Are you planning to start a business in Singapore? According to various reports, the country is becoming one of the best business hubs in Asia. Entrepreneurs, both foreign and local, prefer Singapore because the government has made it easy for them. Foreign investors can get all the relevant information about registering and setting up a business from reliable agents like Visa Express Singapore. Irrespective of the type of business you decide to open in Singapore, below are the steps to follow when starting any business in Singapore.
This ought to be the first step. The relevant body that takes care of business registration is the Accounting and Corporate Regulatory Authority (ACRA). When one is registering a business, she or he must consider that the business name, address and other important details must be registered. The body is also concerned with getting to know the board of directors who will run your business.
Applying for Permits
Some permits are required to run a business. If you are a foreigner in Singapore, you do not have to peruse all the web pages looking for which permits to apply. Using a reliable agent will ease the work because she or he will do all the work for you. The beauty of using this option is that the agents will save time and do the right thing. Checking the reputation of the agent before hiring is a good habit to increase the chances of having good work done for you.
Office Acquisition and Setup
Singapore operating policies for a registered business require one to have an office. Therefore, setting up an appropriate office is a procedure one cannot ignore. Such an office must have a registered address where official correspondence can be received. If setting up an office worries you, then you have reason to smile because Singapore has numerous office options one can use. Furthermore, the options are affordable as one way of making sure that investors have an easy time.
The employment act in Singapore together with the government has participated in making business startups have an easy time finding employees. The government makes sure they have trained employees in all sectors that are ready to be absorbed and start a productive business. If you need to hire, it is crucial to also have clear job descriptions to avoid any misunderstanding with your new employees. If this is followed to the letter, then one is bound to have a smooth startup of the business.
Taxation starts from the first day you make sales. Most foreigners are afraid of going through double taxation while in Singapore, although this is not a true danger. The country has treaties with many other states both in Asia, the EU, and other regions across the globe to avoid double taxation of foreign investors. It is a good habit to comply with the required taxation to avoid running in to problems with the authorities.
Now that all the important pillars of starting a business are in place, the business is ready to operate. Other crucial areas include stocking and setting up structures, which will be an easy task with the above measures in place.