Singapore is rated as one of the top cities with ease of doing business in the world. It has a business environment consisting of a straightforward protocol with quick and responsive government agencies. Its capital plays a significant task in global commerce. It also has a gateway to the APAC area and entices a good number of investors. For instance, it hosts more than 8,000 international businesses, providing them with an excellent bureaucratic environment and favorable tax rates. You may not be familiar with the economic strengths of this city. But its economy is highly developed and taking the lead in several sectors worldwide. Additionally, if you’re a foreigner wanting to start up a business but lacking money, you can consider following the terms given and quickly get a loan. This article focuses on building your business and loan application as a foreigner. Let’s see.
Life as a Foreigner
A foreigner in Singapore is one who is not a permanent resident. People have different reasons for becoming foreigners in other countries. You may have probably gone to work or visiting a friend. Also, education may be a reason to get there, or you’ve plans to settle permanently.
For visitors who come and go, they need to get a social visit pass. In case you intend to stay longer and do business, you need an entrepreneur’s social visit pass. After deciding to settle in Singapore for business, you will also need an Enter pass. This is meant for entrepreneurs staying in Singapore, want to start up a business, and promise to be active in the business.
How Can You Build Your Business in Singapore?
The following is a guide on steps to build your business.
1. Register the business.
This is the first step to get you started. You need to provide all details, including the business name plus information about your operations. After registration, you should go ahead and apply for a business permit.
2. Get the necessary permits.
It would help if you acquired the appropriate permits before running your small business or company. More profound research work is vital to help determine the permits relevant to your business. Fortunately, you can get information from EnterpriseOne that has all the details you need. They also have an online website of the Singaporean government branches to identify what you have.
3. Get an office.
Setting up an office could be difficult in other places but not Singapore. Therefore, you should get the correct site for the better survival of your operations. The Singaporean Government has invested in various business parks, which can be a good start for your service. So, be sure you’ll not face any trouble in setting up and office.
4. Hire employees.
The Lion Capital has the best measures to ensure a starting business has access to well-trained and qualified professionals. You may also recruit employees from abroad by getting them valid job passes. Another thing is, you should go through the Singaporean Act to familiarize yourself with your responsibilities as an employer. For example, you are making payments in a week after the salary period elapses. Besides, you need to provide them with rest days and other leaves necessary.
5. Filing of taxes.
There’s no longer double taxation for a starting business in Singapore because the country signed an agreement with over 74 nations to avoid double taxation. Therefore, such an offer is given with an expectation that you will pay taxes on time. You can also choose to get an experienced tax expert to manage your taxes and ensure timely payment.
6. Marketing your business through branding.
Before beginning to offer your services or sell your products, brand your business. Come up with a logo that will enable customers to identify your brand. Consistently display it to people through various social platforms, including the company’s website.
Loan Application for Foreigners in Singapore
A foreigner loan is one that’s given to non-citizen members of a country. One qualifies for the credit when they neither are a citizen nor a permanent resident. So, you shouldn’t be worried anymore about the trouble of not being allowed to borrow money whenever they experience financial issues. Online lending has eased the loan application process. Instant Loan and other lending companies can now be contacted for quick approval without having to go to the bank.
If you need cash to start a business or any emergency, you can also be granted a foreigner loan in the banks. However, the process for these loans is not as instant and accessible as an online application. There is a criterion to be followed before getting approved. The following are requirements for one to qualify for a foreigner loan;
- You must be between 21 and 55 years.
- Be on full-time employment.
- Earn an income of S$42,000 annually.
- Produce back and front copies of your passport and employment pass.
- A recent copy of Income Tax Notice.
- A Tenacity Agreement of where you stay plus a mail from the address.
- Must give a bank statement of your account where your salary is deposited.
- An employment letter from your employer.
Meeting all these requirements could be a big challenge but very possible to achieve. You should also know that the bigger the amount you may need, the stringer the regulations become. However, if you know you can repay a loan in Singapore, why not give it a try? Again, if you’re uncertain, then find other options from other lenders.
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The Bottom Line
After being enlightened about life in Singapore, how to build a business, and how you can acquire a loan, don’t you think it can be great to take a move? To become a successful entrepreneur, it’s imperative to possess an unwavering determination and clear vision. Many have failed at the start of business due to the failure of realizing the extent of commitment required for success. Additionally, if you have the right mindset, choose Singapore because it’s an excellent place to turn your ideas into actions.
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