Singapore is home to many different businesses that is why it has one of the most successful economies all over the world. Almost all kinds of businesses can be found in the busy streets of Singapore and there are many more new investors coming in. It has always been a great place to expand or set up company in Singapore districts because of the business-friendly policies that it implements. In 2020, it was named as the most open-market economy in the world for being the easiest country to conduct business in. It is also known as the third most corrupt-free country and that makes it an even better candidate for businesses and various investors to put money in. These are just a few things that make Singapore every industries’ favourite place to do business.
There are many types of businesses in Singapore that cater to every need of society. There are small businesses that offer basic goods and necessities. While there are other businesses that are considered tycoons in their industry. These businesses are then further categorized into the type of service they offer. One of the businesses that are dominant in the economy of Singapore is the import and export corporations.
These are popular in Singapore because export and import policies are better here than in other neighbouring countries. Between these two, export trading is the more complicated one to venture in as it involves strict policy implementation from Singapore as the origin country and the country of destination. When you want to set up company in Singapore like an export entity, there are many things that you must remember. In this article, let us talk about the processes of company formation Singapore start-ups when it comes to exporting.
Reasons to set up company in Singapore
It is already stated that when it comes to company formation Singapore processes, Singapore is one of the most comprehensive and business-friendly ones among other countries. When you set up company in Singapore, there would always be complicated processes waiting. However, Singapore has relatively easier and less complicated sets of policies and regulations. Bureaucratic hindrances during company formation Singapore procedure is also minimal.
Relaxed on tax policies
Aside from easy company formation Singapore policies, its tax regulations are also one of the lowest in Asia. Companies are only required to settle 17% of tax rates. This is a big factor for companies as every penny counts, especially for big companies.
Steps on setting up an export company
Company incorporation Singapore process
When you want to set up company in Singapore, you have to go through the right incorporation procedures. You have to choose which type of company you are setting up as it plays an important role in this process. Company formation Singapore process requires you to register a business name and an office address to ensure that you can be fully operational. Also, company formation Singapore procedure includes hiring a director and a secretary. This is because they play an important role in the growth and development of the entity.
Set up customs account
When you are fully incorporated, you can now set up your customer account for the Singaporean government to allow you to do trading. This step is free to all those that are interested to set up company in Singapore that has something to do with import and export.
Double-check legality of goods
There are some restrictions when it comes to importing or exporting goods in Singapore. You can double-check the kinds of goods allowed to be imported or exported through Singaporean Customs. This way, your company formation Singapore procedure efforts will not go to waste. Goods like guns, medicine, explosives, and even replicas of these products are not allowed to be traded.
Apply for necessary licenses and permit
The final step to set up company in Singapore is to apply for the necessary licenses and permits for your final company structure. This way, you can avoid further complications brought about by operating without documents. For an export company, a Customs Export permit is required to be obtained. There are also regular permit renewals to ensure that all products are legal.
Company formation Singapore process involves a lot of complicated tasks and procedures. To avoid future issues and complications, hiring a servicing company that can help you set up company in Singapore is advisable. WLP Group can be of assistance with your company formation needs. Visit us today and set up a company at ease.