Singapore - Market Entry and Legal Services

Lawyer & Law Firm in Singapore

Singapore is the fourth global financial centre after London, New York & Hong Kong and it is the second-largest wealth management centre after Switzerland. Dominated by financial and business services, the service sector makes up the two-thirds of the GDP of the country. It acts as hub for Southeast Asia for wide range of business and financial services. Official business language of Singapore is English, and the legal system is based on British Common Law, offering strong IP protection.

Commercial Relations between India-Singapore

Singapore and India enjoy a strong bilateral relationship, marked by extensive trade and investment ties. Singapore is India's largest trading partner in ASEAN and a significant source of FDI and FPI. The two countries have improved connectivity through direct flights, facilitating increased business and tourism exchanges. Singapore has actively collaborated with Indian states on smart city initiatives, urban planning, and skill development. The cooperation extends to various sectors, including technology, fintech, and start-ups. Singapore serves as a hub for Indian companies and attracts a large number of Indian tourists. The bilateral relationship encompasses trade, investment, connectivity, urban development, skills, and innovation.

Business Advantage for Indian Companes in Singapore

Singapore is consistently recognized as one of the best countries for doing business, thanks to its business-friendly policies and solid reputation. The country's success can be attributed to factors such as a rational tax system, efficient company incorporation process, strategic location, excellent infrastructure, well-trained workforce, and adherence to the rule of law. Singapore's free market economy, supported by trade, finance, and manufacturing sectors, offers economic stability. The tax system is simple, with no capital gains tax or taxation on dividends, and the country has an extensive network of Double Taxation Agreements. Singapore's regulatory framework is efficient and minimizes bureaucracy. The government provides support for growth and innovation through grants and tax incentives. With its strategic location in Southeast Asia, Singapore serves as a gateway to a large population and offers proximity to major economies. Language proficiency and a skilled local workforce further enhance its appeal. Overall, Singapore's business-friendly environment, strong economy, and competitive advantages make it an ideal destination for entrepreneurs and businesses.

Incentives and Support Programs by Singapore for Indian Companies

Singapore offers several incentives and support programs to attract and support Indian companies interested in establishing a presence or expanding their operations in the country. Here are some key initiatives:

• Global Investor Program (GIP): Facilitates entry and permanent residency for eligible global investors, including Indian entrepreneurs.
• Market Readiness Assistance (MRA) Grant: Supports Singapore-based companies, including Indian companies, in expanding overseas through financial assistance for market assessment and entry.
• Double Taxation Avoidance Agreement (DTAA): Eliminates double taxation and provides tax relief for companies operating in both Singapore and India.
• Financial Incentives and Grants: Singapore offers various incentives and grants, such as the Development Assistance (DA) and International Growth Scheme (IGS), to support Indian companies' business activities.
• Industry-Specific Support: Targeted support and incentives are provided for companies operating in specific sectors, including finance and fintech.
• Start-up Support: Singapore's start-up ecosystem offers programs and initiatives to support Indian start-ups, including funding, mentorship, and networking opportunities.
• Intellectual Property Protection: Singapore has a robust IP regime that provides strong protection and enforcement of IP rights, benefiting Indian companies with innovative products or technologies.
• Global Innovation Alliance (GIA): Facilitates collaboration, market access, and knowledge exchange between Indian and Singaporean start-ups and innovation ecosystems.
• IP Financing Scheme: Assists companies in unlocking the value of their IP assets through loans and financing options based on their IP portfolios.

Starting a Business in Singapore

Below mentioned steps are to be followed to establish a company or legal entity in Singapore:

• Decide the Corporate Structure and Collect Supporting Documents  
• Obtain Approval for your Company’s Name
• Sign Incorporation Documents
• Incorporate Company and Open Bank Account

Visa and Immigration

There are several visas offered by Singapore for those looking to conduct business in the country. Some of the major ones include the following:

• Global Investor Program
• EntrePass

Singapore presents an attractive market with a strong economy, favourable business climate, and developed infrastructure. Opportunities exist in finance, technology, healthcare, logistics, and tourism. Adherence to regulations and obtaining necessary permits, such as the EntrePass, is crucial. Tailored marketing strategies, digital channels, and local partnerships are important for success. Innovation, quality, and social responsibility contribute to long-term success. Singapore offers market opportunities for companies looking to expand in Southeast Asia.

To read more about the Singapore market and various business opportunities – CLICK HERE

How Do We Help?

At India Law Offices (ILO), we strive to deliver exceptional legal services to our clients not just within India, but on a global scale. Over the past two decades, we have diligently expanded our presence by establishing strong partnerships, both formal and informal, with esteemed professionals from leading law firms in key commercial hubs worldwide. These alliances have empowered us to offer efficient and seamless representation of the utmost quality in any jurisdiction. Through our extensive network, we are able to cater to the diverse needs of our clients and ensure that they receive top-notch legal assistance across borders.

With a host of global affiliations with some of the largest law firms and legal networks, India Law Offices makes business possible worldwide for its clients. We provide comprehensive support to companies from Singapore seeking to enter the Indian market. Our services encompass various aspects such as establishing subsidiaries or branches, navigating commercial contracts, and addressing any legal requirements. Additionally, we extend our expertise to Indian companies aiming to expand their operations in Singapore, offering corporate assistance and legal support tailored to their specific needs. In collaboration with our counterparts from Singapore, we are well-equipped to provide guidance on cross-border transactions between India and Singapore, including mergers and acquisitions (M&A), joint ventures, and other related activities. We are committed to helping our clients navigate the complexities of Indo-Singapore business collaborations and achieve their desired outcomes. Our expertise extends to a wide range of areas, ensuring comprehensive assistance in various aspects such as:

• Corporate and M&A – Incorporation of Company, Branch Office, Merger & Acquisitions, Joint venture, Technical Collaboration, Taxation, Financial Reporting
• Commercial Contracts – Drafting & vetting of contracts like franchising, distribution, sales and marketing, licensing etc.
• Business and Civil Litigation – Representation before courts and judiciary bodies, Arbitration, Mediation
• Immigration – Obtaining Visa, Citizenship, Visa extension, Work Permit etc.
• Labour & Employment – Advice on Employment Laws, Tax implication on French nationals working in India, Drafting Employment Contracts & HR Policy
• Real Estate – Buying & Selling of Property, Development of real estate projects.
• Intellectual Property Rights – Trademark, Copyright & Patents registration
• Family Law and Inheritance – Cross border Divorce, Marriage Registration, Child Custody, Adoption, Drafting Will, Setting up Trust or Estate