Installment 4: What do you need to do to invest in Singapore?

Currently, as the Covid-19 pandemic is now under control, many Vietnamese investors want to learn more about investment procedure in the Lion city because of its great opportunities. Therefore, Thanh Nien Newspaper has contacted Mr. Vu Dai Duong - Managing Director of One IBC Vietnam to answer some questions of readers.

Question: I’m a Vietnamese and I want to set up a business in Singapore, can you tell me what the requirements are?

Answer: A Vietnamese can set up a company in Singapore and have 100% of ownership without any troubles. Singapore’s laws & regulations for incorporation procedure are the same for both Singapore resident and non-resident, the minimum requirements are:

• The company must assign a registered agent in Singapore.
• A physical company address in Singapore.
• A Singapore resident as the Director.
• The minimum share capital of the company is S$1 for opening the company.

One IBC is the leading corporate service provider

Question: Do I need to attend regularly in person at the incorporation process in Singapore?

(Minh Hang - Dong Da Dist., Ha Noi)

Answer: Dear Ms. Hang, it wouldn’t take you much time to incorporate a Singapore company. One IBC will support you via online meetings, email or phone. However, when opening a business account, all banks in Singapore require an interview with related parties. One IBC will arrange a meeting between you and your chosen bank so that the process can go smoothly.

Ask: Where to register a Singapore company? Does the Singapore government have any special policies for Vietnamese businesses?

(Tuan Nghia, Tam Ky City, Quang Nam Province)

Answer: To register a Singapore company, you need to register with ACR first, each business will be assigned a unique UEN - Unique Entity Number. After that, you need to register the necessary permits and certificates with your UEN to conduct business legally in Singapore.

The Singapore government takes a progressive and developmental approach in many of its policies to attract foreign investors. Especially, the Singapore government offers many tax incentives for SMEs such as corporate income tax is 4.5% for the first S$ 100,000 of income; 8.5% on the next S$ 100,000 income and 17% on income over S$ 200,000.

One IBC has established the business structure for thousands of companies in Singapore

Question: I live in Vietnam and really want to register a trademark in Singapore, what should I prepare?

(Tuan Nghia - Chi Linh, Hai Duong Province)

Answer: Trademark registration in Singapore is approved by the Intellectual Property Office of Singapore (IPOS). Depending on the type of license, it will normally be necessary to provide legal documents, shareholder/director information, business plan and some other documents such as financial statement audit, office lease agreement and so on. One IBC will assist you in preparing the necessary documents to apply for the necessary permits.

Question: Which bank should I open a business account in Singapore? Which industries are most popular for doing business in Singapore?

(Le Tan, Thu Duc City, HCMC)

Answer: One IBC with many years of experience will assist customers in opening a business account quickly, from 2-3 days. Prestigious international banks are chosen by many businesses such as OCBC, DBS, UOB, Maybank, UOB, Standard Chartered, etc.

Choosing the right place to start a business is an obstacle, but choosing the right industry to do business is also an important factor affecting the success of the company in the future. Here are industries that offer opportunities for business needs in Singapore.

Ecommerce

E-commerce is the highest-grossing industry in Singapore. With more than 90% of small and medium enterprises applying e-commerce to business.

E-commerce is a booming industry in Singapore

Fintech

Many Asian engineers with highly specialized knowledge in the Fintech field in Singapore because many major technology companies in the world such as Google, Facebook, IBM and so on have chosen Singapore as the headquarters of their operations.

Travel

Tourism is one of the potential markets for foreign businesses with around 50% of Singaporeans of age 15 and above traveling at least once a year.