What are the things to watch out for when running a Singapore business
Singapore is top ranked for ease of doing business and also the best place to be for a expatriate. Singapore is also ranked as one of the most start up friendly place. So what are the things that we think you should watch out for when you are setting up a Singapore business.
Singapore has a very limited human resource pool. The only resource it has is the human resource and thus this item is in limited supply. Singaporeans are needed as quota before you could employ foreign workers and nowadays the government is making it a must to choose Singaporeans first before you could consider employing a foreigner to take that space. Finding staff in Singapore is tough as there are expectations of a certain level of salary and also job scope. This is something every business person will need to pay attention to when they set up business in Singapore. One would not expect to find cheap labour here. The wages are comparable to those in the United States.
Singapore is also a place where there are many rules and regulations, some industries such as those food related are very strictly regulated. Always ensure that you have a set of licenses before you carry out the business. Fines can be sky high and that would be something a businessmen would want to avoid so that you do not go into debt before your business even commence. Rules such as operating hours, the volume of ones operation and even the weight limits are also very strictly followed. Inspectors from various agencies will frequent the place so one should always watch out for any items that are against the rules and set them right before going ahead.
Singapore is also a very law abiding society, so when it comes to business dealings, always remember that you should never deal in under table trading. Dealing with government officials are required to be all above board and attempting to bribe an official in Singapore can have a very big sentence over your head. Even when it comes to commercial dealings, one should also keep away from even attempting to bribe or under table deal any business with others.
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What are the things to watch out for when running a Singapore business
Sunday 25 January 2015
Saturday 24 January 2015
How do you start a company in Singapore
Singapore is one of the best places to start a business. Ranked top for a few years for the ease of starting up and doing business, Singapore is blessed with a strong government that is able to deliver high quality services to their people and also making sure that the red tape to get anything done is quickly cleared up so that business can be carried out in a very fast and efficient way.
Setting up a company through a singapore incorporation services firm, can be done within a day. Most people can fly in within the day, open up the company, open a bank account and fly back to their home country within the day. That's the efficiency of the system being in place and making sure that things are done with the fastest speeds. This would also mean that you can be start business and start operating within the span of a few hours.
There are a few things to watch out for when you want to incorporate a company in Singapore. Before you start, you will need to inform the company of the name of the company that you will be using. This would help them to reserve the name that you require this would also allow them to advise you of any changes if necessary. This would allow them to speed up the process of incorporation the company without any delay.
You will also have to decide who is the director of the company. There is a requirement that one of the directors MUST be a Singapore and the rest can be foreigners. Some companies do provide nominee directors and this would allow you to pay for a local director to fulfill the requirements.
You will also need to provide the details of your shareholders and the shareholding of the company. This would be advised by the company doing the incorporation on what needs to be taken care of and you should also be able to find out more about how shareholders have the power to make certain decisions and call for annual general meetings.
You will also have to advise on the business activity that you will be taking part in so that the company can find out what are the things to watch out for, for example the requirements of licenses and also where to go ahead and apply licenses and also maybe there are restrictions on employment and requiring special arrangements to go on.
Incorporating and starting a business is something that is very different and something exciting. You should find out more before you go ahead and make that leap.
Setting up a company through a singapore incorporation services firm, can be done within a day. Most people can fly in within the day, open up the company, open a bank account and fly back to their home country within the day. That's the efficiency of the system being in place and making sure that things are done with the fastest speeds. This would also mean that you can be start business and start operating within the span of a few hours.
There are a few things to watch out for when you want to incorporate a company in Singapore. Before you start, you will need to inform the company of the name of the company that you will be using. This would help them to reserve the name that you require this would also allow them to advise you of any changes if necessary. This would allow them to speed up the process of incorporation the company without any delay.
You will also have to decide who is the director of the company. There is a requirement that one of the directors MUST be a Singapore and the rest can be foreigners. Some companies do provide nominee directors and this would allow you to pay for a local director to fulfill the requirements.
You will also need to provide the details of your shareholders and the shareholding of the company. This would be advised by the company doing the incorporation on what needs to be taken care of and you should also be able to find out more about how shareholders have the power to make certain decisions and call for annual general meetings.
You will also have to advise on the business activity that you will be taking part in so that the company can find out what are the things to watch out for, for example the requirements of licenses and also where to go ahead and apply licenses and also maybe there are restrictions on employment and requiring special arrangements to go on.
Incorporating and starting a business is something that is very different and something exciting. You should find out more before you go ahead and make that leap.
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