Doing Business in Singapore
The benefits of doing business in Singapore are beyond numerous. For over a decade, the nation has ranked as the best country in the world to do business according to the World Bank.
Singapore’s appeal extends far beyond the Southeast Asian theatre and into the global stage. Even in the emerging technology market, the city-state is still a prominent player. Singapore is one of the leading nations in nascent industries like cryptocurrency and blockchain technology.
Business Registration
According to the IMD World Competitiveness Yearbook, Singapore is one of the least bureaucratic nations in the globe. This means that the process people go through to open company in Singapore isn’t as tedious as one would find in other climes.
To open a company in Singapore takes less than three days. This is far less than the three weeks the process can take in other countries. This ease also applies to the process an individual would go through to register a company in Singapore for a foreigner. However, to enjoy this ease and simplicity, foreigners are advised to utilise the services of a trusted consultancy firm like Ace Financial.
Starting a business in Singapore for foreigners involves deciding on what kind of establishment the company will be. There are usually three options: subsidiary, branch office, and representative office.
Subsidiary and branch offices can quickly be registered online at the Bizfile website under the auspices of the Accounting and Corporate Regulatory Authority (ACRA). To register a start-up business in Singapore as a representative office, the agency in charge is the International Enterprise (IE) Singapore. If the representative office is in the banking or insurance sector, then it will have to be registered with the Monetary Authority of Singapore (MAS).
Access to Skilled Labour and Suitable Office Locations
Having considered how to open a company in Singapore, the next logical step would be to fund suitably skilled labour. Just as it is easy to register a company in Singapore for foreigners, so it is with gaining access to a qualified workforce.
Singapore’s educational sector ranks as one of the best,.in the world with other countries identifying it as a suitable model for adoption. Thus, there is an almost endless supply of talented local workers to suit any business niche. Being an international business hub, one can bet on the presence of experienced expatriates from several countries around the world.
With the rapid pace of industrialization in Singapore, finding suitable bases of operations is also not a hassle. There are a plethora of specialised business and industrial zones spread across multiple locations in Singapore.