Whether you are looking to set up a new business or move your existing company over to Singapore, there are many reasons to choose this location. This article will give you reasons why Singapore is the best place for your company formation.
What is a company formation?
A company formation is a process of establishing a business. After this process, the business will be able to open a bank account and start trading. A company formation can also be required when applying for grants and loans.
Why Choose Singapore for your Company Formation?
Singapore offers a robust business environment with low taxation to company owners, strong intellectual property protections, and access to markets in the region.
Reasons –
How to setup a company in Singapore?
Singapore is one of the top choices in Asian for foreign companies to incorporate in. It offers a transparent and predictable regulatory environment for businesses. It also has a strong workforce with an excellent cost of living, highly developed infrastructure, and a global presence that offers easy access to key markets in the Asia Pacific.
Advantages of setting up a local company in Singapore
Your company will have a higher chance of being awarded government contracts after setting up a local company. But sole proprietorships are often seen as small micro businesses so it’s usually recommended to start a private limited company. A private limited company is usually bigger and comprises of more partners and shareholders. This also makes it easy to apply for business loans since banks favour private limited companies more. The local company has less international tax liability because of the low taxation rates in Singapore. You also have access to the most sophisticated infrastructure in Asia, with excellent transportation links and internet speed.
Is it easy to set up a company in Singapore?
The process to set up a company in Singapore in incredibly easy. If you want to establish a limited liability company, you need to make sure the company’s name complies with Singapore law and get a ROC (registration of corporate) number.
The process of forming a Singapore company only takes 24 hours and you can do it online.
Why choose a foreign company setup in Singapore?
A company is a legal person that can conduct business. There are many reasons to choose Singapore for your company formation. The starting cost is low, there are no minimum capital requirements, and it’s easy to register a company in Singapore.
In summary
Besides the reasons I have mentioned so far, there are many other advantages for Singapore company formation. You can set up your company in less than 24 hours, you don’t need to spend time searching for a registered agent or accountant, and you can even incorporate your company by yourself.
For more information, contact WLP Group today to speak to our incorporation consultants!
