Why is Singapore one of the Best Global Cities to do Business?
Why is Singapore one of the best global cities to do business?
Firstly, Singapore has a promising jurisdiction for registering a company and addressing business management. In the world rankings of doing business, Singapore has a leading role for many years.
Secondly, there is virtually no corruption in Singapore, there is no external state debt, and the trade balance is positive on a constant basis. Singapore is one of the international financial centres with developed economy based on trade and sector service.
Thirdly, Singapore is in the white list of countries that are favourable for companies to do business. And first of all it is due to high reputation of the jurisdiction, as well as taking into account the highly favourable tax regime and a developed system of protecting the interests of businesses and investors. Such conditions allow to easily register a company in Singapore and to do business in favourable atmosphere.
According to a study conducted by CNN Time Warner Group, Singapore is ranked 5th in the world in terms of friendliness to small businesses. Ahead of it are only New Zealand, the USA, Canada and Australia. The study took into account such factors as the time to form a Singapore company, laws, tax policies and the different types of business activity etc.
Having own business in Singapore is a dream of every entrepreneur. Registering a company or business in Singapore takes about 1 to 2 days, and the further conduct of business is not complicated by unnecessary bureaucratic delays. With so many benefits, it is no wonder that Singapore is among the best global cities to do business.
Setting up a Company
If you already have the idea of a business, it’s time to move to action. The minimum share capital is a nominal $1, the minimum number of shareholders is one, and the license for most businesses is not required. Foreigners can own 100% of the shares. In fact, the only legal requirement is that the director of the company must be a resident of Singapore.
But there is an option when a foreign businessman receives a work visa either Entrepreneur pass or Employment pass. In this case you can do your business even without the Singaporean director. Application for a work visa is processed by the Singapore Ministry of Manpower and if you have a higher education such as Bachelor’s Degree with business experience, no problems should arise in the work visa application.
In order to start your own business, the easiest way to do that is to apply to one of many consulting or law firms in Singapore. There you will be not only explained in detail all the conditions for the establishment and running your own business in the country, but the company secretary will help you to arrange the Singapore company registration in just a few days.
