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Why Choose Singapore for the expansion of your Foreign Business? For entrepreneurs and multinational companies considering to open a business abroad, Singapore is an attractive choice for the following reasons:
Singapore taxes corporations at an attractive flat rate of 17%, but local companies, especially new companies, can take advantage of exemptions and tax breaks to pay a far lower effective rate. For example:
Source: IRAS
Singapore offers a great opportunity for businesses from all over the globe. Depending on their business goals, they can choose to form or register one of the following:
Singapore actively encourages local and foreign businesses and provides government-funded assistance programs.
Depending on the requirement of each assistance programs, Companies with at least 30% local ownership may qualify for local grant assistance programs, including:
Singapore also offers incentives to foreign companies, such as:
More information can be found on government grants and incentive schemes can be found here
While Singapore encourages foreigners to open businesses in Singapore, some restrictions apply, notably the requirement of most business entities to have local managers or directors. In many cases, the foreigner may act as the local officer, but that role may depend on the foreign officer obtaining the appropriate pass.
Foreigners in Singapore must obtain a pass that stipulates the permissions of their residency or their visit. Certain passes offer more leeway in starting a business than others, including what entity the foreigner can legally set up.
Type of Pass |
Sole Proprietorship |
Partnership |
Company |
|
Not Allowed |
Not Allowed |
Holders of these passes may incorporate and own shares of accompany but may not be a director or employee of the company |
|
Not Allowed |
Not Allowed |
Holders of these passes may incorporate and own shares of a company,but they cannot be director or employee of the company |
|
Allowed |
Allowed |
Allowed |
If you are convinced and ready to start your business in Singapore as a foreigner, here are the steps necessary to get your business up on its feet. Different requirements will apply to different industries, but most entrepreneurs will need to address the following:
Obtain a business licenseView our business licensing service here
Tax Planning and Accounting
Singapore offers favorable tax regimes for both individuals and companies. Foreigners setting up companies in Singapore should obtain guidance from a tax consultant experienced with Singapore taxation regimes to obtain the maximum tax benefit.
You can also outsource your accounting and tax requirements to Hawksford to stay compliant and meet annual filing datelines with ease
Learn more about our Tax and Accounting Services here.
Payroll
Singapore law requires employers to issue itemized pay slips to their employees, listing gross salary, deductions, and net salary. Employer returns for each employee (IR8A Form) be submitted annually to the Inland Revenue Authority of Singapore (IRAS) by 1 March.
Managing your workforce can be so simple when outsourced to Hawksford; you relieve your business from the administrative burden and free up time to do what you’re great at.
View our payroll page here
Data Protection
Singapore businesses must comply with the Personal Data Protection Act, which includes stipulations that data be accurate, secure, and not retained for longer than necessary. Foreign business founders in Singapore must establish protocols for compliant use and protection of data.
Hawksford offers a range of outsourced data protection services to suit your operational requirements, and ensure your business meets Singapore data protection obligations.
View our data protection services here
Immigration and Relocation
Foreign business owners who intend to reside in Singapore must obtain appropriate legal residency and employment status. This may require obtaining an Employment Pass, a Dependent Pass, a Long-Term Visit Pass, or an Entrepreneur Pass (EntrePass). It might also mean applying for Permanent Residency (PR) or even Singapore citizenship in the long run.
Hawksford can help entrepreneurs and foreign firms navigate Singapore’s immigration regulations when they require the service for themselves, their families, or their staff.
Learn more about our immigration services here
Let our experts guide you.
Hawksford's experienced and professional staff will be able to guide you through moving or setting-up your business in Singapore.
With our expertise, we can assist you in setting-up your business structure right the first time.
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