Singapore Entry Strategy

Are you a based Individual, company or Business –Entity based in country other than Singapore? Looking to set up your venture/company in Singapore? Need an expert & trusted compliance partner?
Voyager Partners is the answer.

Consulting Services

Pre incorporation Consulting

Pre incorporation consulting helps to understand the best way to set up business in Singapore i.e. should you start your venture as a subsidiary company, Branch office or Just a marketing office. We will advise you on pros and cons of each, keeping in mind various factors, such as ease of operations, Taxability, Funding movement and various legal restriction, which will help you to make a better informed decisions. Pre incorporation brainstorming is a must before you start to create your footprint in Singapore.

Market Survey and research

We conduct related survey and research to vouch the assumption based on which you are toying to start business in Singapore. It is a well knows fact that a survey or proper research is best way to test the water before venturing it. It will help to have realistic assumption and create a more practical business-launching plan and helps to avoid costly mistakes. We use different models to conduct survey on your target population and provide in-depth and detailed reporting to get a best understanding of market along with practical inputs to help you to make informed decisions.

Transaction Advisory

In case you are looking forward to undertake any transactions such as import or export or any projects in Singapore from anywhere in globe and need to understand on various tax and compliance implications on the said transactions. We can undertake Transaction advisory to clear doubts and provide in-depth report on the said transactions. Pre Transaction advisory is a must from an expert firm to avoid any unpleasant surprises from tax department of Singapore.

Business Incorporation Services

Incorporation and Registration

After due understanding of your business objectives we can recommend you to set a legal entity which matches the business criteria, at the same time that should be easy to operate and offer best tax structure. In Singapore you can set up your venture with any of the following legal status: –
Private Limited Company (Pte Ltd)
Local and foreign individuals prefer to opt for private limited company registration. It is a tax-efficient and dynamic structure most suitable for business growth.
  • It can have 1-50 shareholders.
  • At least one director must be ordinarily resident (Singapore citizens, Permanent Resident, or an Entrepass holder).
  • Singapore corporate income tax is in the range of 0%-17%.
  • It has a separate legal identity from company shareholders.
  • It has perpetual existence.
  • It is a legal person having rights of a natural person.
  • It can buy or sell property in its name.
  • It can sue or be sued in its name.
  • The company is responsible for its losses or debts.
  • Transfer of ownership of shares is easy.
  • It is credible to investors, financial institutions, suppliers, & customers.
  • As a tax resident, a local private limited company gets all tax benefits and incentives offered by the authorities.
Subsidiary Company
A foreign corporate entity can set up a subsidiary company to expand its business activities to Singapore.
  • It has a separate identity from its parent company.
  • The parent company can own 100% shareholding in its Singapore subsidiary.
  • A subsidiary is treated as a local company. It gets the tax benefits, exemptions, and rebates provided by the authorities.
  • A subsidiary is liable for its debts and losses. The parent company’s liability is limited to its share capital.
Subsidiary Company Registration + Employment Pass – For Quote Contact Us.
Branch Office
The foreign companies can also register their branch office in Singapore.
  • The branch office has no separate identity from its foreign parent company.
  • It is taken to be the extension of its parent company.
  • The parent company is liable for its branch’s debts and losses.
  • The management of the Singapore branch office deals with issues regarding shareholding, business activities, and structure by referring to the Memorandum & Articles of Association of the parent company.
  • It is not treated as a local Singapore company. It cannot claim the tax benefits, exemptions, and rebates offered by the local authorities.
  • Before company incorporation in Singapore, discuss your needs with your agent. Because, with the right business structure, you can manage the risk, liability, growth, & branding of business effectively.
    (Please take note, Currently, we are not providing Branch Office Services until further Notice)
Key Requirements to Register a Company in Singapore You need:
  • Minimum paid-up capital of $1
  • At least one shareholder
  • At least one local or resident director
  • At least one company secretary
  • Registered local address

Incorporating a Business in Singapore for Foreigners

Registered Filing Agent: You, as a foreign individual or a corporate entity, can simplify your task by appointing a registered filing agent. A number of Singaporean accounting firms, law firms, or Singapore secretarial services act in this capacity. Local Director: Most importantly, you need to appoint a local director who is ordinarily resident of Singapore. Singaporeans, Permanent Residents, and EntrePass holders are eligible to act a local director for a new Singapore company formation. Singapore Company Incorporation + Employment Pass  – For Quote Contact Us.

3 Steps for Company Registration in Singapore

Step 1: Apply & get your company’s name approved from ACRA Supply a list of 3-5 names to the agent. They will check them for availability in BizFile+ portal. For the quick approval of the company name:
  • Choose a unique name that will hint at the nature of your business
  • ACRA rejects names containing vulgar or obscene words
  • It should not violate copyrights or trademarks
  • If your application gets referred to the higher authorities, the approval can take up to 2 months.
The approved company name is reserved for 60 days. The agent can extend the period by another 60 days by applying to ACRA.
Step 2: Documents for Company Incorporation in Singapore Following is a list of documents that you need to submit at the time of forming a Singapore company.
  • Approved Company name
  • Description of business activities
  • Registered local address
  • Particulars of shareholders, directors, company secretary
  • Foreign Individuals: a copy of passport & proof of residential address (overseas)
  • Foreign Companies: Memorandum & Articles of Associations, Certificate of Incorporation
  • Singapore Residents: A copy of their Singapore identity card

Step 3: Submit an application to ACRA The process to incorporate company in Singapore is online. Submit your documents to your agent who can visit online portal BizFile+ for the task.

