In the case of Singapore, there are many reasons the country is regarded as an excellent place to do business:

1. A robust economy: low unemployment, low inflation, good growth, stable government, low corruption, skilled workforce and no debt.
2. A rational tax system with low tax rates: a simple, rational tax system with maximum personal rates of 20% and company rates of 17%.
3. Efficient process for incorporating and running a new company: The Singapore government provides many grants, tax incentives and in-kind assistance schemes to start-ups and the government can also subsidise the labour costs of a new business. 
4. Strategic geographical location: Singapore’s central location in Southeast Asia makes it a physical and metaphorical gateway to the continent’s three billion people.
5. Excellent infrastructure: world-class infrastructure provides better productivity for business, including best airport in the world, and advance info communications technology infrastructure.

In Singapore, there are two main types of companies – public and private companies.

• Public companies are listed on the Singapore Exchange (SGX) and typically have more than 50 members. 
• Private companies are not listed on SGX and have a maximum limit of 50 members.

At least one Singapore resident must be appointed as the director of the company. A Singapore private limited company can have a minimum of one and a maximum of 50 shareholders.

For private companies there are a few different set-up options:

• Sole Proprietorship - an individual who starts up a business.
• Partnerships - two or more persons (up to 20) who create a company. Has Limited and Limited Liability versions.
• Private Limited Companies - the company is an entity separate to the shareholders who aren’t personally liable for any debts incurred.

Singapore companies are allowed to have 100% local or foreign ownership. New shares can be issued or existing shares can be transferred to another person after the company has gone through the incorporation process. There are no capital gains or dividend taxes on Singapore companies.

The procedures for company registration is fully computerised by ACRA (the Accounting and Corporate Regulatory Authority) in Singapore. Usually, a company can be incorporated in 1-2 days.

Singapore’s Ministry of Manpower advises that Singapore provides a wide choice of premises for businesses. There’s plenty of options ranging from traditional offices in the city centre to more relaxed suburban areas for businesses who employ a remote workforce. There are also factory options for businesses who need to hold stock or manufacture goods.

There is also a wide range of business parks and specialised industrial parks that could suite your business needs.

Getting your business connected is an important first step. Luckily, Singapore has a reliable digital and IT infrastructure. There are three main connectivity considerations.

1. Internet Connectivity

 A Dynamic IP business fibre broadband connection is suitable for most businesses, with Singtel’s solution offering unlimited symmetrical internet access at speeds between 100Mbps and 1Gbps. The business-grade network will give you speed-of-light access to the internet and the cloud. For businesses working requiring a Static IP connection, it is also available and easy to set up

Singtel business WiFi Mesh provides superior coverage throughout your office. The mesh units provide excellent coverage in mid to large size offices and reduces the possibility of dead zones.

You will achieve higher productivity by freeing your staff from their desks and allowing them to collaborate anywhere in the office.

2. Cloud-based phone systems

For businesses starting out, being contactable is vital. A dedicated office phone number also gives your office greater credibility. A landline phone also provides customers with a sense of more personalised service offering. Services shared within an office, such as call forwarding, call extension dialling, call waiting and call routing are all still very important.

As intelligence firm Transparency Market Research explains, a hosted PBX system greatly reduces capital expenditure – eliminating the expense of on-premise PBX servers, annual maintenance costs, and hiring of in-house staff and technical support.

New cloud-based solutions are bringing telephony into the digital age. A cloud-based service such as Singtel BizVoice gives small businesses the functionality of a traditional office-based set-up, without the steep cost of owning or maintaining a physical PBX system. It replaces the physical PBX system with a more reliable cloud-based system, while still retaining your office phones.

Singtel BizVoice also offers unlimited free calls to any local Singapore number, so you’re able to better manage your office phones expenses with a predictable monthly fee. Employees that make use of the service over WiFi when travelling are able to enjoy the same free calls to Singapore.

3. Mobility

Many small businesses have staff working regularly outside the office or rely completely on a remote workforce. In this case, you’ll need a reliable mobile plan covering both calls and data. 

There are many types of business mobile plans that meet different needs. You can choose SIM only plans where employees use their own device and the business owner supplies them a SIM. If your employees need to be connected all the time with relatively higher data consumption, maybe an XO Plus plan will give you the data boost you need. 

Once you have the business idea setting up the small business basics in Singapore is relatively easy. Its economy is built on successful small business ventures and it has the infrastructure to support all types of enterprises.