Arranging for business finance is a big worry for entrepreneurs because of the high rates of interest charged by the financing companies. However, the picture is just the opposite when you are planning to start up a business venture in Singapore where you get business finances at low rates. Firstly, there is no shortage of financiers with 159 banks (128 commercial and 31 merchant banks) ready to help businesses. In addition, there are 365 fund managers as well as about 600 capital markets services license holders ready to meet the financial requirements. Secondly, the interest rates are quite low compared to finances available in other countries. Add to this the various tax benefits and financial incentive schemes that make Singapore one of the hottest destinations for businesses that want to set foot in the Asia Pacific region. The abundance of finance and the ease of the administrative process is a huge attraction for foreign investors.
Ease of starting a business
Singapore ranks high on the factor of ease of doing business and has maintained its position consistently for many years according to reports available from the World Bank that surveyed 189 economies across the world. Although many countries are prominent business hubs, Singapore outscores many others because it takes only a day to register a new business provided you work under the guidance of a professional company that offers Singapore Company Formation Services. The guiding company offers comprehensive secretarial and administrative services that ensure fulfillment of all requirements in one go that speeds up the process.
The professional guidance adds speed
The business laws and other requirements for starting up business in Singapore are very much business-friendly which is indeed the primary reason for making it easy to start up. However, there is another factor without which it is never possible to do things fast. The role of the professional company offering secretarial and administrative services is crucial to ensure that legal compliances and related start-up procedures are done very fast.The availability of the online system for incorporating companies is another step towards speedy incorporation.
Documents that you must have
Timely business registration depends on timely submission of documents that you must keep ready for use by the company that guides you. Stay prepared with all requisite information and documents starting from the company name, registered address, a brief description of business activities, particulars of Directors, company secretary and shareholders and the constitution. Remember that the speed of registration does not only depend on the expertise of the professional company that guides you but also on how well you provide the documents and information on time. Discrepancies in documents can delay the process, and you must be very careful about it.
Since Singapore has a very transparent system of business approval which is the best in Asia, you can monitor the progress of the application for registration, and this gives good satisfaction. It also helps to gain confidence about the government’s intention of encouraging businesses of all kinds and sizes including foreign businesses that justifies the vast business potential of the country.