Doing Business in Singapore
When deciding to run a business in Singapore, the are a few things which have to be considered. This includes:
- What would the business vehicle be?
- Who would be running the business?
- Am I an owner or do I want to run the business?
- Do I want to limit the potential liabilities that may arise from running this business?
- What are the running and yearly compliance costs that I am comfortable with?
An Overview on the Type of Business Entities[insert picture]
Some Examples of Business Vehicles[insert table]
Foreigners and their Business Vehicles[insert table]
Setting up certain businesses in Singapore sometimes requires government approval. Some examples are stated below:
- Insurance Brokers: require a licence in certain circumstances specified in Insurance Act Cap 142; require the approval of MAS if the work ‘insurance’ is used in the name of the company.
- Investment Advisers: require a licence under the Securities Industry Act Cap 289.
- Singapore Companies (owned and controlled by Singaporeans used for ownership of certain classes of residential property): M&AA cannot be changed without the permission of the Controller of Housing under the Residential Property Act.
- Tour Agencies: require approval from Singapore Tourism Board.
- Private Schools: require approval from Ministry of Education.
- Audit, Accounting, Tax and GST practices: require approval from Institute of Certified Public Accountants of Singapore.
- Banks, merchant banks, finance companies, and insurance companies require governmental approval.
Practical IssuesTime and Money
[insert table]Name of Company
No Chinese characters are allowed in a business name but Hanyu Pinyin is accepted.
All names chosen are subject to the approval of ACRA.
Registered office is not the place of doing business, however it:
- cannot be a PO Box number;
- cannot be the a HDB flat unless the business fall under a scheme for entrepreneurs.