Set Up Your Next Business Idea In Singapore
The Reasons to Incorporate Business and Explore Business Idea in Singapore
Singapore is an excellent place to do business. It has a well-built trade, market, government, and investment systems. You get showered with plenty of advantages by incorporating your business in Singapore. The city-state offers investment guarantee agreements and lots of free trade agreements. Moreover, Singapore’s strict regulations and strong implementation of intellectual property laws protect your creativity, ideas, and innovation.
Here, in this article, we look into the brief review of business incorporation services, Singapore employment pass, and the advantages of starting a Singapore company.
Overview of Company Incorporation Services and Singapore Employment Pass
The regulatory framework in Singapore is free from bureaucracy and is one of the most effective systems in the world. On the survey conducted by World’s Bank Ease of Doing Business, Singapore has taken the number one position. All the requirements to get started with the business incorporation are straightforward, and the process is also easy to understand.
Company Incorporation Services
Singaporean companies provide you with world-class incorporation services. 3E Accounting is one of the best company incorporation consultants providing Singapore incorporation services that help you register your company in Singapore and its professionals are always ready to guide and assist you with the registration process, taxation, and all other requirements to start a company in Singapore.
Company incorporation services come to you with full packages right from starting and registering your business to providing secretarial services to comply with Singapore’s laws and framework. The services also fulfil other compliance requirements such as accountancy, bookkeeping, taxation to run your business smoothly and to help it flourish.
Employment pass permits foreign entrepreneurs, professionals, executives, and managers to work in Singapore. Singapore Employment Pass is one of the work passes you can avail of in the country. The Ministry of Manpower of Singapore issues employment passes to foreign entrepreneurs, managers, employees, and owners of companies in Singapore. This work permit allows foreigners to work and live in Singapore and travel outside the country without applying for entry visas.
The employment pass is often valid for 1-2 years, and you can renew it later. Another advantage of having an employment pass is that it makes it easier to apply for PR (Permanent Residence) in Singapore.
Qualifications to Obtain Employment Pass
Here are some of the obligations to acquire an employment pass:
- Young graduates should have a minimum of S$3,600 per month fixed salary. More skilled and experienced candidates require even higher salaries to get qualified.
- You should have an executive, specialized, managerial job.
- You should have a well-built history of expertise, employment and a degree from an esteemed university. If you lack proper education, the higher salaries can compensate for it.
Important Documents to Obtain Employment Pass
Here are some of the important documents you should gather before applying for an employment pass.
- An employment pass form 8 validated by the employing Singapore Company
- A copy of your appropriate educational degree and your recent CV
- References from former workplaces
- Details of your passport
- Passport size photograph of not older than three months from the current date
- Details of your job and responsibilities
Apart from these documents, you may need additional documents as required to support the above documents globally.
Advantages Of Startups In Singapore
There are several factors that fascinate entrepreneurs for Setting up a business in Singapore. Here are some of the advantages of company startups in Singapore.
Easier Access To Overseas Market
The geographical location of Singapore makes it the symbolic doorway to the 3 billion people in Asia. The countries holding important economies such as India, China, Australia, Malaysia are just a few hours travel on a plane. Singapore is the hub for business and entrepreneurs and is one of the busiest in the whole world. It is categorized as the chief International Marine Centre. Singapore offers convenient and world-class flight services and serves 20 million travellers per year to almost all major cities of the world.
Availability of Grants
Singapore’s policies are growth-friendly. It offers plenty of tax incentives, grants, and different schemes to support small and medium-sized startups. In some instances, the government may also offer to sponsor labour costs for new businesses. Furthermore, these sorts of advantages benefit both locals and foreigners governing the business in Singapore.
Singapore has taken care of its venture funding source over the last decades, and now, in Asia, it has become the premier place for venture funds. Any local or foreign business person incorporating a business in Singapore can enjoy this funding source.
Resources and Infrastructure
Singapore owns world-class resources such as software, technology, and infrastructure required for the smooth operation of any type of business. These consist of a well-built highway system, excellent airport services, subways, commercial buildings, hotels, internet services, public parks, museums, etc. Most of these infrastructures are built over decades. They create a work-friendly environment and enhance the productivity and efficiency of work in the business.
Singapore has a renowned education system in the world and the students getting excellent scores are awarded with similar global standards. Ultimately, they become the workforce in Singapore and create excellence in their work. Moreover, people in Singapore are recognized to be disciplined, hard-working, educated, and productive.
Similarly, the immigration policy of Singapore brings plenty of global talents to the country. Almost, third of Singapore’s human resources are from foreign countries. Singapore’s policies have made it easier for foreigners to obtain employment passes and permanent residence(PR).
Simple Steps to Incorporation and Startups
As mentioned earlier, Singapore’s regulatory frameworks are effective and free of bureaucracy. Singapore has stood the first position in business operation as per the World’s Bank Ease of Doing Business survey. The simple process and laws to set up a company take not more than a day to start a new business and company in Singapore. Likewise, the taxation system is straightforward, and the procedures are also free from complicated paperwork.
Note: You don’t need to travel to Singapore to open a business if you hire a company incorporation service provider. However, if you still want to visit Singapore once before starting your company, here are some hotels in Singapore.
No Double taxation
Singapore has a huge network with over fifty countries that has agreements regarding the avoidance of double taxation. It assured the economic transactions between treaty countries with Singapore are free from double taxation systems. Moreover, Singapore offers UTCs (Unilateral Tax Credits) for countries that lack a double taxation agreement. Hence, incorporating a company in Singapore offers you advantages in the avoidance of double taxation.
Corruption Free Business
The strict enforcement of laws and regulations frees your business from corruption. Also, the government officials are highly paid, and the country holds very cruel punishments for those committing corruption. So, there are merely any chances of corruption in trades and business in Singapore.
Hence, the ease of company incorporation, strict government policies for the tax system and corruption-free business makes Singapore an ideal place to set up your business. Likewise, the company corporation services providers have made Singapore a lot easier and popular for business settings.