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Starting a Business in Singapore: How Can InCorp Guide Your Journey?

Starting a Business in Singapore: How Can InCorp Guide Your Journey?

If you are reading this, you are likely considering Singapore as a home for your next business. Your hunch that Singapore could be an ideal base for your venture is well-founded amongst your fellow entrepreneurs — in 2022 alone, Singapore experienced a net increase of 64,000 new businesses.

Start Your Business in Singapore

So, why all this desire to do business in Singapore? What makes it such a magnet for entrepreneurs and companies worldwide? One reason is its status as the world’s freest economy, which it has recently surpassed Hong Kong in.

This distinction is based on the Lion City’s exceptional ability to promote international trade, its openness to market competition, and its favourable business regulations.

On the ground, this translates into a highly developed and successful free-market economy, characterised by openness, minimal corruption, stable prices, and a per capita GDP that surpasses that of many developed nations.

These factors undoubtedly contribute to why entrepreneurs like yourself are drawn to Singapore. At InCorp, we understand the allure, but crucially, we also understand the challenges.

Our continuous study of the ever-evolving Singaporean business landscape and our relentless pursuit of business optimisation have empowered hundreds of aspiring entrepreneurs like yourself to achieve exceptional results — as proven by our client testimonials.

This article will share those lessons and explore how InCorp’s tailored services can streamline the process of business registration, ensuring a smooth and successful entry into Singapore’s thriving economic landscape.

From legal incorporation to strategic business advisory, we will cover the essential steps and services that can help you maximise your business’s potential in Singapore.

1. Starting a Business in Singapore: Simplifying the Essentials

InCorp simplifies the process of establishing your business in Singapore, guiding you through every step of incorporation — from selecting the right business structure to navigating legal requirements.

When it comes to the business entity, whether you are setting up a private limited company, a limited liability partnership, or a sole proprietorship, our expertise ensures that your business meets all regulatory obligations from the outset.

Different entities have unique features that you need to understand – for example, a private limited company has a separate legal entity from its owners, making it an attractive choice.

Streamlined Singapore Company Registration Process

While Singapore’s pro-business environment is designed to offer a smooth and efficient incorporation process, it is a stringent procedure. InCorp’s services include handling registration documents, advising on the suitable business structure, and ensuring compliance with local laws and regulations. Our experienced team can even assist in setting up your corporate bank account, making the entire process seamless.

Handling Legal Requirements

We manage the necessary registrations with the Accounting and Corporate Regulatory Authority (ACRA) and ensure that your business adheres to all statutory compliance requirements. This includes everything from the initial application for a company name to the submission of incorporation documents and the payment of registration fees.

The InCorp Advantage

By partnering with InCorp for your business incorporation, you gain more than just expert advice. You leverage our comprehensive on-the-ground understanding of Singapore’s business landscape, ensuring a smooth and successful setup of your business operations.

2. Secretarial & Compliance: Essential Support for Your Business in Singapore

At InCorp, we understand that your focus is (and should be) on growing your business. That’s why our secretarial and compliance services are designed to handle the critical, yet often cumbersome, regulatory details that are essential for your operational success in Singapore.

We do more than just ensure compliance; our company secretary services integrate it seamlessly into your business operations, allowing you to concentrate on what matters most — your business goals.

Tailored Compliance Solutions

Our secretarial and compliance services are by no means one-size-fits-all. We offer customised solutions that fit the unique needs of your business, whether you are a startup needing initial setup guidance or an established multinational dealing with complex corporate governance.

We handle routine compliance such as statutory filings and annual returns, and we’re always prepared to manage more complex requirements that come with business growth and changes.

The InCorp Advantage

Our team of experts is your on-demand resource for any questions or issues concerning corporate secretarial practices and compliance regulations. With InCorp, you have access to professionals who are not only experts in local regulations but are also familiar with the nuances of international business operations in Singapore.

3. Accounting Services Tailored to Your Business Needs

Each business in Singapore faces unique financial challenges and opportunities. Our accounting services keep your books in order and provide you with the tools and insights to make genuinely informed financial decisions.

Whether you are grappling with cash flow management, seeking to optimise your tax obligations, or need detailed financial reports to attract investors, we’re here to help.

Personalised Financial Management

We tailor our accounting services to fit the specifics of your venture, ensuring complete relevance and strategic alignment. From setting up your accounting systems to handling complex transactions and compliance issues, we focus on the details so you can focus on your business goals.

