Starting a Small Business in Singapore as a Foreigner is Actually Very Simple
Singapore has its own reasons for being one of the best places for foreigners to start their business. The first reason is that there is no restriction on foreign ownership in Singapore. Also, Singapore has a business-friendly environment with a developed infrastructure. On top of that, the tax system is very business friendly, and the market is expanding, so you have a lot of opportunities for growth. So, if you want to start a small business in Singapore as a foreigner, here are the steps on how you could do so.
Incorporation and Registration
First off, you will have to register your business with the Accounting and Corporate Regulatory Authority (ACRA), and you could see it in bizfile under the ACRA. During this process, you will also have to choose the right business structure. As you are a foreign entrepreneur, you have three options available, a private limited company, a branch office or a representative office. Of course, you are not allowed to start any illegal business. Also, you will need to choose a name for your company, and it shouldn’t be vulgar or too similar to any existing companies.
If you register your business as a private limited company, you could also apply for the Singapore Entrepreneur Visa, commonly known as the Entrepass. This will help you if you want to relocate to Singapore and you could apply for it in this link. Also, keep note: if you are willing to apply for entrepass, you will need to do it under six months after you register your business as a private limited company. Depending on your business structure, you might expect a response time of 1 to 5 working days.
Starting a small business in Singapore also means you need to open a bank account for your company. This is a straightforward process, and all you do is choose a bank and apply for an account. Generally, it won’t take more than a week. However, as you are starting a small business, we recommend you to open an account in a local bank because the financial requirements are not so much there.
Remember, you need a license for any business you start in Singapore, and it is imperative. So, as soon as you choose your business, make sure that you acquire all the necessary licenses Otherwise, you might get into troubles in the future so always double check your permits. If you find it somewhat confusing, you might consider hiring a local lawyer to help you with it.
As you can see, if you want to start a small business in Singapore, the process is very simple and straightforward. Anyway, what you have to make sure is that you have the right business plans, because where people see opportunities is also where people fail a lot. The market in Singapore is growing. Still, it is very competitive, and most of the time, your business will result in all or nothing, so make sure that you make it a success.