Why Set Up a Trade Company in Singapore?
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Strategic Location and Access to Global Markets
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Robust Trade and Logistics Infrastructure
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Access to Trade and E-commerce Technology
Singapore’s location at the crossroads of major shipping routes provides it with easy access to major markets in Asia, the Middle East, and other countries. Singapore is also home to one of the busiest and most efficient ports, coupled with Changi Airport, an international air cargo hub. Singapore’s ease of doing business and low taxes also appeal to companies looking to expand their businesses.
Step-by-Step Guide to Setting up a
Trade Company in Singapore
Step 1: Decide on your company’s business structure
- Decide the type of business entity you are looking to set up. Trade companies are often Private Limited Companies (Pte Ltd), Sole Proprietorships or Partnerships. Choose the business structure that best suits your company!
- Register your company with ACRA. Choose your company name and prepare all the required documents to register the company and receive a Certificate of Incorporation.
Step 2: Apply for the Necessary Licenses and Permits
- Depending on the nature of your trade activities, you may require some licenses and permits! Some common licenses and permits include the Customs License and Import/Export Permits.
- Register for licenses with the relevant authorities (Singapore Customs etc).
Step 3: Set Up Business Operations
- Register for the relevant taxes via IRAS. Companies with annual revenue exceeding SGD 1 million should register for GST (currently 9%).
- Open a corporate bank account to manage your company’s finances.
- Set up accounting and bookkeeping systems to maintain compliance with Singapore’s financial regulations.
Step 4: Hire Employees
Setting up a trade company in Singapore involves an in-depth understanding of the regulatory landscape, as well as strict compliance with the relevant licenses and permits. If this sounds like a hassle to you, it’s time to engage ScAilable!
With ScAilable’s valuable experience dealing with Singaporean regulations and authorities, we’re here to help you every step of the way to make sure your business can establish a strong foundation in Singapore.