Though businesses based in places where corruption levels are low will not realize it, the success of a business depends to a large extent on how business-friendly the local government is. In areas where corruption and nepotism levels are very high, business owners waste a lot of time and resources fighting for their basic financial rights, exposing corruption, abuse of power, harassment of local government officials.
Since it is usually difficult for a business owner to change the government and corrupt local officials, the other option is registering the company in a country where corruption levels are lower. In the Asia pacific region, Singapore is widely considered as one of the best places to do business, so many companies would like to find out the
Singapore company registration cost, so that they can take a decision accordingly.
The cost of registering a company in Singapore depends to a large extent on the profile of the owners of the company. If the owner or owners of the company are based in Singapore, the process of registering the company will be simpler, since the owner of the company can act as the director.
In Singapore, there are three main options for starting a company. A proprietorship has a single owner, a limited liability partnership (LLP) has multiple partners, while a private limited company has multiple shareholders who have a stake in the company.
Foreigners can also register a company in Singapore, taking advantage of the extremely favorable business conditions. They can either relocate to Singapore and run their business, or continue to live outside Singapore while running their company.
The cost of opening a company in Singapore for a foreigner will be usually higher, since the service provider will provide additional services. These include providing a suitable registered address in Singapore, nominee director, arranging for an employment pass, the appointment of company secretary and similar services.
Companies in Singapore are registered with the accounting and corporate regulatory authority (ACRA). Anyone above the age of 18, whether a Singapore citizen or foreigner can incorporate a company in Singapore . The first step in registering a new company involves checking the availability of the company name and registering the company name.
The basic cost for approving the name of the company is S$15, while the cost of registering the new company is S$300 according to information provided on the official ACRA website. The other costs like providing a nominee director or registered address will vary depending on the service provider selected by the business owner.
There are other options for setting up a company in Singapore. A business can set up a subsidiary company or a branch office. The branch office will have a nominee local agent. Alternately an existing business can relocate to Singapore.
It is also possible for businesses to purchase existing Singapore shelf companies for a specific purpose. Due to the excellent business policies, skilled workforce, use of English, Singapore has become the leading business hub in Asia, so registering a company in Singapore, can help it grow rapidly.