Many expats come to Singapore for a multitude of reasons and here, they discover endless opportunities in the pursuit of business start-ups and taking up challenging roles.
And why wouldn’t they? Singapore and its people are an interesting mix of old and new – of tradition and innovation. Additionally, because of its special geographic position and importance in Southeast Asia, Singapore plays an important role in international trade. In fact, it has once been cited as the best city in the world to start a business.
Women especially, who relocate to Singapore with their spouse or partner on a posting find themselves thriving in the entrepreneurial scene after settling in. With the security, accessibility and more importantly, affordable childcare and support Singapore offers, it is no wonder more and more female expats are pursuing their enterprising adventures.
However, for a new expat starting from scratch in a foreign country, it can understandably be a rather daunting undertaking. For starters, being new to the country, it is not only learning how to live in a new environment. It is also about immersing yourself in the culture and becoming part of the society. Not only that, from a business perspective, you need to understand the local market, local rules and regulations and work culture.
Do you see a gap in the Singapore marketplace where needs are not being served? Perhaps a service available in your home country but not in Singapore? Why not consider registering a company and thrive in cosmopolitan Singapore?
If you do have a brilliant (or several) business idea that you would like to explore, here is how you can develop it into a reality according to Paul Hype Page & Co.:
Firstly, you must understand the statutory requirements in the local market. According to Accounting and Corporate Regulatory Authority (ACRA), you will need to apply and be issued an Employment Pass through the Ministry of Manpower (MOM).
This includes submitting your business plan as well as financial projections.
Next, there are several documents that you will need to prepare for your Company Incorporation. Namely, these documents depending on your background:
For each Singapore resident individual shareholder and director:
· Copy of Singapore IC; and
· Copy of passport if the individual is not a citizen of Singapore
For each non-resident individual shareholder and director:
· Copy of passport; and
· Copy of residential address proof such as a recent utility bill, residential phone bill, tax bill, or cable TV bill
For each corporate shareholder:
· Foreign Corporate Company Certificate and
· Special Director Resolution to resolve becoming newly incorporated company subsidiary’s shareholder
With these, you can proceed with and complete the registration process and incorporate your company. Once your company is incorporated, you have to think about opening a corporate bank account with any of the local and international banks in Singapore. Opening a corporate bank account in Singapore is a simple and quick procedure.
You do not need to be Singaporean to register your company here and there are many other (expat and local) entrepreneurs you can meet, exchange your ideas with and learn from. Singapore provides the right environment and support system for budding and great business opportunities. So why not start your entrepreneurial journey now?