Setting up a business in Singapore requires you to register a business address. But it can be confusing, especially for new business owners. Incorporation services in Singapore can help you find the right solution for your business. They can advise you on mandatory requirements and the cost of registering a business address. You should also find out about the tax regime in Singapore for foreign companies.
Mandatory requirements for business address in singapore
If you run a business in Singapore, you must comply with the laws and regulations that apply to your business in that country. This includes having a registered office address in Singapore. The registered office address serves as the main point of contact for any government entity and is also where people can visit and inquire about your business. It is also where you receive correspondence from banks and other government entities. It is a necessity to have a Singapore address for these reasons.
The registered office address is essential to your business because it will be the address on all your company’s official documents. You must update this address on a regular basis with different institutions and be aware that businesses that do not maintain a valid registered office address can be fined up to $5,000. For SMEs, registered office addresses can be less costly than renting an office. The rent for a typical office in Singapore can cost you between $2 and $16 per square foot each month.
Types of business address in singapore
There are two types of business address in Singapore: a registered office and a residential address. The registered office is the physical address where a business can be visited by the public. It is also where the government sends correspondence to the company. Both types of addresses have different legal requirements. In Singapore, a residential address is allowed only if the business is registered in Singapore.
If you are a foreign company, choosing a business address with a prominent location can add credibility to your business and attract investors. However, most foreign companies in Singapore prefer to register in the office of their corporate secretary. This will save you time and money.
Cost of business address in singapore
If you’re starting a business in Singapore, you may be wondering how to minimize your costs and get the most out of your business address. A prestigious office address is important for attracting potential customers and investors. This is especially true if you’re in the corporate sector. For instance, having an address in a prime location is vital for businesses that offer corporate services. However, renting an office may be expensive. In this case, you may want to consider a registered office address service. These services are often more affordable and allow you to focus more on growing your business.
If you’re in Singapore, you may want to consider renting a virtual office. These are usually available through flexible workspace providers and allow you to set up a virtual office space that includes a commercial address. The address can be used to receive mail and freight as well as provide a reception area.
Tax regime in singapore for foreign companies
The Goods and Services Tax (GST) is charged on goods and services imported into Singapore. It is 7% of the total cost of the goods and services imported. Some services, however, are exempt from this tax. These include financial services, property leasing and selling, and precious metals.
The corporate tax rate in Singapore is 17%. However, Singapore offers tax exemptions for start-up companies and small businesses. A new private company is entitled to tax exemptions up to SGD100,000 in its first year of operations.