Opening a company in an Asian country is very appealing to foreign investors who address the Chinese market which is one of the largest markets in the world. Singapore has a good trading relation with all Asian countries, among which China, Hong Kong, Vietnam and so on. This article’s subject is a comparison between Singapore and Vietnam related to the company registration process. Our Singapore company formation agents can help foreign investors open a company in the city-state.
Singapore and Vietnam in terms of foreign investments
Both Singapore and Vietnam are countries open to welcoming foreign enterprisers. While Vietnam allows overseas investors to open limited liability companies 100% foreign owned the same as Singapore, however the city-state is far more friendly when it comes to the incentives granted to foreign investors by the government. It is also a known fact that Singapore also encourages the establishment of crowdfunding platforms which is a valuable source of financing for startup businesses.
You can rely on our specialists who can help you open a company in Singapore and can also offer you information on the legislation related to foreign investments in the Republic.
Company formation in Singapore vs. company formation in Vietnam
Opening a company in Vietnam implies the following steps:
- – applying for company name reservation;
- – obtaining company registration certificate;
- – obtaining a tax registration number;
- – applying for a company seal;
- – registering the seal with the Business Registration Office;
- – opening the company’s bank account;
- – apply and pay the fee related to the business license.
On the other hand, the company registration procedure in Singapore consists in:
- – the company name reservation;
- – applying for the tax number (GST number) of the company;
- – filing the incorporation documents of the company;
- – obtaining the company seal.
If comparing the company registration processes in Singapore and Vietnam, it is useful to know that in Vietnam the whole procedure will take up to 10 days, while in Singapore several steps can be completed in one day. When it comes to the costs associated to opening a company in Singapore or Vietnam, one must take into consideration that in Vietnam most the steps related to the business registration are subject to various fees or taxes, while in Singapore most of them are free of charge.