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Company Formation Comparison: Singapore Vs. Ireland

Company Formation Comparison: Singapore Vs. Ireland

Ireland and Singapore are similar in terms of economic development if one follows their trajectory during the last few years. While Singapore managed to become an important trading hub and a reputable financial centre in Southeast Asia, the same thing happened to Ireland in Europe. Another important aspect in which the two countries resemble is the fact that a great number of multinational companies have chosen Singapore and Ireland to set up their regional headquarters in Southeast Asia, respectively Europe. Below we will compare the company formation process in Singapore and Ireland in order to help foreign investors interested in new investment locations.

Why choose Singapore over Ireland when deciding to open a company?

Even if Ireland offers access to the European market, which is one of the most sought marketplaces in the world, it is worth noting that Singapore offers access to the largest marketplace in the world: China. Singapore serves as a gateway to all important Asian markets, but it should also be kept in mind that most products destined for the European market pass through Singapore on their way from China to Ireland where they are re-exported. This is one of the main reasons a greater number of foreign investors usually choose to open a Singapore company directly rather than choosing other countries. Add that to Singapore’s occupying the first position in the World Bank’s Ease of Doing Business reports for years in a row and you will find why Singapore company formation can be a better choice than opening a company in Ireland.

Our company registration experts in Singapore can assist foreign investors who want to open companies here.

Open a company in Singapore vs. open a company in Ireland

In terms of types of companies, Singapore and Ireland are quite similar offering from simple business forms like sole proprietorships and partnerships to limited liability companies. Broken down into steps, the Singapore company formation process looks like this:

  • – preparing the articles of association;
  • – reserving the company name;
  • – filing the statutory documents with ACRA;
  • – registering for tax purposes;
  • – registering for employment and social security purposes.

The company registration procedure in Ireland is made up of the following steps:

  • – drafting the incorporation documents, a process that implies itself several steps;
  • – reserving a trade name;
  • – submitting the documents with the Commercial Registrar;
  • – registering for taxation purposes;
  • – registering for employment and social insurance purposes.

Even if the company registration procedures are similar, in Ireland it will take longer because of the additional steps implied in the preparation of the statutory documents, while in Singapore it can be completed in just a few days.

For assistance in order to open a company in Singapore, please contact us.