Incorporate a Company in Singapore to Enjoy the Following Business Opportunities

Are you thinking of expanding your business to Singapore? It is an excellent idea because you will be joining a long list of companies that went ahead of you and became very successful. Singapore stands out among its peers for its commitment to supporting businesses to achieve rapid growth and success. The first step to realizing this success is company registration in Singapore. 

In this post, we take a closer look at the main requirements for company incorporation in Singapore and the key opportunities that you can focus on. 

The Main Requirements for Company Registration in Singapore

• A company name: Before the process of company registration can start, you need to get the preferred name preapproved by the Accounting & Corporate Regulatory Authority (ACRA). 
• Company directors: Like in most jurisdictions on the globe, registering a company in Singapore requires you to have directors who will be running the business. The board of directors is bestowed with the mandate to authorize all actions, including hiring, product development, and growth proposals. 

Note that one of the directors must be a resident of Singapore. So, if you do not have a person who is over 18 years and qualified to act as one of the directors, the best option is to work with a nominee director. 

• Shareholders: Registering a company in Singapore requires you to have 1-50 shareholders. Companies in Singapore are allowed to have 100% foreign shareholding. 
• Initial paid-up capital: Shareholders are the owners of the company you are forming, and they are required to provide the initial capital. The minimum paid-up share capital in Singapore is S$1.0 
• A registered business address: This is the office that will serve as the company’s headquarters. Note that a PO Box address is not accepted as an official business address. 
• A clear business structure and required permits: If you open a company in areas such as pharmaceuticals, telecoms, and finance, additional permits will also be required. 

Opportunities You can Exploit after Registering a Company in Singapore

Registering a company in Singapore is like turning to a whole new page for your business. There is so much that you can do. So, let’s highlight some of the main opportunities: 

1. E-commerce

If you love retail business, know that online shopping in Asia is growing rather fast. According to Temasek and Google, e-commerce in Singapore is expected to rake in approximately USD5.4 billion by 2025. With the e-commerce penetration on the rise, you can tap on the emerging opportunities, selling consumer electronics, beauty products, fashion accessories, apparel, software, and hardware. 

1. Biotechnology

The Scientific American Worldview Scorecard has ranked Singapore among the most innovative countries in biotechnology. The country boasts of enviable infrastructure and institutions, such as Fusionopolis and Tuas Biomedical Park, to support bio-entrepreneurship. Like other top companies, such as Pfizer and GlaxoSmithKline, you can also open a biotech company in Singapore and enjoy fast growth. 

1. Consultancy 

With more companies coming to Singapore every year, consultancy services are becoming even more important. So, if you are an expert in areas such as engineering, computing, project management, food production, medicine, or industrial production, among other areas, offering expert consultancy might come in handy. So, go ahead and register a company and reach out to investors coming to Singapore. You can also offer the same services to the neighboring markets from Singapore. 

Once you have identified the preferred business opportunity, make sure to work with an agency of experts to register the preferred company. The agencies are run by experts and can help you to prepare the required documents for company incorporation in Singapore and guide it to success. They can also help you get the right company secretary, address, and nominee director.