Singapore is one of the fastest-growing economies in Southeast Asia. A country’s base of the economy lies in its business firms. From economic history, we have always learned about the industrialization of some major economies, that are still thriving today.
They have opted for a change in their business, made it private, and ultimately, the leveraged pinnacle of success. They have opened their doors for other economies and invited them to a partnered trade and business process. You can also apply for Singapore PR after you stay there for many years.
Emerging countries like Singapore, continue to launch favorable policies to attract foreign investment. Singapore has been ranked 1st among all the economies for its open-door policy.
In 2021, the Index of Economic freedom has ranked it as 1st, with a total index score of 89.7/100.
So, investors from all around the world show their interest in investing here. According to One IBC, these industries have got the highest investments in Singapore.
- Finance services
- Wholesale and retail trade
- E-commerce and transportation
What are the names prohibited to use for the company in Singapore?
Though, you can easily register your business in Singapore. You have to be extra careful while choosing the name of your company. As the company name has also a registration step. So, you need to be sure that it can be approved for registration by ACRA. Here are some applicable points to be kept in mind while choosing your company name-
- Undesirable- The name of your company will be dismissed if it contains any offensive or vulgar words.
- Identical to a pre-existed company name- Several companies have not been incorporated but, have got their company name registered with ACRA. It is just like a reservation within the state. The names can be reserved for a minimum of 60 days and a maximum of 120 days.
- Prohibited by order of the Minister for Finance- The word “Temasek” has been marked prohibited and cannot be used as a company name in Singapore. Till now, it is the only name which is prohibited by Minister. They have directed the registrar for the cancellation of registration with this name.
How long does it entirely seize to register a company in Singapore?
You can have your company approved and registered with Accounting Corporate Regulatory Authority within a single day. Once, you have submitted all the documents and necessary records, the whole process does not exceed one day.
Each business has to register a company address, where all the documents sent by the government, will be reached. A virtual office is a unique and advantageous option for you if you want to reduce the overall cost of setting up an office. A virtual office address in Singapore is profitable. The virtual office services help you to understand the whole criteria for it. So, whether going for a physical office address or a virtual office setup, all can be done within a day. You must need to join hands with an authentic service provider.
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