Starting out any business requires that you follow all the rules and regulations of the country. To register a firm in Singapore the accounting and corporate regulatory authority has a say in the matter. Let us say a foreign company would like to set up its office in the country, local agents who are citizens of Singapore are required to work on their behalf. Government approval is not required if foreigners would like to do business, in fact, they can own the company a 100% – however a bank or a financial institution requires local partnership. Incorporation of company in Singapore requires registration under the Company Act. Exclusive licenses are necessary to conduct business in banking, stock broking, lending and insurance.
Relentless expansion is what makes small and big businesses look at setting up shop in other shores. Before heading into the great unknown, you need to consider certain aspects. The prime one is whether you have chosen the right market. Here are a couple of pointers to consider.
What are the social mores and customs pertaining to the country of choice?
Are there any restrictions on import or export?
What are immigration regulations?
Do foreigners have a right to own property in the new country of business?
What are the tax rules and governing laws?
What are the rules pertaining to employment of ex pats in the country?
Are there any financial restrictions regarding the amounts of money that you take and bring into the country?
Is the country well connected with good infrastructure?
Today, most countries have government websites where you can generate information online, which is ideal for potential investors. Before you dive into a business overseas, start small and expand later. Let us say you are a product driven enterprise, offer just a few products with flexible options this empowers you to test the waters. Instability in the political arena is quite common, that you need to consider before setting up shop overseas. With unemployment raising its ugly head with diverse regimes, setting up shop overseas does have its risks.
The incorporation of company in Singapore is easy with the help of these professionals!