Setting up a business in Singapore
Singapore is one of the easiest places to start a business and it is no surprise that it has consistently been ranked highly in the World Bank’s East of Doing Business reports. Whether you are an expat living in Singapore or a resident of your home country, setting up a business in Singapore is seamless, convenient and fast and made possible by our team of lawyers at Advomi.
A vibrant start-up ecosystem, globalised economy, robust legal framework, skilled workforce and business-friendly environment with one of the lowest tax rates in the world, there is no surprise that Singapore is an attractive destination for many expats to set up a business here. At Advomi, our lawyers understand the needs of expats and are familiar with legal and taxation framework for start-ups.
Choosing a business structure
The first step to setting up a business in Singapore is to decide on the type of business structure. There are 4 main types of business structures: sole proprietorship or partnership, limited partnership, limited liability partnership and company. Each of these business structures have their unique features and characteristics. Ultimately, the type of business structure you choose would depend on your business needs – how much capital are you prepared to invest? Are you ready to assume any liabilities and responsibilities of the business? Will there be any owners in the business?
The company (exempt private limited company by shares) is perhaps the most common business structure for most individuals seeking to do business here. The company is a legal entity separate and distinct from its shareholders and directors where members have limited liability and are not personally liable for the debts and losses of the company. A private company may be comprised of 50 members or less.
Depending on your business, our lawyers can assist you with choosing a right business structure that is most suited for your commercial intent, including advising you on registration requirements, yearly statutory obligations, tax and other services from incorporation to cessation of a business. Get in touch with us today.