Official Name: Singapore
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The country is made up of a number of islands, located in Southeast Asia and is one of the largest trading centers in the world.
Since independence in 1965, Singapore has become one of the most prosperous countries in the world and today is one of the busiest ports in the world.
It is a poor country in terms of mineral resources, but its economy, which relies on services and industry, has grown and prospered, making it one of the richest regions in the world.
Currently, it is the fourth largest economic center in the world, the second-largest gambling and casino market, and the third-largest oil refining center in the world, and staying in Singapore can be a good option for businessmen and businessmen.
What is the minimum amount to invest in Singapore?
It is about 2,500,000 Singapore dollars.
In which institution is investing in Singapore mainly?
It is usually the amount invested in a fund or a company.
Does anyone investing in Singapore have a business background?
Yes – The applicant must be able to prove a significant and record-breaking 3-year business by submitting their company audit accounts in the last 3 years.
What is the trading volume of an investor to invest in Singapore?
The applicant must prove that the trading volume of his company is at least SEK 50,000 during the last one year before the application and at least SEK 50,000 per year during the last 3 years.
What is the minimum stock of an investor company in Singapore?
If the company is owned by a private entity, the applicant must own at least 30% of the shares.
What are the principles for a person investing and registering a company in Singapore?
The applicant must submit a complete business plan to the government for the next 5 years and complete the program within the first 5 years after the visa is issued, as well as submit an audit financial report at the end of the second and fourth years of investment.
How can a Singapore investment visa not be accepted?
If there is a discrepancy with the principles and rules provided by the government, because the demands set by the authorities are really high.
What is the minimum time to process an investment case in Singapore?
Authorities need 8 months to process the case and the submitted documents.
How do investors qualify for permanent residency in Singapore?
If you have a significant business record as well as a successful entrepreneurial background.
What is the tax situation in Singapore for foreign investors?
Taxes in Singapore are based on individuals’ domestic assets, which means that being a Singaporean citizen has no effect on foreign investment or companies.
How many years does it take to become a citizen after investing in Singapore?
On average, it takes 8 or 9 years for a person to become a citizen after following the principles and laws of that country.
The advantage of company registration in Singapore
- The cheapest way to invest abroad
- Unrestricted access to the global market
- Getting permanent residency
- Possibility to enjoy one of the largest commercial ports in the world
- Easy obtaining visas for all countries of the world
- Obtaining residence in the country for the applicant and his family
- Possibility of having a personal account
- Low costs of running the company
The disadvantage of company registration in Singapore
- There is almost no domestic production in Singapore
- Everything is imported, so if you need local goods, they are very hard to find.
- Although English is the official language, some industries speak Chinese.
- Singapore’s work culture is very different. Employees do not try to solve the problem unless they are sure that their solution is useful, which means that they do not try to solve the problem and only do what they are told.
- In addition, they are not loyal to employers and often tend to change their company.
- Singapore is an expensive place to live.
- It has small domestic markets, so you have to operate regionally.
It is difficult to find local staff with the right attitude. Most young people want to work at MNC (or Facebook, Google, LinkedIn).
Type of company
Company registration as a joint-stock company
This type of company is very suitable for large companies with large businesses. The maximum number of shareholders in these companies is 50. In a corporation, the corporate tax rate is slightly higher than in a limited liability company.
Registration of the company privately and with limited liability
It is one of the most common corporate structures in Singapore. This type is divided into two categories: government and shareholders. These types of institutions are mostly used for small businesses and most investors who want to register a company in Singapore choose this type of corporate structure. It is necessary to explain that in this type of company, each shareholder has a commitment to the amount of capital that will enter the company, and in fact, the amount of commitment of each person is determined according to the amount of his shares.
Another thing that is significant in this type of company is the amount of corporate taxes that are imposed on these companies, and of course, this tax rate is different from the corporate tax rates. In this type of company, a management team must be specified. (The minimum number of shareholders is two).
Company registration through the establishment of a branch
When some people who have a company or store in another country and do not want to dissolve the company, but are also interested in promoting business in Singapore can do so by setting up a branch in Singapore. To be. But according to the existing laws, the branch companies do not have any responsibility and all the responsibilities are on the parent company, and if the branch company buys, sells or contracts, it is in fact a party to the parent company contract.
Other types of companies in Singapore include subsidiaries, offices, representative offices, and sole proprietorships.
The company registration process
To register a company in Singapore, you must go through the following steps;
Economic justification plan:
- The first step is to present a business plan or economic justification plan. You must clearly state all the goals of the company in the economic justification plan.
- The expectations of this business and activity must also be specified.
- In fact, you have to present an economic justification plan that convinces the Singaporean government that this business is profitable for the Singaporean government and that there is no harm in it. In this way, the Government of Singapore approves your justification plan.
Obtaining the necessary permits:
After the approval of the economic justification plan, the necessary license to start the activity will be provided to the applicant for registration of the company in Singapore.
Obtaining a tax identification code:
You will then need to obtain a tax identification code from the Singapore Tax Office.
Company office address:
Must specify the location as the company’s office and prove it by providing a lease document or property purchase documents.
Select company name:
- Choose a suitable name for the company. This name should not be taken from a specific brand and will only be limited to your business in that country.
- In addition, no one should have registered a company with this name before you.
- It is better not to use the names of shareholders to choose a name.
- If this name is chosen to introduce the company’s business activity, it will be much more appropriate.
- To confirm your company name, you must complete the company registration form from the Singapore Company Registration Office. After 60 working days, if your chosen name is approved, this name will be registered for you.
Send documents and application form:
- The application form prepared by the CEO and shareholders will be sent for approval.
- After receiving the approval and coordination with the Ministry of Labor of the Ministry of Foreign Affairs of Singapore, an appointment with the embassy is scheduled and you must go to the embassy on a specific date to provide the necessary documents to obtain a visa.
Granting a one-year visa:
- After submitting the necessary documents and after reviewing the documents by the visa officer, you will be granted a one-year visa, which does not mean permanent residence in Singapore.
- You must submit a positive performance report to the Singapore Government during this time.
- Once the Singaporean government proves that the company is profitable, the applicant will be allowed to extend his / her visa.
- After 3 to 5 years, if you have not committed a crime in this country and you do not have financial misconduct, you can receive permanent residence for yourself and your spouse and children under 18 years of age.
Documents required to obtain a Singapore investment visa
To obtain a visa for a foreign country, you always need proof that must be submitted to the embassy. Of course, there are other documents that will vary depending on the type of visa requested (including student visa, work visa, investment visa, etc.). These fixed or general documents include the following:
- Valid passport
- Other identity documents such as identity card
- New passport photo
- Documents required to prove financial viability include printing a bank account
- Certificate of no criminal record
- Health certificate
- Evidence of marriage, if any, and evidence of divorce or death of spouse.