Singapore is one of the serene places to do business in the world. The world-class infrastructures, favourable taxes, ease of trade, lack of corruption or monopoly, ease for foreigners, etc. are only some reasons that make Singapore arguably the best place to open a company.
However, you should know some things before starting a company in Singapore:
You Can Buy a Shelf Company in Singapore
You see, registering a company can be a cumbersome process for some. If that’s the case for you, you can go to a shelf company. A shelf company is a company that has already been registered but not in operations.
You can consider Buying Shelf Company For Sale In Singapore and start doing your business right away.
In case You Decide to Register Your Own Company.
Well, in some cases, you wouldn’t want to buy a shelf company but register your firm in Singapore. The process may be confusing for some, so firms and teams of CPAs help investors open their own company. For example, the team of Chai Chung Hoong provides company registration services in Singapore. You will have to state your requirements and give the paperwork they ask for, and they will register your company for you.
There Primarily are Three Types of Businesses for Startups in Singapore
A Sole Proprietorship is run and managed by a single person. They get all the income of the company but need to incur losses and be responsible for the debts.
A Partnership is similar to sole-proprietorship, but multiple partners have ownership of the company. In case of a limited partnership, some partners don’t make as many investments as the others. Thus, they make lesser profits.
A Private Limited Company is what most go for. It is based on shares rather than ownerships. Unlike the previous two types of firms, a private limited company stands as a separate legal entity.
To open a private limited company, you need a shareholder, a resident director, and a secretary, and also a registered address in Singapore.
There is another type of company called Public Limited Company, which is similar to a private limited company, as shares run it. However, in a Public Limited Company, stocks are also open to the public. You see, it is an established firm, so it isn’t practical for a startup to be registered as public limited.