefit of the working pass up to two years. This period is renewable on expiry if one meets all the requirements. On expiry of the EntrePass on condition that it is feasible for a renewal of the work pass a three year validity period will constitute the EntrePass.
The registration of a company is done through Bizfile which is a system for use by the Accounting and Corporate regulatory Authority to register businesses in Singapore. Bizfile also caters for registering of the expansion of business in the country, which could also include any branches of a company.
Appropriate procedures and information on the subject of the registration process can be accomplished through agencies as Monetary Authority of Singapore (MAS) as well as the Attorney-General Chamber’s. All the information that is needed to aid in the financial and accounting and also legal businesses is offered by these agencies. Any other information need on how to venture into business is available at the International Enterprise of Singapore. This makes it easy for a foreigner to find his way into the business world of Singapore for investment purposes.
Locations in Singapore that one can position or place his business offices and company can be provided on request by the Economic Development Board that has wide-ranging facts about industrial and business parks setting in Singapore. This is used to give out to foreign people who are keen on finding suitable locations for the operation of business in the locality. This makes it easier for foreigners to pick out opportunities available to them to place their business activity. Depending on the kind of business that one is interested in putting up he can then decide on the most suitable region to ensure growth of his business.
There is a vast local talent in Singapore that any foreigner desiring to set up can take advantage of in the running of his business. This can be accessed through recruitment portals as well as recruitment agencies that help the human resources division of a company. EntrepriseOne is a website where one can get information on the training as well as accessibility of manpower for employment. In case one is interested in the provision of training programs to equip the local labor EDB helps to provide the relevant ones to the business.
Beginning a business in Singapore is relatively cheap and all that is needed is a valid business address and credit card as long as you have valid employment pass for yourself and dependants that you wish to bring along. Additional requirements are the need for a minimum of two directors to be able to start a business. A co-director of convenience with little say about the running of the company can be found.
You will also need someone to audit your books and this can be found locally from the abundance of manpower in Singapore. Alongside that you also require articles of association and then pay some capital which is not much by any standards.
The process of establishing a company in Singapore is an easy one compared to other business hubs in the world and this is the reason that many foreigners from all over the world are drawn here to set up various business enterprises.