Small business setup in Singapore
Singapore offers a favorable environment for small businesses, with its strong financial hub, international trade prospects, and a business-friendly atmosphere for companies in finance, trade, and technology. We specialize in aiding start-up and growing small businesses by leveraging our in-depth knowledge of the local market and expertise in company formation to guide you through the necessary documentation and procedures for establishing your small business in Singapore. Let’s talk about the benefits of starting a small business in Singapore and how our tailored solutions can help ensure your success.
Formalities and procedure
Registering a small enterprise in Singapore comprises multiple steps that can be finalized within a few weeks.
Choose a business name
The name of the business should be original and not already taken. You can verify the availability of a name on the Singapore Trade Registry’s website.
Select legal entity type
Choosing the right legal structure is crucial for the prosperity of your small business. We offer expert advice on options such as Private Limited Company (Pte. Ltd.), Public Company Limited by Shares (Ltd.), Branch Office, and Holding Company to help you make a well-informed decision that suits your needs and goals for the future.
Set up legal address
When beginning a business, it is crucial to have a “legal address” that complies with local laws and fits your business needs, as it is the primary point of contact for government agencies, legal entities, and important business communication.
Get the necessary paperwork ready
Our team of professionals will assist you in developing detailed and tailored documentation that aligns with your company’s structure and objectives. We ensure compliance with all legal requirements and will handle the submission process on your behalf.
Open a bank account
Setting up a corporate bank account is necessary for businesses in Singapore. We will guide you through the process to ensure you are in compliance with regulations and assist in opening an account with a reputable financial institution in Singapore for your small business transactions.
Company registration
We take care of registering your small business with authorities such as the Trade and Companies Register and tax authorities, saving you from the administrative hassle. This ensures that your business is recognized and compliant with the law from the beginning.
Setup accounting
In order to effectively start a small business, it is crucial to keep precise financial records. Our group of experienced accountants can assist in setting up efficient accounting and bookkeeping systems that adhere to Singapore’s regulations.
Small business examples
Small businesses can be found in various industries and sectors, each with unique requirements. Here are a few examples of small businesses:
- Business support: Smaller consultancies, individual service providers
- DIY retail: Locally-owned hardware shops, small home improvement stores
- Education: Tutoring services, small language schools, independent trainers
- Farming: Smaller, family-run farms
- Fitness: Individual trainers, small local gyms or studios
- Food and beverage retail: Independent grocery stores, coffee shops, bakeries
- Hotels and motels: Smaller, independent hotels or motels
- Laboratory: Smaller independent testing labs
- Marketing: Freelance marketers, small local agencies
- Media: Independent content creators, niche publications, small production companies
- Printing: Small local print shops
- Real-estate: Individual realtors, very small brokerage firms
- Restaurant: Independent, non-chain restaurants
Benefits of establishing a small business in Singapore
Singapore is an attractive place for starting a small business, with a range of benefits.
Strategic location
Singapore has a well-founded reputation as a financial center that offers opportunities for international trade and a favorable environment for companies in finance, trade, and technology. Due to its strategic location, state-of-the-art infrastructure, and robust legal system, Singapore provides many benefits for businesses seeking to enter the Asian market.
Favorable tax regime
Singapore has a corporate income tax rate of 17%, which remains consistent across all businesses. The nation provides a range of tax incentives and deductions to encourage businesses to set up operations, specifically targeting those involved in research and development. Singapore is a key player in the finance and trade sectors in Southeast Asia.
Banking
Singapore’s reputed financial center offers international financial services, chances for managing wealth, and opportunities for investing in a business-friendly and technologically advanced setting.
Our small business setup solutions
We understand the value of your time and resources. This is why we offer two convenient choices to make the process of company formation easier.
Business formation online
By utilizing the online platform offered by Singapore, individuals can begin and finish the process of starting a business from any location globally. The option to track advancement, submit necessary paperwork, and access our services through secure digital platforms guarantees a seamless and convenient experience.
Business formation remotely
If you would rather not deal with the paperwork, our team can handle it all for you. Our professionals will manage all the necessary formalities, fill out the required paperwork, and communicate with the appropriate authorities on your behalf to ensure your peace of mind.
Contact us today and launch your small business success
Contact us now to schedule a consultation and begin pursuing your business goals. Let’s embark on this journey together by taking the initial step.