Essential Services for Foreign Business Investors in Singapore

Singapore financial investors

If you are considering registering a business in Singapore, you are probably planning to manage the business remotely, which means you will need numerous local business services. Fortunately, there are established international law firms with a team of business law specialists and they can assist you in many ways.

Business Registration

If you have yet to register your new business in Singapore, there are 3 main choices.

  1. Representative Office – Known as RO, this entity is designed for a company that wishes to carry out market research in Singapore.
  2. Private Limited Company – Setting up a PLC offers limited liability and is very quick to set up; a trading entity that is subject to local compliance.
  3. Limited Liability Partnership – The LLP is perfect for lawyers, professors and other professionals, with trusts set up for a limited group of private investors.

The lawyer offers the best advice if you are in any doubt as to which type of business to open; it is important to know the ins and outs, benefits and drawbacks to each. The law firm happens to be the best accounting firm in Singapore so they can take care of all company reports, while keeping up do date with bookkeeping and preparing quarterly reports. 

Compliance reporting

The entity must submit a year-end financial statement and this can be managed by local bookkeeping and accounting services, according to your requirements. Another requirement is GST registration & filing; in the event the business is eligible for GST, a quarterly return must be prepared, which can be done remotely with access to your cloud. The quarterly return must be lodged with Inland Revenue Authority of Singapore (IRAS) and you won’t have to worry about a thing!

Audit preparation

In the event your company must undergo an audit by the government, your local partner can help you prepare the necessary reports and documents, while also enjoying a close working relationship with government officials, ensuring a smooth and favourable outcome. Click here for tips on safeguarding your income.

Setting up a sales framework

If you are planning to retail in Singapore, your lawyer can put you in touch with local sales & marketing agencies for services such as advising on client contracts, establishing a digital quote process, managing the payment of invoices and many other services. 

Management reporting

This is a service that all Singaporean businesses must comply with and using the cloud, remotely located accountants can access the data they need to prepare the reports. Consolidated financial reports must be included and your local provider handles everything, ensuring compliance. 

The Singapore government welcome foreign investors and by talking to a local international law firm, you can receive the best advice and a range of services are available. Careful planning and the best advice will ensure that your new business is always compliant and we hope your company enjoys sustained growth. 

Ethan Hayes
Ethan Hayes
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