Singapore is well-known as a top center for economic activities and a key gateway for businesses looking to expand into other ASEAN cities. Its stable politics, flexible immigration rules, and advanced technology are some of the benefits of starting a business there.

According to the World Bank’s Ease of Doing Business Index 2020, Singapore is the second easiest country to start a business in, right after New Zealand. It has a very efficient and low-bureaucracy system, making the company registration process straightforward and quick—often taking less than a day.

Singapore provides great resources to help investors and entrepreneurs start their businesses. Anyone from around the world can set up and run a business there.

Benefits of Incorporating in Singapore

Here are the advantages of starting a company in Singapore:

• Easy Incorporation Process  
  Setting up a company in Singapore is simple and can be done entirely online. The registration process is straightforward, and the annual compliance requirements are minimal and not complicated.

• Low Costs  
  The cost of registering a company in Singapore is lower compared to places like the USA, Australia, and the UK. Ongoing costs to keep the company running are also relatively low.

• World-Class Infrastructure
  Singapore boasts modern infrastructure, including top-notch airports, highways, subways, internet services, and commercial buildings. This advanced infrastructure creates a great work environment and boosts business productivity.

• Diverse Industries
  Singapore has thriving industries such as finance, insurance, legal services, and technology. These sectors offer various opportunities for growth, and the government provides ongoing support.

• Tax Benefits
  Singapore has a straightforward tax system. Companies are only taxed on income earned within the country, with no tax on foreign income. This makes it a favorable place for new businesses.

• Support for Startups
  The government offers grants and schemes to support startups. These programs are designed to foster a dynamic startup ecosystem for both local and international entrepreneurs.

• Strategic Location
  Located in South-East Asia, Singapore is close to major markets like India and China. It is a key hub with a busy port and an international airport linking many cities worldwide, benefiting logistics and business operations.

• Talented Workforce
  Singapore attracts global talent due to its liberal immigration policies. Many workers are skilled and speak English, and the country’s education system produces highly trained professionals. About a third of the workforce is from abroad.

• No Corruption
  Singapore is known for its low corruption levels, with strict laws and well-paid officials. This ensures that your business is protected and operates fairly, based on its own merits.

Basic Requirements for Starting a Company in Singapore

• Company Name
  Choose a unique name for your company.

• Directors
  Appoint at least one director who is a Singapore resident. You can have other directors from anywhere.

• Shareholders
  You need at least one shareholder, who can be an individual or a company, and they can be from anywhere in the world.

• Company Secretary
  Appoint a company secretary who is a Singapore resident.

• Local Address
  Provide a local Singapore address for the company’s registered office.

• Paid-Up Capital
  The minimum paid-up capital required is SGD 1.

• Business Activities
  Describe what your company will do and its business activities.

Incorporation Details

Starting a business in Singapore involves handling many documents and processes, which can be overwhelming if you're new to the regulations. It’s a good idea to let professionals handle the paperwork so you can focus on your business goals. Ensuring you don’t miss any steps is crucial when you're just beginning.

Company Incorporation with Cloud Consulting

Reach out today to discover how Clooud Consulting and let us provide the ultimate guide. We help you set up your company in Singapore, making sure all legal and compliance requirements are met. Let us handle the paperwork and regulations so you can focus on running your business, marketing, and finances.