Company registration Singapore: A heaven for remote-based companies
Two years into the Covid-19 pandemic, many companies have reaped the benefits of adopting a work-from-home (WFH) model, including observing higher working productivity and the greater opportunity of hiring talent from other countries to curb the lack of manpower within the nation. Particularly, in Singapore, the adoption of a WFH model is valued by both employers and employees and has shown to be adapted effectively with Bloomberg recently announcing Singapore as the best WFH city. Singapore is undeniably a heaven for remote-based companies to incorporate their business.
A quick look at some of the key WFH facts in Singapore
A piece of great news for remote-based companies in Singapore is that 2 in 5 Singaporeans are reluctant to accept a job that does not offer the flexibility of WFH, highlighting Singaporean’s preference for a WFH paradigm.
4 in 10 Singaporeans would sacrifice a bonus to continue a fully remote working environment
A Harvard Business Review ranked Singapore amongst the highest-rated for having a highly resilient internet infrastructure.
Although Singapore is currently witnessing a tech-talent crunch, 9 in 10 Singaporeans are aware of the need to reskill and upskill to remain relevant and competitive in the job market. Programs such as SkillsFuture Singapore (SSG), an initiative by the Singapore government, are established to support Singaporean’s upskilling process. As such, the Singapore workforce can be expected to be filled with upskilled individuals relevant to the digital era.
Here’s why you should register your company in Singapore
Singapore is a country with economic stability
The small city-state is renowned for having one of the most advanced economies where it is positioned as a major financial hub in the Asia Pacific region. The Singapore government has proven to be highly effective and strategic by being a nation with zero foreign debt and having a strong financial strategy implemented to ensure its assets outweigh its liabilities. Furthermore, although Singapore is a nation with no significant resources, the Singapore government has shown characteristics of being resilient and innovative through the development of creative solutions. For instance, the development of a sustainable water solution- The NEWater, to curb the water shortage issue in Singapore. As such, the economic stability and reliable government in Singapore attracted many foreign direct investments, making the city-state a great place for company registration, especially among startups seeking investments.
A non-resident is eligible for company incorporation in Singapore
Thankfully, the Singapore government has made it possible for a non-resident to register their company in Singapore- with only one director required to be a Singapore resident. Nonetheless, a common issue faced by a non-resident is the difficulty in finding a trustworthy nominee director. According to Singapore’s Companies Act, “The directors may exercise all the powers of a company except any power that (the Companies Act) or the constitution of the company requires the company to exercise in general meeting.” Hence, the nominee director must be well-known and trustworthy as they hold the same duty and power as a director in Singapore. The existence of companies offering nominee director services, such as PikoHANA, made it easier for non-residents seeking a reliable and trustworthy nominee director- reducing the risk rising from appointing an unreliable individual.
Company incorporation conducted remotely
With Singapore being a digitally advanced nation, the entire company incorporation process in Singapore can be conducted online. Entrepreneurs who are non-residents but wish to establish a fully remote company in Singapore will be highly benefited from the initiative as it takes away the need to spend additional expenses on traveling to Singapore just for company registration. Nonetheless, it is understandable that individuals would feel insecure about the incorporation process since they are not within the country to ensure efficiency. As such, engaging a well-experienced corporate service provider would ensure that the incorporation process is seamless, easy, and effective, leaving entrepreneurs feeling assured and secure about incorporating their company remotely. Read more :A complete guide to business incorporation for SMEs and Startups!
Enjoy low corporate tax rates without double taxation
One of the biggest benefits of company incorporation in Singapore is the relatively low corporate tax rate that only applies to profits (capped at 17%) and not revenue. The multiple incentive programs and tax exemptions by the Singapore government would also mean that the corporate tax rate would be kept lower. Additionally, treaties were signed with over 80 countries globally to avoid double taxation of income in Singapore, where a territorial tax system is practiced.
PikoHANA as a gateway to company registration in Singapore
Whether you are looking for a location with excellent digital infrastructure and plenty of opportunities, or to hold large to small scaled meetings, Singapore has it all. Furthermore, with many co-working spaces in the city-state, employees in remote-based companies can enjoy the comfort of working independently in a conducive working environment or come together to have collaborative meetings as a team. Hence, if you are interested in leveraging on the benefits provided by Singapore as an offshore/remote-based company, without heavy investment in a traditional company setup, including rental of working spaces, then incorporating your company in Singapore is the way to go. Engage with a corporate service provider like PikoHANA– positioned as an expert in the field of company incorporation, for a cost-effective and seamless service. Through our free assessment, we gather in-depth insights into understanding your business for us to provide the best solutions for your pain points.
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