Setting up your business in Singapore

esplanade(Esplanade, Singapore)

Firstly, why Singapore?

Singapore remains at #1 in both 2015 and 2016 for a good business environment by the World Bank Group. (Doing Business, World Bank Group, 2016)

This also means that Singapore is voted best choice for global or regional businesses to set up their headquarters in. Its business environment is highly competitive and favorable business laws, and pro-­business policies are in place to encourage and support the establishment of businesses here in Singapore.

By situating your international HQ here, your company benefits from:

●  Singapore’s network of over 50 comprehensive Double Taxation Avoidance Agreements.

●  Singapore’s many free trade agreements and the Investment Guarantee Agreements.

●  Protection for your ideas and innovations thanks to Singapore’s strict enforcement of its strong intellectual property laws. (Working in Singapore, starting a business, MOM)

Singapore promotes and supports entrepreneurship whereby many grants and loans are readily available in the country such as startups grants from SPRING Singapore. SPRING Singapore and other similar organizations also provide financial help in the research department.

Foreign businessmen who wish to start a business in Singapore is required to a locally resident director and this is where Golden Style Management(GSM) comes into play. At GSM, we aim to aid foreign entrepreneurs in setting up their businesses here so as to reduce the hassle of getting around to setting up a firm in Singapore.

Furthermore, incorporating a business in Singapore can be done easily. After approval from the Ministry of Manpower(MOM) and given a Singpass, foreign business owners who wish to start a business in Singapore can send their applications via BizFile+.

Foreign entrepreneurs who will be actively involved in the starting up and operation of the company in Singapore should apply for an EntrePass. EntrePass is a work pass for foreign entrepreneurs, designed to facilitate the entry and stay of the entrepreneurs. The EntrePass has an initial validity period of up to two years. Additionally, the EntrePass allows your immediate family to live here while you start and grow your business in Singapore. The EntrePass permits for reentrance with ease and it can be renewed as long as the business remains viable. (Why Singapore, EDM, May 2016)

Many foreign businessmen and women have their businesses set up in Singapore mainly due to the fact that Singapore in one of the easiest cities in the world to do business in. One can find the advantageous loans for foreign investors, the tax incentives and exemptions, the pro-­business legislation and the city’s financial stability. In 2013 Singapore was nominated as the eighth largest city in the world as recipient of FDI by the UNCTAD Global Investment Report and the third among Asian countries. The countries investing the most in Singapore are the United States, the Netherlands and Japan. (Company Formation Singapore, May 2016)

Now that you know of the benefits of setting up a business here, Golden Style Management will be your best partner for your first steps into establishing a company in Singapore. We are sincere in keeping our clients’ interests at heart and will not hesitate to put in more than a hundred percent effort in your business.