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Why Startup In Singapore?
Welcome To Singapore - The Lion City
Ranked #2 in the world for how easy it is to do business, Singapore is always the #1 go-to destination for many foreign entrepreneurs to start, expand and run a company here.
Despite being one of the smallest countries in the world, Singapore boasts a GDP/capita of US$58,248 and is renowned for its world-class Changi Airport. It is also strategically located to many key business hubs in Asia. In just a few hours, you could reach destinations such as China, Hong Kong, Vietnam, Indonesia and India.
Vibrant Startup Ecosystem
Recognised as the World’s Freest Economy 2020, Singapore has consistently proven that it is a business haven for many startups and growing companies. Growing into one of the biggest tech hubs in Asia, some booming verticals in Singapore include ridesharing, logistics, biotech, and fintech.
Here are some figures that you can relate to.
Local Government Support
With tons of support from the government, starting a business in Singapore has an added advantage, making the initial process less painful. Here are some common grants available:
Special Tax Incentives
While high corporate taxes may be a huge pain point for many businesses in other parts of the world, Singapore has built an attractive tax system and there are incentives such as:
Process To Get An Employment Pass In Singapore :
To incorporate a company in Singapore and relocate to run the business, you will need to apply for an Employment Pass. To be eligible for an Employment Pass, you will need to have relevant skills/experience in running a company and a degree from a reputable institution. Incorporating a Private Limited Company in Singapore is the most common option. Plus point - Foreigners are allowed to have 100% foreign ownership of the incorporated Private Limited Company. Here are the requirements:
Check out this quick video to learn how to incorporate a Singapore company in 3 steps:
The Process
Submit Application Form > Prepare Documents and Payment > Incorporate Company > Apply for Employment Pass
*Take note that as a foreigner, you will need to seek the assistance of a corporate service provider to register a Singapore company.
Next Steps
While awaiting the approval of your Employment Pass(EP), you can engage a temporary Resident Nominee Director to kickstart your company’s operations in Singapore. Once your EP is approved, you can take over the Nominee Director anytime and continue running your business.
Why InCorp Global?
Setting up a company in a new country may seem daunting. InCorp Global helps businesses at every stage by providing seamless corporate services that enables entrepreneurs to focus on business growth.
InCorp is an award-winning company and has helped more than 10,000 global entrepreneurs and companies launch their Singapore ventures successfully. Count on our experienced team for the incorporation and compliance of your company.
Headquartered in Singapore, InCorp Global has built a leading presence in Southeast Asia including Indonesia, India, Hong Kong, Vietnam, Philippines and Malaysia.
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