Being a foreign entrepreneur, if you are planning to start a company or open a subsidiary company then Singapore is the best country for you. Due to political instability in Hong Kong, Singapore is gradually becoming popular among foreign entrepreneurs.
Due to this reason, a lot of companies are now moving out of Hong Kong. They enter Singapore because here the entrepreneurs are getting political, economic stability along with tax benefits.
In case, you are looking for a guide on moving your company from Hong Kong to Singaporethen this article will help you. Not only this, but you can also take the help of HeySara for moving your company from Hong Kong to Singapore.
Why do you need to move your company from Hong Kong to Singapore?
There are several MNCs that have their Asian headquarters locate in Singapore. This is the reason, why Singapore is considered as the hub for startups. A shift of assets and investments might look difficult but the process is quite easy.
Here are some reasons that state why companies choose Singapore for business when compare to other Asian countries:
- Economic and political steadiness
- Amazing market reach
- Efficient banking system
- Massive local as well as the foreign talent pool
- Digitalized procedure to establish a company and meet statutory needs
- Quick and hassle-free process for business registration
- No bureaucracy as well as exploitation
- 100% foreign-owned companies
- Corporate tax rates are low
Which business entities have the right to set up business in Singapore?
Only four types of business entities can set up a business:
Sole proprietorship or partnership
A sole proprietor is a business that is own by one person and a partnership is a business that is own by 2 people but does not surpass 20 partners.
A limited partnership is a company own by 2 or more partners and at least one general partner & one limited partner.
Limited liability partnership
Limited liability partnership is mainly owned by 2 or more partners where the partner’s liability is limited because the company is treated as a separate legal entity.
A company is a business form that has a distinct legal entity from its shareholders and directors. Any business with more than 20 partners requires to be establish as a Company under the Companies Act.
What is required for starting a business in Singapore?
In Singapore, foreigners mainly opt to form a private limited company over other business structures. To start a private limited company, there are some requirements:
- Minimum 1 shareholder
- A registered Singapore address
- Local corporate secretary
- A unique company name
- Minimum paid-up capital of 1 SGD
- Minimum of 1 resident director
For incorporating a company in Singapore, you need to apply for EP or EntrePass. If you want to compare between EP and EntrePass, then HeySara can help you.