Singapore is well-known for being a business haven among the Asian countries. The country has made a name for itself for having very low cases of corruption. This has ensured that many businesses, both local and foreign, have level ground to succeed. The country is hosting many foreign investors, something that is gradually making the city-state an economic powerhouse. As an entrepreneur, you are always looking for opportunities to enable your business to succeed. At the moment, the Lion City offers a great opportunity for any business to reach its full potential. Here is all you need to know when starting a business in Singapore as a foreigner.
Registering a Company in Singapore as a Foreigner
It is important to note that many foreigners have registered Singaporean companies because of the various policies that tend to favor entrepreneurs. Just like any other country, Singapore has several requirements that a foreigner must meet before being allowed to start a company in the city-state. Before you are allowed to register a given company, the company should have a director who stays in the country.
The given company also needs to have an office in Singapore. The country has a policy that restricts any foreigner from starting a company on their own. As a foreigner, you can utilize the various Singapore-based firms that offer services regarding the registration of companies. You will also be required to have a bank account at a bank that is located in the country.
If you are considering starting a business or investing in the city-state, you must acquire the country’s visa. A Singapore work visa is vital for foreigners to be allowed to do business operations in the country. Having a work visa is necessary, especially for those who would like to operate their business from other countries. Though you may be allowed to run the company’s operations from another country with a work visa, as a formality, you will have to appoint a company director who is in Singapore.
On the other hand, you can apply for and acquire an Employment Pass. An Employment Pass will only be issued if the given foreigner is willing to move to the country and run the business operations from there.
You can also be issued with an Entrepreneur Pass if you are willing to reside in Singapore. Having the above-mentioned passes will enable you to become the company’s director. Getting either a Singapore work visa or a pass to enable you to start and run a business in the country may be challenging for many people. You can utilize the services at the One Visa official website to get your visa quickly.
Singapore has various government agencies that have enabled foreigners to easily start businesses and invest in the country. The country is well-known for having minimal cases of corruption, and this has enabled foreigners to start businesses easily. Several government agencies provide much-needed help to foreigners who wish to start a company in the country.
Starting a business in Singapore will prove to be beneficial in the long run. Many foreigners have succeeded in investing in the country. Starting a business in the country is not as hard as many have been made to believe.