Imagine setting up a company in a country that offers low taxes, is crypto-friendly, with world-class financial infrastructure and the ability to register and manage the business remotely. Sounds like a dream? It’s not. It’s Singapore.
Known for its stability, transparency, and business-friendly policies, Singapore has become a magnet for entrepreneurs who are ready to take their ventures global. Whether you’re a freelancer, digital nomad, or seasoned business owner, the opportunities here are unmatched. I incorporated my company in Singapore within 3 days remotely. And I’ve been it running it virtually since then, saving loads in operational overheads and taxes.
In this post, I’ll share:
- Why I chose Singapore for business incorporation
- A simple, step-by-step guide to setting up your company
- My personal story of managing three companies remotely
Table of Contents
Why is Singapore the go-to destination for entrepreneurs?
Here’s how it stacks up against other global hubs:
- Tax Advantages: Singapore offers a 0% tax rate on your first S$100,000 of income and capping at just 17% thereafter. That’s a huge win from countries like the US, UK, or India.
- Stability and Transparency: Singapore is one of the least corrupt countries in the world, with a strong legal framework that protects businesses. It’s a place where you can trust your money is safe.
- USD Banking Options: Holding funds in USD is a game-changer for anyone working with international clients. Singaporean banks make this easy, unlike many other countries. There are many virtual banking apps, in case you face any issues opening a bank account. I use Wise and Aspire apps.
- Remote Management Benefits: From incorporation to compliance, everything can be handled online. No flights, no paperwork chaos, just a seamless process.
These factors make Singapore a no-brainer for entrepreneurs looking to scale globally.
Step-by-Step Guide to Incorporating in Singapore
Setting up a company in Singapore isn’t just easy—it’s surprisingly fast. Here’s how you can get it done:
Step 1: Register Your Company Name
- Use ACRA (Accounting and Corporate Regulatory Authority) to check if your desired name is available.
- Pick something unique and professional—this is your business’s identity.
Step 2: Handle Nominee Director Requirements
- Singapore law requires one local resident as a director.
- This might sound like a hurdle, but many entrepreneurs overcome it with reliable services that provide nominee directors while allowing you full control of your business.
Step 3: Obtain a UEN and Register Your Office
- ACRA will assign your company a Unique Entity Number (UEN).
- You’ll also need a local registered address. Both of these are essential to complete the incorporation process.
Step 4: File Paperwork and Meet Capital Requirements
- Submit your documents online through ACRA.
- The minimum paid-up capital required is just S$1, making incorporation accessible to anyone.
While the steps seem straightforward, coordinating them can feel like a balancing act. Thankfully, there are solutions designed to take the hassle out of the process, simplifying everything from compliance to nominee director requirements, so you can focus on building your business without distractions.
I’d recommend Osome for your company incorporation. Their incorporation process is very straight-forward and they’re offering a great 16% off on their services.
With the right support, incorporation could be completed in just two to three days, giving you the clarity and momentum to kickstart your global business journey effortlessly.
My Experience: Building 3 Remote Businesses
When I decided to take my business global, I knew I needed a system that matched my ambitions. Singapore stood out immediately: a place that aligns perfectly with the mindset of entrepreneurs who prioritise efficiency, innovation, and sustainable growth. Over the years, I’ve successfully been running multiple remote businesses, and the experience has been transformative.
Here’s why Singapore became my base of operations:
- Tax Savings: Lower taxes mean more money to reinvest in my business.
- Banking Freedom: Singapore’s flexible USD banking solved issues I faced with international transactions.
- Ease of Remote Management: I’ve been able to manage everything remotely, thanks to services that streamline the entire process.
Osome took care of everything from one app. Having everything managed in one app made running my businesses incredibly efficient, allowing me to stay focused on strategic decisions while they handled the operational details.
If you’re considering incorporation in Singapore, I can’t recommend them enough. Use this exclusive link to get free incorporation and 16% discount on your first year.