Singapore is one of the most desirable destinations for foreigners who want to start a business. The country ranks high in the Ease of Doing Business survey conducted by The World Bank. It has a robust economy, stable legal system and a well-established infrastructure ecosystem that makes it an ideal place to launch your company.
It is important to understand the basics of how a company in Singapore operates before starting your own business here. The process of registering a company in Singapore is fairly straightforward, and it usually takes only a few days to complete. In this article, we will discuss the main steps involved in setting up your business in the Lion City.
You must first decide what type of company you wish to register. You can choose from a wide range of company types, including private limited companies, a public limited company, and a professional services firm. You can also choose to register a representative office of an overseas parent company in Singapore.
The next step is to select a company name and get it approved. You must keep in mind that your chosen name should not be similar to any existing businesses in Singapore. It should also not contain any obscene words or vulgar phrases, nor include any trademarks.
You must also prepare all the necessary documents and submit them to ACRA, the company registrar of Singapore. You can submit the documents via email or through a video call. You must also pay the necessary fees. Once your company has been registered, you can apply for a business bank account. how to start a company in Singapore