Thinking about giving up on the rat race and giving in to your dream of being the proprietor of a start-up in the Singapore? Great idea, but amidst all the enthusiasm, you may forget one major factor — the registration of your start-up. Registering your start-up compels you to think about several questions that should be at the grassroots level of your business strategy. Very often, proprietors consider registering their company to be just another bureaucratic process to get out of the way. In this way, many important standpoints, such as deriving a name, selecting a business structure and securing the necessary permits, are brushed under the carpet. Unfortunately, if ignored, these very issues might rear their ugly head when you least expect it. Here is what you need to know: Why Singapore? Singapore is one of the most politically stable economies in the world. Its high ease of operations is due to almost negligent rate of corruption. Its strategic location too, makes it the perfect hub to gain access to the South East Asian markets. Government aid There are many government entities that lend their support to start-ups in Singapore, such as the Economic Development Board, SPRING — an agency under the Ministry of Trade and Industry, and the Accounting and Corporate Regulatory Authority. The way forward A branch office, subsidiary or a representative office may be set up by a foreign entity in Singapore. For an individual residing in India, and wanting to set up a new company in Singapore, the road is pretty straight forward. First off, apply for the EntrePass scheme visa that was launched in 2004 for the facilitation of the entry of entrepreneurs in Singapore. This multiple entry visa is issued when a sound business proposal is submitted. It has an initial validity period of up to two years and is renewable. You can then set about creating a branch, company, or representative office. In Singapore, 100 per cent foreign ownership of the locally incorporated companies is permitted, but bear in mind a few nuances while setting up an office. Every new business that operates in Singapore must be registered with ACRA. ACRA offers business and regulatory guides for startups that are available for sale. A Singaporean subsidiary of a foreign company is taxed as a Singapore entity as it is treated as a separate legal entity. Since a branch of a foreign entity is treated as an extension of that foreign entity, the income generated isn’t eligible for incentives or tax exemptions. A representative office is only feasible for liaison work on behalf of the parent entity or for market research. It is only a temporary setup without a legal persona. It does not have the capacity to engage in any business or trading activity
Beginner"s guide to registering an Indian start-up in Singapore
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