Singapore attracts entrepreneurs from around the globe. From start-ups to large multinational corporations, all manners of businesses have setup local offices here. There is a wide range of attributes that has made Singapore such an attractive place to incorporate a company.
Consistently ranked as the most business-friendly country in the world by many reports, Singapore has made it very easy for both residents and foreigners to operate their businesses here. And with a famously low level of corruption and bribery, entrepreneurs can concentrate on growing their companies instead of worrying about unnecessary distractions.
An average of one and a half days is all that is required to incorporate a new company in Singapore. This is compared to an average of 9.2 days for OECD high-income countries according to a World Bank report in 2020.
A fast registration process naturally means that everything can be done online. In Singapore, incorporating a company in Singapore is simple and can be done digitally with an online corporate secretary like EasilyCorp.
While it might take around 1.5 days to register a new Singapore company on average, the process would likely take slightly longer for foreigners. This is because due diligence needs to be done to verify the identity and source of funds among other checks.
Such checks and due diligence are required by Singapore law and we would be wary of any corporate secretary that promises to register your company in less than 2 days. However, most entrepreneurs from overseas should have no problem incorporating their Singapore company.
Being a highly modern city with an English-speaking population, Singapore is a popular location for businesses that are looking to grow their presence in Asia. This has also help made Singapore a magnet for start-ups and tech firms from around the world.
This actually yields many perks for entrepreneurs planning to start a company here. Your Singapore company will be able to engage the services of these tech companies much more easily.
To give an example, Stripe is popular among e-commerce companies as an online payment gateway and it is only available to companies in certain countries, and Singapore is naturally one of them. Many companies have registered a company in Singapore just to be able to use Stripe.
What’s more, there are many venture capitalist firms in Singapore that are looking to invest in start-ups. If you are looking to raise money for your company, Singapore is definitely the place to be.
On top of setting up a company in Singapore, many people also plan to move to Singapore to live. As one of the safest cities in the world and a first-class healthcare system with a host of entertainment and lifestyle options, Singapore is an attractive place to live in for people all around the world.
Want to get started on incorporating your company in Singapore? EasilyCorp is arguably the only fully digital and online corporate secretary in Singapore. This makes starting your company and staying compliant with Singapore laws a breeze. You can visit their website here: https://www.easilycorp.com/