We are living in a digital world and it has never been easier to set up a business in a foreign country; if your business is doing well and you are looking to carry out some market research, Singapore is an ideal choice. A strong domestic economy is the envy of many nations, making this island state very attractive for foreign investors, with a range of business registration options.
Talk to an international lawyer
Google can help you find an international law firm with offices in Singapore; the legal specialists have the know-how regarding setting up a business in Singapore; if you need to spend a few months doing market research, setting up a Representative Office allows you to do just that, a non-trading entity that is not subject to local regulations.
Setting up business meetings
Indonesian is widely spoken in Singapore, search for “ruang pertemuan untuk disewakan singapura”, which means “meeting rooms for rent, Singapore’. There are top-notch venues with all the facilities you need so that you can impress potential partners and clients. Image is everything in business and projecting a winning image brings with it many benefits.
Real time video
Voice over Internet Protocol (VoIP) allows you to hold virtual meetings with participants from all over the world. You can take advantage of the many contacts the international law firm have; they can source local business services such as bookkeeping and accounting; if, for example, you are looking for shared workspace for your new branch, talk to the lawyer and they can connect you with the right people.
Outsourcing business services
You can manage your new business remotely and you can source the following providers:
- Bookkeeping & accounting
- Sales & marketing
- Call handling
- Translation
- General secretarial work
- Logistics
You might prefer to bring in your own team and the law firm can help process the business visa application; using local labour makes sense, but management is best handled by your own team.
Trading entity
Once you have carried out your market research, you can upgrade the business to a private limited company (PLC), which means you can trade and are not restricted in any way. It might take 1 year before you are ready to start trading; set out your business plan and work to your guideline. Here is some useful information on career transition, if you are looking to make a switch.
Minimise taxation
Singapore encourages foreign investment with attractive tax incentives, you can find out more by consulting with a Singapore business lawyer; the legal expert can help you put together a 5-year plan that is structured.
To summarise, if you are looking at setting up a business in Singapore, consult with a leading international lawyer, who can explain the numerous business registration options, citing the pros and cons of each.
Lily James