Foreign investors seeking for new investment destinations have started to look towards Asia and Southeast Asia during the last several years as small countries have stable economies and offer numerous possibilities in various industries. It should be noted that while these industries, such as IT, energy, healthcare and research and development, are developed in most large countries, are deemed emerging sectors in these small Asian states. Out of all the countries, Singapore and New Zealand offer benefits to foreign investors and companies establishing businesses here.
Below we have gathered several facts in order to make a comparison between the company registration procedures in Singapore and New Zealand. Also, foreign investors who want to open a Singapore company can rely on our local consultants.
Types of companies in Singapore and New Zealand
At a first glance, the Company Law in Singapore and the Commercial Code in New Zealand provide for the same types of business entities which can be established by foreign enterprisers in both countries. These types of companies are:
- – the sole trader;
- – the partnership;
- – the limited liability company;
- – the public company.
However, compared to New Zealand, Singapore offer other types of structures which can be set up here. Among these the company limited by guarantee. Also, there are three types of partnerships one can establish in Singapore. Our Singapore company formation specialists can offer more information on the types of companies one can open in the city-state.
Registering a company in New Zealand
When comparing the company formation processes in Singapore and in New Zealand, various requirements are set in place by the New Zealand authorities. The first step to take before registering a business in New Zealand is to verify the regulations enforced by the local authorities which are different for every city. This is not a requirement applicable when registering a company in Singapore.
In order to open a company in New Zealand, one must follow the steps below:
- – reserve a trading name;
- – filing the incorporation documents with the Companies Office;
- – obtaining a tax number;
- – registering for GST.
One must also pay attention to another significant detail which implies having a service address apart from the registered address of the New Zealand company.
Company formation in Singapore
The same steps followed to open a company in New Zealand also apply to foreign entrepreneurs who want to open a company in Singapore. However, no separate address for the company’s activities is required. Also, one may appoint company formation agents in Singapore to carry out the registration procedure, while in New Zealand one must request the services of lawyers for incorporating the company.
For assistance in opening a company in the city-state, do not hesitate to contact our Singapore company formation consultants.