Singapore is perhaps one of the best places to startup a business. Things that you do want to note as an entrepreneur. For local Singaporeans, you may proceed to register with ACRA – Accounting and Corporate Regulatory Authority (www.acra.gov.sg) as a business.
Expatriate entrepreneurs will have to make an application for an EntrePass (Entrepreneur Pass) through the Ministry of Manpower (www.mom.gov.sg). An in-principle approval letter will be given to successful applicants in between a fortnight to 1.5 months. Do prepare a $3,000 security deposit. Registration with ACRA thereafter will require a minimum of $50,000 as start-up capital. Following that, you can go ahead to register your company’s name for $15 and another $300 to incorporate the company. This approval occur within the application.
The other steps of opening a bank account will typically be subjected to individual bank processes,but they are all fairly quick if you have the ready statements and necessary paperwork.
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