Business Operations and Compliances Support Services

Corporate Secretarial Services

Voyager Partner offer corporate secretarial services, company secretarial services, corporate secretary, company secretary Singapore for past several years. As one of the prudent corporate secretarial Singapore services, Voyager Partners takes pride in assisting its clients in being compliant. Company secretarial services Singapore offered by us are top notch, cost competitive and much appreciated for their timeliness. We offer : Nominee Director Service Company Secretarial Service such as

Accounting and Book Keeping Services

We undertake complete accounting and related compliance related outsourcing including MIS and other reporting to parent company on a fix monthly retainer-ship fees. With a dedicated team to handle outsourcing assignments, we are one of India’s leading online outsourcing services provider for to Accounts and compliance outsourcing

Goods and Service Tax (GST)

We offer a GST service that helps ease the process of filing and complying with statutory requirements. Our accounts consultants can help you with the GST Registration and Filings.

Why Global Companies are best suited to start business in Singapore

Singapore is a unique convergence of the East and West. The social fabric consists of a mix of Asian, European and American influence making it attractive and friendly to the international business community. Since it is a former British colony, its legal and financial structures bear a close resemblance to the US and the UK. Major international banks, multinational organizations and financial institutions all over the world have established their branches in Singapore, often making the country the location of their branch office in Asia. Singapore is called the “Lion City” because of its strong currency and infrastructure which in turn makes it the best place to set up an overseas corporation. Singapore is consistently ranked highly in international surveys. Some of its most recent accolades include:
Ease of Starting a Business

According to World Bank’s Doing Business 2019 report Singapore has been consistently recognized as the world’s best place to do business in the World Bank’s annual survey of 189 economies around the world.

Compared to many countries that are considered as business hubs, it is easier and quicker to register a company in Singapore as the process takes only one day to complete given all the proper requirements are completed and the application is duly submitted. Owning a company in Singapore can set up by anyone including foreigners. An easy and fast procedure availability of an online system has been made by the incorporation where you can submit your application forms via the internet on-line.

Strategic Position and Network of Trade
Agreements Singapore is home to the world’s top players across all industries, in part, due to its location in the heart of Southeast Asia and close proximity to surrounding emerging markets. By means of Singapore, you can reach out to the other countries in Asia effectively. Air travel is also frequent with daily inbound and outbound flights thus making business operations easier and more convenient. Singapore preserves good international connection with other countries when it comes to trade and industry. Since the signing of the first FTA under the ASEAN Free Trade Area (AFTA) in 1993, Singapore’s network of FTAs now includes 21 bilateral and regional FTAs in force and 41 Investment Guarantee Agreements. Ongoing FTA negotiations with other countries are being facilitated. These agreements facilitate business and trading across borders and make it less costly for Singapore firms to expand their operations internationally.
Comprehensive Intellectual Property Protection According to the World Economic Forum’s Global Competitiveness Report 2015 – 2016, Singapore offers the best IP protection, infrastructure and incentives in Asia. It also comes a close second in that ranking globally, next to Finland and Luxembourg, which tied in the first place.

Vibrant Financial Center and Affordable Access to Funding

Singapore is a vibrant nerve center to 124 commercial banks, 365 fund managers and 531 capital markets services license holders, as of March 2016. It is not only a hub for wealth management and investments in Asia, but has the fourth largest forex trading center, the Singapore Exchange (SGX).
As a result, entrepreneurs are in good stead to have access to a combination of private and commercial banking services to fund the expansion of their business and at rates as low as 1% per annum.

Incentives for headquarter setup
Also, to encourage multinational companies to relocate their headquarters to Singapore, the Economic Development Board (EDB) offers regional headquarters (RHQ) and international headquarters (IHQ) incentives. Companies which are conferred the RHQ status enjoy a concessionary tax rate of 15% for qualifying income arising from headquarters activities and operations carried out from Singapore. Those awarded IHQ status enjoy even further attractive tax rates of between zero and 10%.
Regional headquarters which use Singapore as an international intellectual property (IP) holding location may claim writing-down allowance (WDA) for the cost of acquisition of the IP.

