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--- countries:singapore:business:requirements [2023/07/31 20:07] – wikiadmin
+++ countries:singapore:business:requirements [2023/07/31 20:13] (current) – wikiadmin
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+From my own experience, the easiest way to incorporate in Singapore as a foreigner is hiring a company formation service to do it for you.
+An experienced service provider who works with startups can do all of this for you in the $500 to $1000 range, and believe me, that's way more cost-effective than trying to hack it, getting it wrong, and having to pay tons of money to fix it.
+Some service companies will provide consultancy with no or low fees, plus the state filing fees, frequently in combination with registered agent service. Their experience may help you to save time and even money in the long run.
+You may want to compare several for pricing and services offered. (I personally did my incorporation with bbcincorp and paid to get it done quickly. It was the simplest way to do it for me. I did not retain them for any other use because I wanted a local Singapore company for my issues)
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+What benefits become available to a foreigner after establishing a business in Singapore?
+We incorporated in Singapore recently. The real answer would be not a lot for just incorporating. There are a lot of things which still apply only to Singaporeans and Singaporean directors.
+I guess personally, if you wanted to settle in Singapore then you now have that option. You can apply for an employment pass but again you need to advertise the role for Singaporeans before a foreigner can go for it and then you need to say why there was no Singaporean who could do it and also pay the minimum salary requirement.
+Another way is to get an Entrepreneur Pass. This again has some rules making it not easy to get.
+What you do get though is a safe place to put your money and a very business friendly country. Everything is relatively straightforward in regards to opening a bank account and auditing etc if you play by the rules.
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+Do you need to register your company in Singapore if you are just doing the startup and not going to do any business activities in Singapore?
+If you are not planning to conduct any business activities in Singapore and your startup operations will be entirely conducted outside the country, you generally do not need to register your company in Singapore. The Singapore Companies Act requires companies to be registered if they are carrying out business activities within Singapore or have a significant presence in the country.
+However, it's essential to consider the following points:
+. Jurisdiction of Operations: If your startup's operations involve any business activities in Singapore, such as sales, marketing, or providing services to Singaporean customers, you may need to register your company in Singapore and comply with relevant laws and regulations.
+. Taxation Considerations: Even if you don't have a registered company in Singapore, you might still have tax obligations if your business activities generate income or profits from Singapore sources. Tax laws can vary based on the nature and extent of your operations in Singapore, and it's crucial to seek advice from a tax professional to understand your tax liabilities.
+. Employment Pass and Work Visas: If you or your employees plan to work in Singapore, you may need to apply for relevant work passes, such as Employment Passes, depending on the duration and nature of the work.
+. Intellectual Property Protection: If your startup has intellectual property (IP) that you wish to protect in Singapore, you can consider registering trademarks or patents with the Intellectual Property Office of Singapore (IPOS), regardless of whether you have a registered company in Singapore.
+. Banking and Financial Matters: Some financial institutions may require you to have a registered company in Singapore to open business bank accounts or access certain financial services.
+It is advisable to seek professional advice from legal, tax, and business experts who are familiar with Singapore's laws and regulations to determine the appropriate course of action for your specific startup scenario. Singapore offers a conducive environment for startups, and understanding the legal and regulatory landscape will help you make informed decisions for your business.