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Starting a business in Singapore is not as difficult as many people assume. Singapore has been described as one of Asia’s best business destinations. The country provides low corporate tax, political stability, a clean environment, and a strong governmental system. Nothing appears out of place. It is not that hard, provided you follow the proper steps. Company registration is handled by the Accounting and Corporate Regulatory Authority, also known as ACRA. Professional company secretary Singapore This is the government agency, which deals with business registration. Applications are submitted online through BizFile+. Approval typically takes one day in most cases. Yes, just one day. The speed of the process pleasantly surprises many new business owners. You need to decide on your business form before registration. Most foreign business owners opt for a Private Limited Company (Pte Ltd). Its key advantage is limited liability, which protects your personal assets. It looks more professional and appeals to investors. Sole proprietorship is simpler to establish but more risky to an individual. Other options include partnerships, which involve shared responsibility. Your decision would impact taxes, risk and plans of the future and think over it. Next, you need to choose a company name. This may seem simple at first. ACRA will reject duplicate names, names too similar to famous brands, or inappropriate names. Have alternative names ready, as your first option may not be approved. You must meet several basic requirements. One director must reside in Singapore. In case you are a foreigner that is not a resident, then a nominee director service can be utilized. You should also hire a company secretary within six months after registration. A registered local address is also required. P.O. boxes are not permitted. The share capital needed to be minimum is SGD 1. While legally sufficient, some companies start with a higher amount to appear more credible to investors or partners. Taxes in Singapore are considered competitive. The Inland Revenue Authority of Singapore (IRAS) oversees corporate taxation. New businesses are allowed to enjoy partial taxes within the initial three years of their inception. This may serve to cut your expenses at an early business phase. Planning taxes in advance is wiser than dealing with last-minute issues. Once the registration is done, a step to open a corporate bank account follows. This stage may require more time. Financial institutions will ask for documents, business plans, and shareholder information. Singapore is always strict on money laundering and therefore be ready and wait. Prices are normally affordable, however, do remember to include additional services like nominee directors, secretaries of the company, filing of documents, and rental of the office. Singapore is attractive because of its strong legal system, strategic location, and solid reputation. Investors have confidence in the system. However, your company must show real business operations. The government demands actual activity, not merely a paper company. If in doubt, consulting a corporate service provider can help. With proper preparation, setting up a company in Singapore can be easy and stress-free.