Starting a business in Singapore

Starting a business in Singapore

Singapore has consistently ranked as the most suitable place for starting the business, financial and commercial activities, because of its geo-strategic location, business-friendly government, and stable political environment.

Starting a business in Singapore is relatively easy and there are few lucrative sectors where the potential investor may receive positive feedback.

One such industry is the aerospace industry of Singapore and the country is one of the major hubs for maintenance, repairmen and overhaul for Asian countries.

The Selector Aerospace Park of Singapore has the extensive capability to provide precision electronics & engineering and potential investors have the opportunity to invest in this sector.

Another growing field for Starting a Business in Singapore is the clean energy sector. The country falls into the Sunbelt region and the infrastructure can provide better semiconductor facility to grow the solar sector.

Additionally, the clean energy such as the windmill, bioenergy, tide energy, green buildings etc also have the potential source of investment. Many investors are attracted by the country’s knowledge base manufacturing capability and intellectual property protection laws.

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Singapore is also one of the major hub of chemical and many famous chemicals companies of the world operated in the Jurong island of Singapore.

Last year this sector attracted around $35 billion Singaporean dollar and thus provides lots of potentials to Starting a Business in Singapore in the chemical sector.

Another booming field in Singapore is the content and media sector. Majority of the population in Singapore carries smart phones and this there is a good market for media developers, game developers, visual effect and publishing companies.

The company has the unique intellectual property right protection laws and the educated workforce and research capability makes Singapore an ideal location for developing new content.

Singapore is one of the major hubs for the electronics industry and more than fifteen renowned electronics company are operating in Singapore. They produce almost all electronics from semiconductor to hard-disk.

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So there are possibilities to start a business in the home appliance or other electronics related business. The country is also one of the major oil trading hub and major oil-based product pricing center in the Asian region.

So additional business opportunity may grow in the field of trading oil and oil based product.

Singapore also builds more than fifty percents of world’s rigs and also supplies numerous floating vessels to the world market.

The marine engineering sector in Singapore is strong and there are also options to start a business with marine vessel and equipment development industry.

The country also got the good foothold in the medical and healthcare sector and more than thirty renowned medical device manufacturing companies manufacture medical types of equipment in Singapore.

There is heavy growth in the medical sector and country is committed to having more than $70 million Singaporean dollars of earning from the medical sector.

So one may easily invest in the medical sector of the country and Starting a Business in Singapore. Additionally, the pharmaceuticals sector and biotechnology sector of the country is also doing very well.

There is some world-class biotechnology research lab in Singapore and there is the good opportunity in this sector for starting a business Singapore is also the hub of precision engineering and professional service provider business.

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There are world class manufactures in Singapore and they can provide the complete solution for designing, prototyping, production procedure, and business solution.

Many MNC’s from all over the world established their global headquarters in Singapore and provide services worldwide. So these also open the new horizon of starting and doing business in Singapore.

Another major growth sector in Singapore is the automotive sector. Almost all genuine automotive parts manufacturer in the world uses Singapore as their regional headquarters to observe their business in Asian countries.

The strong Singaporean electronics, mechanical engineering, and communication sector are providing support to the growing need of the world in the automotive industry and open the new potential to Starting a Business in Singapore.

Additionally, one can start a business in Singapore in the field of aquaculture development, agriculture sector work, metal processing, and minerals collection and processing.

Other most growing field in Singapore is the development of lifestyle product and services, robotics and industrial robotics development, space machinery development.

For starting a business one may choose from following options:

  • Sole proprietorship
  • General partnership
  • Limited Liability Partnership
  • Limited partnership
  • Branch Office
  • Representative office

For most cases, the companies have to register their name with ACRA by the online portal and receive confirmation within fifteen minutes.

For registration, companies should have a valid address in Singapore which is not a PO. Box address.

f any organization is willing to take rental property then they may have to consider the service charges, security deposits, lease period, insurance, renovation deposit, legal fees, property tax etc. 

The tax law in Singapore is very business friendly and companies enjoy many tax benefits and incentives from the government.

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