Singapore and Norway, two countries that seem quite different in terms of foreign investors and most of all in terms of their options to choose a company, mostly because the distance between them. However, it should be noticed that both Singapore and Norway are similar from two main points of view: they are both small countries and both have a developed maritime industry as they both offer access to rivers, respectively to the sea.
Below we will present a brief comparison between the company formation procedures in Singapore and Norway. Our specialists in company incorporation matters can assist foreign investors who intend to open a company in Singapore.
A comparison between the types of Singapore and Norwegian companies
When it comes to the types of companies which can be established in Singapore and Norway, these are pretty much the same. One can choose from simple business forms like sole proprietorships to partnerships and limited liability companies. Also in both countries, the most employed type of structure is the private limited liability companies. However, if no minimum capital must be deposited in Singapore, in Norway an investor must have at least 30,000 NOK (approximately 3,600 USD). Also, the Norwegian government imposes certain restrictions to foreign investors who want to open companies in several industries, while Singapore is much more open to foreign investors and also offers them various incentives.
Our company formation agents in Singapore can offer more information on the assistance offered by the government to foreign enterprisers.
Singapore company formation vs. Norway company formation
The company formation process in Singapore compared to the one in Norway is not that different. Opening a company in Norway implies:
- – depositing the share capital;
- – drafting the company’s statutory documents;
- – filing these documents with the Trade Register;
- – registering for tax and VAT purposes;
- – preparing the mandatory pension plan for employees;
- – registering for employment purposes.
Opening a company in Singapore implies less steps, as once the memorandum and articles of association are ready and the company name is chosen, the registration procedures takes only a few days to be completed. That is because the company and tax registration procedures take place at the same time. However, in both countries special permits or licenses are required for certain business activities.
Foreign investors who want to open a company in Singapore can rely on the services provided by our company registration consultants. You can also contact us for information on the taxes a company must pay in Singapore.