If you are planning to expand your business and you have your sights set on Singapore, you have come to the right place, as we present information that is sure to help you set up and manage a business in the amazing country by the name of Singapore.
Registering a Business in Singapore
If you contact an international law firm, they can facilitate your business registration, plus they can offer sound advice on the type of business to set up. You could register a Representative Office, which is ideal for carrying out market research, or you could set up a private limited company (PLC); the best solution is to consult with an international business lawyer, as he or she can inform you of the pros and cons of each.
Business Meetings
The best place to find a top meeting space in Singapore is at one of the 5-star hotels, where they have cutting-edge equipment to facilitate your meeting. You can arrange virtual conferences from such a hotel that caters for corporate clients; check the hotel website for details on services and equipment.
The Importance of Compliance
When you set up a business in a country like Singapore, it is vital that you remain compliant; this is an area that a local law firm can handle, using local bookkeepers and accountants. File your tax returns on time and always respond to government requests.
Remote Business Management
Of course, this would depend on the nature of your business; a tech startup, for example, would be easy to remotely manage. Set up a secure cloud network and issue remote employees with usernames and passwords, while you can Zoom call specific employees from your current location. Singapore has an excellent infrastructure and 5G is available; you might prefer to visit every quarter and leave things to your onsite manager. Click here for more information on digital advancement and how it benefits corporate business.
Outsourcing Essential Business Services
Many foreign entrepreneurs prefer not to directly hire local staff, as this brings a lot of liability into play; you can hire local employees for all your processes, from sales and marketing to customer service. Office staff can access your cloud and work remotely, making sure your organisation is efficient.
Here are some of the services you can outsource to local providers
- Bookkeeping & accounting
- Audits, reports & statements
- General secretarial work
- Sales & marketing
- Taxation
- Licence acquisition
- Telesales teams
- IT needs
If you approach an international law firm with offices in Singapore, they have all the contacts you need, plus they can facilitate your business registration.
Registered Business Address
You can rent a top business address in the CBD and with a virtual receptionist, you can project a winning image and your running costs are acceptable. Virtual call handling services are affordable and callers would never know you are using remote staff; the receptionists are typically based at a call centre in Manilla and thanks to digital tech, all calls are professionally answered within 5 seconds!
Hiring local Staff
If you are planning a long-term presence in Singapore and would like to hire local workers, connect with a leading HR agency; of course, there is a level of liability and the HR agency can ensure that you remain compliant with government requirements. The agency screens all applicants and hands you an interview shortlist, which is ideal. As with all countries, Singapore protects the employee and it is important to remain compliant of labour laws.
Importing Managers
At some stage, you might require members of your team to work at your Singapore facility; setting up a manufacturing facility, for example, would require a huge investment and you need the right people to run the project.
Market Research
You might be at the early stages of setting up a business in Singapore and the Representative Office is the best type of entity to create; when you are ready, you can upgrade to a trading entity. It is easy to set up an RO and you can have one foreign manager to oversee the operation. This allows you to carry out extensive market research and you are not subject to local laws with a non-trading entity.
To summarise, Singapore is enjoying a thriving economy and has all the amenities you need to set up a new business. The first step is to seek out an international law firm and discuss the many business registration options. Book a nice suite at one of the top hotels and you can hire meeting rooms at your convenience.
