There are many reasons why a company or an entrepreneur would choose to relocate to Singapore, especially in the era of business globalization. Some reasons include access to a new market due to its central location in Asia, low corporate taxes, and other benefits. However, like in any other country, there are rules to follow when setting up a business in Singapore, and disregarding any of them will lead to penalties, especially business closure.
Before you migrate your business or services to Singapore, you should know the rules, regulations, and policies regarding business establishments, operations, and other relevant services. Here are some facts and tips you ought to know.
1. Business permits and licensing
Every country has different licensing rules regarding the business you are engaged in. Therefore, you need to interact and report to the relevant authorities to get permission and licenses to establish your business in the country. Most of these permits and licenses are available through online services portals and platforms.
If you are a company, you need a certificate of incorporation in Singapore, and you can incorporate your company through an Employment pass or Entre pass. The employment pass is the most suitable method for foreign companies moving to Singapore. Before you get the pass, you need to get the resident director through a temporary Singaporean nominee. You also need a company secretary from Singapore. Then they will apply for incorporation. Once the incorporation is approved, they get an employment pass to allow you to move to Singapore to take care of company business. After some time, the temporary secretary and directorship cease allowing you to take full control of your company.
The second option, an entry pass, is available for certain businesses, especially research and development, innovation, and IT-oriented. To obtain the certification, you should go through agencies such as the National Research Foundation, Infocomm Media Development Authority, Ministry of Manpower, and Spring Singapore. You must also meet other requirements such as monetary funding minimums, the experience needed for the job, a company IP, a business plan, etc.
You should rely on expert service providers like a1corp.com.sg to help with your licensing needs. Such agencies have experience operating in Singapore and will ensure you get all the right permits, certifications, and any other help.
2. Getting the needed funding
Business expansion can be expensive, especially when establishing new operations. You need should the proper supply channels, workforce, marketing, and other structures to support the business processes. When operating in a new area, you can quickly fail due to limited finance or fall short of your plan due to a lack of capital to meet all your venture needs.
Therefore, you should understand how to get suitable finance sources for your business. The main challenge is acquiring capital in a new country where no institution or investors know you. You can also not list your company on the stock markets since it is relatively new in the country.
One of the suitable ways to access the needed funding is to seek help from an agency to help you set up bank accounts with local and trustable banks and obtain the funding you need. The agency may also help with other needs, such as linking you with the best investors interested in your company.
3. Government incentives for businesses
Migrating your business to Singapore also means that you access unlimited government incentives to boost company growth and expansion. These incentives can be handy, especially during stressful moments when the company struggles to stay afloat. After stabling the business and having the right documentation, you should register with different agencies such as Singapore and Standards, International Enterprise, and Productivity and Innovation Board. From these agencies, you can raise capital such as the initial capital for launching a technology, financial support for expansion or business establishment, and many more.
You should liaise with your accounting partner to advise you on the requirements to access these incentives. Ensure you abide by the stipulated rules, terms, and conditions to avoid fines and lawsuits for violating incentive provisions.
4. Critical experts to hire
For a new business in Singapore, whether expanding or creating a new venture, the business rules, and regulatory concerns are different. You may not be aware of all these rules and regulations hence the need for experts to help you avoid rejection, business closure of severe court fines for violations.
The first expert you need is a legal expert; hence you should partner with a law firm and hire someone from the firm to be a part of your management and advisory council. They will help you play by the rules and avoid unnecessary penalties. When filing for trademarks, patents, and trade secrets, you also need the help of a legal expert to push your documents through the registry.
You need accounting and audit experts. The accounting experts should help with issues such as tax accounting and filing, auditing the company books and operations, and advising appropriately. You need other financial experts to help you with issues such as acquiring the required funding, approval for business loans, and other needs.
You need a public relations expert who knows the Singaporean culture and can advise accordingly. Since you are relatively new to the country, understanding the culture can be challenging; hence you need someone with the knowledge to help you avoid a negative reputation and advise on cultural practices. They can also help you understand the working culture in Singapore. As you concentrate on management and business expansion, you should allow experts to help you avoid any minor issues affecting your business. In short, you need to take a backseat on certain matters but ensure your opinions are considered.
Singapore is one of the most hospitable business environments, if you want to work in digital marketing industry you have to complete digital marketing course online and apply for job, it is open to new ventures, and the probability of succeeding is high as long as you abide by the rules. Avoid any malpractice, both intentional and unintentional, by relying on different experts. Also, be aware of the available incentives to help your business grow to newer heights.