Know 6 Genuine Steps to Start New Business in Singapore

1. Do you wish to grow your business in abroad and find the customers worldwide? If yes, you can make plan for this by opting Singapore as your business destination to setup new venture out there. It would be a good move, if you do setup new enterprise in Singapore through right ways. But, there are still some legal constraints in new business setup in Singapore that you need to understand and follow accordingly. So, if you want to know about those legal aspects of Singapore registered company and registration, you should get in touch with any genuine corporate consultant or avail services of genuine business incorporation agencies in Singapore too. The better would be availing services of business registration agencies, which can handle all the processes of company setup in Singapore through legal ways. So, if you really do not know how to start business in Singaporethrough authorized ways, you should follow below steps wisely: 1. Hire or Rent Office in Singapore for Business Setup You should first hire or rent a space for starting a company or office in Singapore for business setup. There are many corporate buildings and places available across the country, which have

2. furnished office spaces to start a new business. But, it is advised you to hire or buy office spaces from authorized dealer or builder in Singapore only. 2. Company Name In the very next step, you should have to setup a decent name of your company and also assure for its approval from ACRA in Singapore. You should assure that company’s name looks decent and unlike to others too. 3. Company Director and Shareholders It is always recommended to appoint at least one shareholder and one director for the company. It is necessary that director of company is a Singaporean or has residency proofs or business pass to stay in the country for business setup. Besides, you can appoint shareholders in company up to 50 maximum. 4. Paid-up Capital For doing business in Singapore, you also need to give details of company’s paid capital that should be S$1 Million at least. However, you can be liable to get exemption for income tax and GST tax of business accordingly to your earnings annually. 5. Other Company Details You are supposed to submit some more details of business like its registered address proof, contact numbers, license, bank account etc., to the Singapore government for verification process. 6. Company Secretary Once you get done with company incorporation process and passed through more than six months of it, you need to appoint a company secretary in the company that is mandatory norm for all level enterprises in Singapore. Thus, above are some legal steps, which are necessary to follow to register business in Singapore and make it setup process successful in a right way. Know Corporate Taxes and Personal Income Taxes for Foreigners in Singapore Singapore is always an appealing business destination in Asia for global companies, as the country is a heaven place for corporate businesses, where they can grow and earn revenue for their organizations easily. Singapore welcomes all small to mid size companies to do setup of their new ventures and earn more revenue for them. It becomes feasible due to lower tax rates on corporate business of foreign and resident companies in Singapore that is fixed up to 17% only. Usually, the foreign applicants seeking for employment in Singapore, they will also have to pay personal income tax in the country that is fixed up to 22% only. However, there is so much

3. scope to save money for foreign companies as well as job applicants in Singapore by paying lower income taxes for their businesses as well as personal earnings done in the country. Let’s take a brief about income taxes in Singapore for foreign businesses as well as candidates doing jobs in the country: Income Tax Rates for Foreign Businesses in Singapore Every year, many foreign companies do setup of their new ventures in Singapore in order to do development of their businesses at international standard as well as earn more revenue for their concerns. But, the biggest reason of moving foreign companies in Singapore is the lower taxes on outside businesses and tax exemptions for them. Usually, the Singapore government has setup lower tax rates for all resident and foreign companies up to 17% that is fixed. Besides, the foreign companies can also enjoy 100% tax exemption on income tax in case company’s revenue is up to S$1 Million. This facility is applicable for new companies up to 2 or 3 years till their revenue crosses the threshold of corporate income tax in Singapore. The Singapore government applies income taxes on the foreign and resident companies on their profits or gains only. Also, the businesses will be liable to pay taxes for foreign investments and interests earned for them. Besides, the taxes are applicable on royalties and other business profits being earned by companies in Singapore or outside. Income Taxes on Personal Earnings in Singapore The candidates having employment in Singapore, they need to pay personal income taxes according IRAS rules in the country. The personal tax in Singapore depends upon the individual’s tax residency status or annual earnings of him. Generally, the personal tax applied on income of any resident or foreign employee in Singapore is up to 22%. But, personal tax may also vary according to the earnings or post hold of the applicant in company such as: •The personal tax applied for non-resident candidate is up to 15%, if applicant works in Singapore as a consultant, coach, trainer, etc. •Similarly, if a non-resident candidate works as a public entertainer, sports person, artist, etc., in any organization in Singapore, then his or her income tax will be 10% of personal earnings. For more details about personal income tax and business income taxes in Singapore, you need to explore guideline issued by IRAS or Inland Revenue Authority of Singapore authority on its official website.