Starting a business in Singapore can be intimidating and exciting all at once. With a state-of-the-art legal system, robust protection of trademark intellectual property (IP), attractive corporate tax rates, superb connectivity and trade agreements with more than 100 countries and regions worldwide, Singapore is a great place for both local and foreign entrepreneurs to start a company.

There are different types of companies you can register in Singapore, depending on the type of business you are running. A Private Limited Company, for example, requires at least one shareholder and director who is a resident in Singapore. However, this does not necessarily mean a citizen of Singapore; the requirement can be met by a legally-resident foreigner or by engaging the services of a Nominee Director.

Once your company is registered, you can begin operating in Singapore. To do this, you will need to obtain a business licence for your specific industry and then apply to IRAS (Inland Revenue Authority of Singapore) for Goods and Services Tax (GST) registration if your expected annual turnover is more than S$1 million. GST is a value-added tax (VAT) that is collected by businesses on their sales to customers in Singapore.

Another important step is to open a corporate bank account. A corporate bank account is used for executing transactions and can be opened once you have obtained your company business profile from ACRA. Once you’ve received your soft copy of the profile, you can request a hard copy for a small fee. how to open a company in Singapore

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