Foreign income exemption
Another benefit is that Singapore-based holding companies or headquarters can repatriate dividends from their directly held foreign subsidiaries to Singapore free of Singapore tax. Those whose foreign subsidiaries are engaged in substantive economic activities but are unable to meet the qualifying conditions for this tax exemption may apply for a specific exemption.
This is because Singapore adopts a territorial basis of taxation. Foreign-sourced income is taxed only when it is repatriated back into Singapore. In addition, tax is not levied on foreign-sourced dividends remitted back into Singapore if – the dividends are received from a country with a headline corporate tax rate of at least 15%, some tax was paid in that country (such as withholding tax paid on the dividends or income tax paid on the profits out of which the dividends were paid), and the exemption is beneficial to the Singapore company.

Attractive Personal Tax Framework
The Singapore personal tax structure is progressive. Marginal rates range from 0 – 22% and the framework allows residents to tap various reliefs, thereby lowering their effective payments

Attractive Corporate Tax Rates Besides its vast network of free trade and tax treaties, Singapore also offers one of the most attractive corporate tax structures in the world. Although its marginal rate is the third lowest in the world, its effective tax rate is even lower, compared to other more developed countries. The first three years the taxable income of non-resident corporations are exempted from taxes where it is considered a “zero tax” jurisdiction. Avoidance of Double Tax Agreements (DTAs) is also entered into by the Singapore government with other international jurisdictions in order to ensure the country’ financial success and prosperity.

By situating their international HQs here, companies benefit from Singapore’s network of 76 comprehensive Double Taxation Avoidance Agreements. They also gain from Singapore’s many free trade agreements and the Investment Guarantee Agreements.

Business opportunities for Global Companies in Singapore

Food and Gourmet

Food business is one of the best businesses to set up not only in Singapore but all across the world. There is always a universal need and demand for good food and this The Lion City is also known as a food paradise. With its outdoor food courts, hawker centers, fancy eating joints and buzzing nightlife, this destination appeals to both locals and travelers alike. Though if you are zeroing down on food as your business, you will surely face tough competition. But the key is to be innovative so that you can offer something new. You could opt for untapped markets such as gourmet chocolates or some special cuisine which hasn’t found its way in Singapore.

Agriculture

Singapore has very limited area and relies a lot on agro-technology for agricultural production and its consumption. However, there is a huge demand for agricultural products which is larger than the supply considering there are very few players in this sector. So, if you can make it in agriculture, you could reap huge profits in Singapore as long as you’re prepared to spend on the technology needed for enhancing production.

Biotechnology

Singapore has been promoting and expanding its biotechnology industry and the government has already spent huge amounts on fund research, infrastructure, further development and to hire the best international scientists. Also, leading drug making companies such as GlaxoSmithKline and Pfizer have also set up their plants in Singapore. Therefore, the opportunities open for investors in this sector are huge. But, do remember that for new company formation in Singapore in this industry, you will need a lot of knowledge and large amounts of capital.

Fast foods and snacks

With a fast life, people prefer snacking on the finger and fast foods and snacks. If you are thinking of this segment, you can make lots of money if you try setting up a business to sell snacks like pizza, barbecue, other snack items, etc. This business doesn’t need a lot of capital and no formal educational certifications. So, what are you thinking of? Try it out!

Transport

Transportation is one of the biggest necessities that and hence good transport services will always remain in high demand everywhere. You can set up a transport business, but it completely depends on the capital you have. You could consider starting a cab or taxi service for local transportation. If you have bigger capital, you could start transport services that ply inter-city or inter-state.

Electronics

The electronics sector is one of the largest in Singapore’s manufacturing industry and accounts for almost 48% of the total industrial output. So, there is huge opportunity to set up the business that sells electronic products; the range you keep again depends on the capital you can invest.

Online marketing

With the boom of e-commerce and businesses wanting to lure more and more customers and sell their products and services through the internet, there is also an ever-expanding demand for professionals and companies offering online marketing services. The services could range from marketing, copywriting to search engine optimization. If you have any skills like copywriting, website designing or developing search engine optimization, or social media marketing, then there are huge opportunities for you and you can think of new company formation in Singapore.

Freelance writing

Blogging is a new way of not only making money online but also expressing your views. Businesses are using blogging to advertise about their products and services and that has escalated the need for creative and also ghostwriters. Quality content is required by all organization and if you are good with words, then, you can make a lot of money while taking up writing assignments.

Laundry

If you are looking to establish a small-scale enterprise in Singapore, you could consider laundry as an option. You just need a washing machine and some other equipment such as irons, dryers, etc to start this business.

Automobiles, repair and spare parts

A business in automobiles and its spare parts is a very good option in Singapore. However, this business requires a good amount of capital to set up. However, with little capital, you can start selling auto spare parts as that is quite a lucrative market too.

Financial services

Because there are many businesses in Singapore, there is high demand for professional financial services like accounting, bookkeeping and auditing. In case you have solid knowledge in any of these services, you could reap huge profits in Singapore by assisting other businesses with your skills.

Here are some more small business or investment opportunities for foreigners in Singapore:

  • Thrift or vintage store
  • Eco-friendly products or organic products or gift packs
  • Home tutoring
  • E-books
  • Hand-crafted jewelry
  • Fitness training
  • Elderly care services
  • Repair services
  • Deep-cleaning services

 

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