Startup Companies in Singapore: Where are the Opportunities?
If you have a powerful business idea and know that it will hit the market running and help you own a successful company, you should take it to a place that supports startups wholeheartedly. How about Singapore? Ever heard of successful startup companies in Singapore and the benefits they reaped out of the move?
Why Register a Startup in Singapore?
Yes! Singapore is the land of a robust startup ecosystem. It is an economically strong and stable country, a business destination for newbies or serial business owners.
It is a jurisdiction that offers security, business growth, and enough space for innovative minds trying to realise groundbreaking solutions. It is right to register company in Singapore.
Singapore implements pro-business policies. Its corporate tax rates are low and affordable and leave you with enough money to spend on product development and business growth.
Singapore supports you with an easy-to-comply regulatory framework and laws. It is also known for its strongly implemented Intellectual Property laws that protect your innovations and inventions from copycats. It goes a long way to make your life easy.
Singapore is an economically strong country and a startup hub for new companies. It makes sense to expand your SMB to go international and specialise in Southeast Asia and emerging Asian markets.
If you are ready to capitalise on opportunity, you better know the lay of this startup landscape before setting up a company in Singapore. Let’s delve into the reasons why you should consider establishing your new company here.
Reasons for Presence of Startup Companies in Singapore
Singapore maintains its competitive edge over other business hubs by promoting pro-entrepreneur policies and initiatives. Complying with the regulations is easy. In fact, you can even accomplish it in a short time.
The tax incentives, exemptions, rebates, low taxes and various startup grants make this place an attractive business destination for newcomers. Singapore is the best place to do business because:
- ACRA administered process for setting up a company in Singapore is easy to accomplish
- Here, you can enjoy affordable corporate income tax rates and a strictly implemented legal system. Tax compliance takes only a few days
- It has a stable and growing economy
- It has world-class infrastructure, transportation facilities, harbours, airports, communication networks
- Investors can use various industries to diversify their investment
- It is a renowned financial hub with a robust financial system
- You get access to well-planned startup ecosystem that is administered to create and maintain a pro-entrepreneur environment
- As an entrepot, Singapore plays an important role in East-West trade
- Singapore is politically stable
- Singapore is a melting pot for various cultures and, as a result, has different markets you can cater to
Startup Scene in Singapore
Singaporean government would love to see a few of their companies going global through innovation and achieve the status won by Apple, Facebook, and Google. It is their emphasis behind their startup ecosystem.
It has invested in a support structure designed to give a boost to its startups through grants and schemes and tax incentives and benefits. The Economic Development Board proactively supports foreign companies and entrepreneurs wanting to register company in Singapore.
In addition, its Startup SG program helps startup companies in Singapore through grants and other initiatives. So, Singapore is the right place to set up a startup, and you can count on authorities to provide you with all the important support in its initial budding days.
Opportunities for Startup Companies in Singapore
Here are industry sectors that you, as a startup founder, can focus on.
Tech Sector
In the absence of natural resources, Singapore has focused on innovating different technologies. You can find Singaporean companies leading in FinTech, robotics, block chain, and Artificial Intelligence field.
Supply Chain Management
As an Entrepot, Singapore is an important cog in the wheels of the global supply chain. And, it harbours many well-known companies that provide logistics support to other companies.
Focus on trade and e-commerce field. There are enough opportunities there for new startups to leave their mark.
Healthcare
With the rising number of senior citizens, Singapore is committed to providing them with the best healthcare available. A new tech startup can find lots of opportunities in this sector.
FinTech
Everyone wants to save, invest, and reap the profits. A new startup with a worthy financial website, software, or mobile app can help people invest their money wisely and be successful.
Tourism
Millions of people visit Singapore every year. A startup with innovative ideas to cater to their various needs can earn the chance to grow rapidly.
Best Practices to Register Your Startup Company in Singapore
Yes, Singapore welcomes startup founders with open arms. However, you must remember that after setting up a company in Singapore, you have to work hard to complete various compliance-related activities. The registered filing agents can help you take care of these tasks.
The agents are authorised entities that can communicate with the various regulating agencies, like ACRA, in Singapore on your behalf. ACRA (Accounting and Corporate Regulatory Authority of Singapore) also acts as the Company Registrar.
These agents completely know the process of setting startup companies in Singapore and can be counted on for timely and insightful compliance-related advice.
They assign a manager to you who walks you through each stage of the incorporation process. You can ask for their advice on various issues, such as a business structure most suitable for your needs and your liability and tax implications.
These professionals help you register your startup fast without any hassle. It enables you to start your business as soon as possible. You can count on them for valuable advice on:
Taxation
The tax you pay depends on your business structure. A sole proprietorship and partnership are not companies. You have to pay personal income tax on the chargeable income of business. It ranges from 0%-24%. However, a private limited company pays its own corporate income tax ranging from 0%-17%.
Company Secretary
As per the Company Law, you have to appoint a company secretary within the 6 months of incorporating a company. These professionals assist you in taking care of corporate governance and statutory compliance: fulfilling legal compliance, prompt annual return filing, and advising directors on corporate governance.
Payroll Processing
You must be prompt in paying your employees. Though payroll requirements in Singapore are streamlined, fulfilling them is a complicated and time-consuming task.
Many companies outsource it and let the experts take care of the calculation of salaries and mandatory contributions like CPF. They also update and maintain salary records, prepare and send itemised payslips, and administer leave management.
These experts also know the local culture and nuances and can advise you on when you need to pay advance salary to your employees or pay bonus, even though it is not in the contract.
Authorities here have successfully created an ecosystem where startup companies in Singapore thrive. They allow foreign investors to own 100% share capital in a Singaporean company and can repatriate your profits without any hitch. That is why entrepreneurs find this country attractive for starting a new business or expanding their existing one.
Contact us at +65-6536 0036 or email us at info@sbsgroup.com.sg to discuss the opportunities open to the startup you want to register in Singapore.
Also Read: Singapore company registration Guide
