The advent of the world wide web has made it a much more reasonable prospect to start a business in a foreign country. There can be a number of advantages to doing this owing to differences in regulation in other countries as well as proximity to the intended clientele. Naturally, this has spawned a number of questions about where you can and cannot start a business online. Not all nations permit foreigners to start businesses at all, not all nations permit businesses to be started from overseas, and in general, no two countries will display the same set of rules and regulations. This article will concern Singapore.
There are many reasons one might want to register a company in Singapore online. The good news is that this is an entirely reasonable possibility. Singapore has very permissible regulations regarding this, and the process is fairly simple. However, as with any decision regarding a new business, it’s important to do your research and know the process and caveats before you commit to any steps.
The first thing to be aware of is that the rules are different for citizens of Singapore and its permanent residents. The requirements are stricter if you fall into either of these categories. As of 1994, self-employed individuals are required to pay into Medisave. Medisave is a central bank account that can be paid into and subsequently accessed to help pay for medical expenses. Individuals that are not self-employed most frequently have pay deferred to this automatically. Self-employed individuals must pay into it if they earn more than $6000 a year. Individuals that are citizens of Singapore or permanent residents must make sure their contributions to this account are caught up before they apply for a new company. If they do not, their application will be denied.
If the individual is not a citizen or permanent resident, or they are and their account is caught up, starting a company online is simple. First, the appropriate forms must be filled out through an online service. This is a fairly simple process that can be executed online from one’s home or one’s office; it’s nothing more than a basic form. After that, it’s necessary to utilize a professional filing service. Professional filing services are equipped to interface with the government of Singapore to establish a business for you. The filing fees are very low: just $15 for name approval and $50 for business registration. This makes it an even more attractive proposition for those that may need to start more than one business.
Summarily, it is very possible to start a business online, and Singapore is no exception. The rules are simple even for individuals that have never set foot in Singapore before. All it takes is a few moderate fees and simple forms, all of which can be managed online. The most difficult elements will be handled by a filing company, who will also serve as your liaison. It’s a simple process, and the rewards are plentiful. While you should always be diligent, it pays to be bold.