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Guide to Starting a Software Development Business in Singapore
For any country, the IT industry is one of its strongest pillars. In today’s digital and technological age, no business or individual will be able to thrive without depending on technology. Which is why starting a software development business in Singapore is a great idea if this is your area of passion.
Singapore has a very well established base of IT companies in the country, companies which are responsible for why Singapore has a reputation for high quality IT services and products. The IT industry is currently one of the strongest and most important pillars of the country, especially with its ultimate aim to be a Smart Nation in the near future.
Under the Digital Economy pillar of Singapore’s Smart Nation target, Singapore recognizes the importance of being adaptable and embracing digitization. This means that both talent and businesses will be critical as it progresses towards a digital nation, because this is how Singapore will continue to maintain its competitive and vibrant economy. Singapore’s pro-business environment, excellent infrastructure and existing connectivity to other major Asian economies is already a big boost in that direction.
For entrepreneurs looking to start a software development business in Singapore, there is definitely plenty of potential for that. 3E Accounting’s formation specialist can get you started in the right direction by guiding you through the required legislations which are related to the IT field.
How to Get Started Opening a Software Development Business in Singapore
Singapore is proud to be one of the most technologically advanced countries in the world today. Because it is, software companies are essential to the country, and new companies and start-ups will find it much easier to thrive in this environment.
If you are planning to start a software development business in Singapore, it would be best if you’ve previously worked or gained relevant work experience with other companies or multinationals before. Experience goes a long way in the IT industry, and the more IT-related experience you have, the better you will understand what running a software development business is going to entail.
One of the important key points to note when starting a business is to familiarize yourself with the local industry in which you intend to set up your company. Singapore is home to several large software companies, who have made a regional headquarters base in the island state. A lot of these software companies also offer various services which are not only limited to selling and creating programs.
Examples of some of the services which are offered by the existing software development businesses in Singapore include (but are not limited to) the following:
- Consulting services
- Web development
- Software design
- Testing services
- Research and development
- Maintenance and assistance for programs which it has sold
Your options for starting a software development business in Singapore include either a small business, a start-up company, or home-run business. With all three options, you will be required to completed the Singapore company registration process with the Accounting and Corporate Regulatory Authority (ACRA) or Singapore. 3E Accounting’s company formation experts will be able to help you incorporate and register your company with both ACRA and the relevant tax authorities.
Get Your Software Development Business Registered
The first step you need to take before you can comment your software development business operations is Singapore is to get your company registered. A software and development business must be incorporated to be allowed to legally operate. To register your company, you will need to:
Get your name reserved with the Accounting and Corporate Regulatory Authority Singapore (ACRA). Ensure that your company name does not contradict with any existing companies, contain misleading information and does not contain any profanities for quicker approval.
Draft and notarize your company’s Articles of Association and file them with ACRA.
Get your company registered for taxation and GST with the proper and relevant tax authorities in Singapore. 3E Accounting will be able to assist you with that.
To incorporate your company in Singapore, there are two ways to do it. The first is through the online portal, known as BizFile (www.bizfile.gov.sg), which is run by the Singapore government. The second method is by engaging a professional firm like 3E Accounting who specialize in company incorporation services for both local and foreign entrepreneurs.
Once your company name has been approved, you can begin the Singapore company incorporation process by submitting the following documents for your incorporation application:
- The name of your company
- A description of your business activities
- The details of the directors and shareholders of the company
- The intended registered address (no P.O. Boxes are allowed)
- The details of your Company Secretary
- The Memorandum and Articles of Association for your company
- Choose the intended business structure of your company
You should receive an outcome from ACRA within 3 working days from the date of your application submission if all your paperwork is in order. However, if ACRA needs more time to verify your documents, processing times could vary. You will be issued with a Unique Entity Number (UEN) upon successful registration of your company. This UEN number will be what your business is identified with, and it will also be your reference number when conducting government transactions.
Ready to Setup a Software Development Business in Singapore? Let Us Guide You
If you would like to set up software development business in Singapore, there’s no one better to guide you along the way than Singapore’s number 1 company formation experts. 3E Accounting is renown in Singapore as the country’s leading company formation experts. Our team of specialists have years of industry knowledge and experience, and we will be able to efficiently guide you through the process of incorporating a company in Singapore in a smooth and hassle-free manner. When it comes to company setup in Singapore, leave it to the experts. For more information about how to setup a software development business in Singapore, visit our website or contact us today for more information.