Ease of company setup, vibrant business environment, stable political environment, strong Intellectual Property protection, educated workforce and good quality of life – these are the key factors consistently attracting entrepreneurs to start and grow their business in Singapore.
Blogs about corporation startup tips, accounting and taxation basics.
As one of the leading wealth management hubs and a gateway to Southeast Asia, Singapore attracts an impressive amount of foreign investments. According to the Accounting and Corporate Regulatory Authority (ACRA), the number of registered companies has doubled since 2003. As a result, the number of directors managing such companies has also increased dramatically.
With Singapore’s pro-business environment, it is no wonder that many foreign entrepreneurs choose to start a business here. It is worth highlighting that as part of the company incorporation process, the Singapore Companies Act stipulates that every company must have at least one director who is ordinarily a resident in Singapore.
Contrary to popular belief, facing bankruptcy in Singapore is not a rare scenario. According to the country’s Ministry of Law, an estimated 1,800 persons fall into bankruptcy annually mainly as a result of overspending, unemployment, and business failure.
Fail fast, fail often. This is a mantra commonly heard among the entrepreneurship community. However, the reality of failing is consequential, resulting in loss of money, lack of confidence in the leadership, decrease in market share and business closure, in extreme cases.
While many foreign entrepreneurs are drawn to setting up a business in Singapore given the country’s various business benefits, here are five common mistakes that they should avoid.
If you are an employer seeking to start or expand a business in Singapore or a foreign national looking for a job in this city, you have to get as much information as you can on Singapore payroll laws and regulations. This practice will help you minimize the risks of unintentional oversights that might cost you your business or your law-regulated rights.
There is a lot of ground to cover regarding Singapore payroll regulations, so let’s not waste precious time.
There are many things that you need do after the successful incorporation of your company in Singapore. The directors, secretaries and other officers of your company are advised to read and comply accordingly.
(The information presented below is not intended to be exhaustive. Please seek professional advice when in doubt.) One of the most common questions we get is, “how to register a company in Singapore?”
Choosing the correct functional currency is key to effective reporting. As markets are increasingly globalized, companies are more often engaged in international trade, cross-border alliances and joint ventures. Businesses are no longer confined to their origin countries.
Companies conduct business in the international market for two main reasons:
- To buy goods and services from overseas suppliers or sell them to overseas buyers.