Currently, as the Covid-19 epidemic begins to be brought under control, there is a growing need for many companies to learn the procedures necessary to invest in the lion island nation, as many great opportunities are opening up before them. .
What are the requirements to develop my business in Singapore?
You can register to open a business in Singapore and own 100% of your business without any problems. According to Singapore regulations, the requirements of legal procedures for setting up a company in Singapore include:
● A company secretary in the host country.
● A business address in Singapore.
● A director is a citizen of Singapore.
● The minimum share capital when opening a company is SG$1.
I want to register a business in Singapore, where do I start to promote the work?
For companies or businesses established in Singapore, the first thing to do is to register with the CAB, each company will be assigned a unique UEN – Unique Entity Number. After that, the company will go and register for the necessary licenses and certificates as well as the UEN code to be able to do business legally in Singapore.
Currently, the Singapore government has a progressive and encouraging approach in many of its policies to attract foreign investors. In particular, Singapore’s tax system offers many incentives to small and medium-sized enterprises: the CIT is 4.5% on the first S$100,000 of income; 8.5% on earnings above S$100,000; and 17% on earnings above S$200,000.
I want to register a trademark in Singapore, what do I need to prepare?
Registration of trademarks in Singapore will be done through the Intellectual Property Office of Singapore (IPOS). Depending on the type of license, it will usually be necessary to provide legal documents, shareholder/director information, a business plan and some other documents such as audited financial statements, office lease agreement… However, you can rest assured, One IBC will assist you in preparing the necessary documents to apply for a license.
What professions are the best choice for doing business here?
Choosing the right place to start a business is one problem, but choosing the right industry to do business in is also an important factor affecting the success of the business in the future. Here is an industry that offers opportunities for business demand in Singapore:
E-commerce is the highest revenue generating industry in Singapore. With over 90% of small and medium enterprises applying e-commerce to their business.
Many Asian engineers have highly specialized knowledge in the Fintech field in Singapore as many large global technology companies such as Google, Facebook, IBM,… have chosen Singapore as their headquarters.
Tourism is one of the potential markets for foreign companies, as up to 50% of Singaporeans over the age of 15 travel at least once a year.