Strategic Financial Insights

InCorp’s team does not just manage numbers; we always aim to offer genuine strategic insights based on your financial data that can propel your business forward.

Our expert accountants are skilled in interpreting the complexities of Singapore regulations and translating them into precise, actionable advice that can leverage as many government incentives as possible.

The InCorp Advantage

Harness the full potential of your financial operations with InCorp’s expert support. For a closer look at how we can assist with your accounting needs, explore our services in detail at our InCorp Accounting Services page.

4. Taxation in Singapore: Simplify With InCorp

While Singapore’s tax system is designed to be entrepreneur-friendly with one of the lowest burdens globally, it is also stringent in its adherence requirements.

Beyond compliance, without expert guidance, you might miss out on valuable tax benefits and incentives specifically available to enhance business growth and efficiency. InCorp is here to ensure that you fully leverage these opportunities while maintaining rigorous compliance with all tax laws.

Expert Tax Services Tailored to You

At InCorp, we tailor our tax services to meet your specific needs, ensuring that your Singapore business benefits fully from Singapore’s tax-efficient environment. Whether it is managing goods and services tax (GST), handling corporate tax filings, or strategising for international tax implications, our focus is on minimising your liabilities and maximising your benefits.

The InCorp Advantage

We pride ourselves on being up-to-the-minute with the latest tax changes to provide strategic advice that directly supports your business objectives, helping you to capitalise on every available incentive and deduction. This proactive approach ensures you’re always ahead, financially and strategically.

5. Immigration in Singapore: Ensuring Compliance and Access to Global Talent

While Singapore consistently ranks as one of the most attractive places to live for expats and its immigration process is more streamlined than in many other countries, the system remains stringent. Adhering to its precise requirements is crucial for businesses looking to secure the best in global talent.

The InCorp Advantage

Understanding the importance of a diverse and skilled workforce, InCorp tailors immigration strategies to fit your business needs. We manage all facets of the immigration process, from initial applications to renewals and appeals, ensuring that your team members arrive ready to contribute with minimal delays.

6. Business Advisory in Singapore: Customised Support for Your Business Goals

Despite the abundant opportunities, entering and sustaining a business in Singapore requires careful navigation of its competitive and regulatory landscape. InCorp’s Business Advisory Services are specifically designed to help you tackle these challenges effectively.

Strategic Market Entry and Compliance

We provide in-depth market analysis and regulatory guidance to ensure your business starts on solid footing. Our services cover everything from feasibility studies to compliance assessments, ensuring you understand and navigate Singapore’s stringent business regulations.

Operational Efficiency and Growth

InCorp helps optimise your operations to enhance efficiency and drive sustainable growth. We focus on strategic planning and financial management to ensure your business remains competitive and profitable in the long term.

The InCorp Advantage

Leveraging our deep and specific understanding of the Singaporean market, InCorp tailors its advisory services to ensure your business thrives from inception to growth phases. We provide practical, actionable strategies that align with your specific business goals.

Where to Next With InCorp

Launching your new business venture in Singapore offers exciting opportunities, but as with any opportunity, some challenges require knowledgeable guidance. At InCorp, we are dedicated to ensuring your venture starts on a strong foundation and continues to thrive in this ever-changing market.

Contact us today to discover how our comprehensive services can simplify your business operations, maintain compliance, and maximise your potential in the competitive Singapore landscape.

FAQs About Starting a Business in Singapore

  • Singapore is renowned for its robust economy, strategic location, and favourable business regulations, making it a top choice for entrepreneurs globally.
  • InCorp offers a range of services, including company incorporation, secretarial and compliance support, accounting, taxation, immigration assistance, and strategic business advisory.
  • InCorp simplifies the incorporation process by handling legal requirements, registration with ACRA, and ensuring compliance with local laws, making the setup seamless.

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Start your business in Singapore with our help!

About the Author

Eric Chin

Eric Chin is the Group Chief Commercial Officer at InCorp Global, leading sales, marketing and consulting teams in 8 countries. With 11 years of corporate banking experience with HSBC and OCBC, Eric is highly skilled in creating market-entry strategies and structuring operations for diverse industries in the Asia-Pacific. He also advises fund managers and family offices on corporate structuring and tax incentives and has set up VCC structures for licensed fund managers.

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