How to set up a Singapore Business? Advice from BBCIncorp

Attention Business Students.

You’ve studied business, why not try your hand at one?

Good thing is incorporating a company in Singapore can be relatively straightforward though you still have to comply with regulatory compliance to tax requirements. That’s where BBCIncorp comes in—to simplify and accelerate your business setup, leaving you free to focus on your entrepreneurial vision.

This guide walks you through the key advantages of setting up a business, common challenges entrepreneurs face, and how BBCIncorp’s expertise helps you streamline the company formation process in Singapore with confidence.

Why choose Singapore to start your business? 

Singapore is known as the “Gateway to Asia,” and for good reason. Its reputation for economic stability, innovation, and ease of doing business attracts thousands of entrepreneurs each year. Here are some compelling reasons why Singapore is a dream destination for business owners.

Business-friendly ecosystem

Offering political stability and robust legal structures, Singapore provides a secure foundation for businesses to flourish. With transparent regulations and efficient governance, the country ensures a safe and predictable environment for companies to thrive.

The government actively supports enterprises through pro-business policies, innovation grants, and competitive tax incentives. Programs like the Startup SG Founder initiative provide mentorship, networking opportunities, and funding to first-time entrepreneurs, making Singapore an attractive destination for both local startups and global corporations.

Strategic location and connectivity

Singapore’s prime location in Southeast Asia positions it as a gateway to the region’s rapidly growing markets. In recent years, numerous businesses and corporations from North America, Europe, and China have chosen to invest in Singapore to leverage the expanding opportunities in the ASEAN market.

Skyscrapers in Marina Bay of the vibrant Singapore city

Particularly in the e-commerce sector, Singapore stands out with its world-class infrastructure, sophisticated transportation networks, and exceptional connectivity by air, sea, and land. These attributes make it an ideal hub for businesses aiming to expand and seamlessly distribute their products and services to neighboring countries.

Favorable tax regime 

Singapore offers one of the world’s most competitive corporate tax rates, capped at a flat 17%. This business-friendly tax structure enables companies to focus on reinvesting in growth and innovation.

Businesses also benefit from generous tax incentives, such as the Startup Tax Exemption for newly incorporated companies and the Partial Tax Exemption available to all businesses. These policies create a thriving ecosystem where companies can prosper while contributing to the nation’s economic development.

Adding to its appeal, Singapore’s extensive network of double taxation agreements ensures businesses are not taxed twice on the same income. This makes Singapore a premier destination for companies seeking a tax-efficient, globally connected base for their operations.

The challenges of setting up a business in Singapore 

Although pro-business policies make the city-state a global hub for entrepreneurs, the incorporation of a company in Singapore still comes with its fair share of complexities. Below, we highlight three common obstacles entrepreneurs face during incorporation and how they can impact progress.

Regulatory compliance 

Singapore company incorporation may be straightforward, but navigating the rules around corporate structure, director requirements, and registration can be challenging, especially for newcomers. To understand how to incorporate a company in Singapore, businesses must follow specific regulations, such as appointing at least one resident director and keeping accurate statutory records.

Missing key compliance deadlines, like filing annual returns or renewing business registrations, can result in steep penalties and reputational risks. Accounting and tax submissions also come with strict requirements, including detailed financial statements, tax calculations, and accurate preparation of tax returns.

High cost of business operation

Singapore may offer a conducive environment for businesses, but it also comes at a price. The cost of living and doing business in the city-state can be significant, with high rental fees, compulsory insurance premiums, and competitive salaries. These expenses can pose challenges for startups or small businesses with limited financial resources.

However, the government offers various measures to support companies’ growth and minimize the burden on operational costs. For instance, businesses can tap into subsidies and grants to offset some expenses or engage in strategic partnerships with other organizations to share resources.

Bank due diligence

Opening a corporate bank account in Singapore often involves meeting residency requirements or navigating thorough due diligence checks. The Monetary Authority of Singapore (MAS) implements strict regulations to combat money laundering and terrorist financing. As such, banks conduct thorough background checks on company directors and shareholders before approving account openings.

Opening a bank account involves many complex steps to navigate alone.

It is crucial for businesses to prepare the required documents beforehand and ensure that all information provided is accurate and up-to-date to avoid any delays or rejections in the account opening process. This may include providing proof of business activities, financial records, and personal identification documents.

An efficient company setup requires the right partner who knows how to avoid such hurdles. With BBCIncorp, not only are these challenges addressed head-on, but tailor-made solutions further simplify your entrepreneurial path.

How BBCIncorp simplifies business setup in Singapore 

BBCIncorp is your dedicated partner in making company incorporation in Singapore seamless, efficient, and regulatory compliant. Here’s how we bring expertise and excellence to your Singapore business setup.

All-in-one incorporation package

Our end-to-end Singapore company registration services simplify the process of setting up your company. The package includes:

• Registering your company with ACRA
• A prestigious registered office address in the Republic Plaza/CBD area for 1 year
• A nominee director appointed for non-residents
• 12 months of corporate secretary support
• Assistance with opening a business bank account at a Singapore bank included as part of the package

Comprehensive corporate secretary services

Did you know that the government requires companies to appoint a qualified corporate secretary within six months of company set up in Singapore? The purpose of this role is to ensure that legal and regulatory requirements are met.

BBCIncorp offers professional corporate secretarial services to handle tasks like:

• Maintaining statutory records and registers
• Preparing and filing annual returns and other legal documents
• Facilitating board meetings and resolutions with proper documentation

This proactive approach ensures that your business stays compliant with evolving regulations and avoids any costly penalties.

BBCIncorp takes care of the hassles so you can focus on your business.

Accounting & tax filing support

Looking for a trusted and experienced accounting company? Our team of seasoned accountants delivers precise and timely accounting services in Singapore, ensuring full compliance with Singapore’s regulations.

• Keep proper records of management accounts, e.g., Balance Sheet, Profit & Loss, General Ledger
• Preparation of unaudited financial statement
• Tax computation and filing of corporate tax returns

Are you ready to take your entrepreneurial vision to the next level? Reach out to BBCIncorp and get started on your Singapore business setup today. Visit our website and discover the difference expert support can make.

Contact information:

Organization: BBCIncorp

Website URL: https://bbcincorp.com/

Name: BBCIncorp

Email: service@bbcincorp.com

Phone number 1: (+852) 8192 8666

Phone number 2: (+65) 6011 8200

Hong Kong address: Office 3906, 39th, The Center, 99 Queen’s Road Central, Central, Hong Kong

Singapore address: 9 Raffles Place, #29-05 Republic Plaza, Singapore (048619)