How to Set Up a Foreign Business in Singapore
Of all the Southeast Asian countries, Singapore has a strong, stable economy and is a very attractive proposition for a company wishing to expand their operation. The line would read: It is obviously critical that you are in compliance with local laws and regulations when setting up a business in a foreign country and the best way to ensure this is to make use of the services of a local law firm or PEO Company to start your operations without an entity.
There are 3 main types of business that you can register in Singapore;
- Representative Office – This is ideal for a company that would like to carry out some market research that might lead to trading in the future. The RO is a non-trading entity that is restricted in business activities and requires at least one company shareholder and one person from head office. If you would like to learn more about setting up an RO, search with Google to find a leading local law firm that specialises in setting up foreign businesses.
- Private Limited Company – The PLC is a full trading entity that supports a working visa, which you will need if you plan to play a role in the development of the company. If you need help with company payroll in Singapore, there are third-party providers of many essential business services. There is no minimum capital outlay when setting up a PLC and you will need one shareholder, one resident director and a company secretary, which can be sourced by a local law firm that has many connections in Singapore. This is the right choice if you have done your research and are ready to start trading, while the experienced lawyer will make sure that your business fully complies with local laws and regulations.
- Limited Liability Partnership – A trading entity with no minimum capital requirements, you can have up to 2 partners and while you are subject to local laws, there are no business restrictions when you start a limited liability partnership. Perfect for professionals like doctors and engineers, the local lawyer can help you locate suitable nominees, should they be required. Here are a few reasons to redesign your company website, which you might find useful. A partnership means you have more skillsets to bring to the table and finding a suitable partner should not prove difficult.
Sourcing Legal Advice
Setting up a business in a foreign country can be very complex and you are advised to seek out the services of a local law firm, as they have the know-how and can advise you on every aspect of the venture. If you start out as you mean to continue, this will ensure that your business enjoys steady growth, plus you will always be compliant with local laws.
Here is some government information about setting up a foreign business in Singapore, which you will find very useful. If you need bookkeeping, accounting and payroll services, there are local providers who work on a freelance basis.
