Key Aspects Global Enterprises Must Consider Before Incorporating Companies in Singapore

Key Aspects Global Enterprises Must Consider Before Incorporating Companies in Singapore

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As Singapore continues to thrive as a global business hub, forward-thinking enterprises are looking to scale their commercial footprint in the country. As many as 9,000 Indian enterprises have expanded their operations in this dynamic hotspot of business. Besides benefitting from the conducive business environment in the country, the Singapore company incorporation process is easy.

In this edition, we will discuss some strategic considerations for global enterprises before venturing into company formation in Singapore. We have comprehensively evaluated the regulatory and legal aspects in Singapore, along with the prerequisites for forming a company in the country. Along with these, we have comprehensively discussed the tax obligations and priorities like access to talent.

The Legal and Regulatory Landscape in Singapore

Singapore has several regulatory bodies that define how its business ecosystem should operate. These include:

Essential Requirements Before Incorporating a Company in Singapore

As a business owner, you might be wondering how to set up a local company in Singapore.

Before incorporating a company in Singapore, businesses need to get themselves registered with the ACRA. Here’s the step-by-step process.

Tax Benefits and Obligations for Businesses in Singapore

The tax framework in Singapore operates under two primary scenarios.

In case the income is generated from a country outside Singapore like foreign entities or other branches, it will be taxed at 17% on the chargeable income. This norm works unless the business is granted a relief under the Economic Expansion Incentives Act or other applicable concessions.

Different types of taxes like income tax, GST, stamp duty, and withholding tax are levied as a part of the tax ecosystem in Singapore. All these taxes are charged at different rates.

Accessing Talent Pool in Singapore

The Employment Act of 1968 governs the employment landscape in Singapore. Foreign workers looking to find employment in Singapore need to obtain a work permit from the Ministry of Manpower in the country. Here are some of the commonly used passes in the country:
Professional Assistance to Register a Private Company in Singapore

While forward-thinking ventures look to expand their operations in Singapore, navigating through the legal and tax complexities is challenging. The IMC Group continues to be your trusted partner as you brace up to register private limited company Singapore. With professionals on your side during the crucial process of company incorporation, you can confidently expand your venture to the dynamic business ecosystem in Singapore.

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