Economy
How Can a Nigerian Start a Business in Singapore
Singapore is a popular destination for foreign investors to grow their businesses. The process of Singapore Company Registration is easy and straightforward. Nigeria and Singapore have various agreements between nations such as the Bilateral Investment Treaty (BIT) to promote greater investment flows between the two countries by protecting the interests of their investors, the Singapore–Nigeria Double Tax Avoidance Agreement (DTA), and the Singapore–Nigeria Air Services Agreement (ASA) which was established on March 8, 2012.
The ASA makes it easier for trade, investment, tourism, and people-to-people travel between Singapore and Nigeria to expand. The designated carriers of both nations may run up to seven weekly passenger services and three weekly cargo services under the conditions of this agreement.
Requirements for Business Registration in Singapore
- Shareholder
In Singapore, a company must have at least one shareholder. It is easy considering that the owner counts as one. Make sure all owners are included in the documentation when setting up the company.
- Director
A resident director who is authorized to represent your business in Singapore is required. This individual must reside in Singapore. You can add as many foreign directors as you like once you fulfill this requirement.
- Company Secretary
Singaporean businesses require a company secretary. He manages compliance and other legal requirements. When the government makes changes or needs to get in touch with you regarding an issue, the secretary speaks on behalf of your company.
- Registered address
A physical address is required for any company looking to incorporate in Singapore. A P.O. Box is not allowed. To meet the requirement, you can set up a physical address with a Singapore service.
Documents required to start a business in Singapore
● Directors’ and Shareholders’ Identification Documents
● Company Registration Form
● Company Name Approval
● Appointment of Company Secretary
● Memorandum and Articles of Association
● Business Licenses and Permits
How Can a Nigerian Start a Business in Singapore?
- Decide the company structures
Before registering a company in Singapore, you need to choose a company structure for your business. Sole proprietorships, partnerships, and private companies are the types of company structures available in Singapore.
- Name approval
You need to register your chosen company name with ACRA. You can move forward once they have approved the name.
The registered business name shouldn’t be the same as another business, IP laws shouldn’t be violated by it and it should not be offensive and must be understandable.
- Prepare the documents and register with ACRA
You must prepare the required documents listed above. Submit an application for business registration to ACRA and use the Bizfile+ platform to upload the required documents.
- Get the certificate of incorporation
After the registration, the certificate of incorporation will be delivered to you. The business name, the date of establishment, and a unique identification number (UEN) will all be included in the certificate of incorporation.
- Obtain the necessary permits
After incorporating the company, you must apply for and get the necessary licenses and permits. You can start conducting your business operations only after getting the licenses and permits from the relevant authorities.
- Register for GST
Businesses in Singapore are only required to register for GST if their annual revenues exceed S$1 million.
A firm is required to register and collect GST if its taxable revenue for the previous year exceeds S$1 million, or if it is expected to exceed S$1 million in taxable revenue in the upcoming year.
You must apply for GST registration with the Inland Revenue Authority of Singapore (IRAS).
- Open a corporate bank account
It is advisable to open a corporate bank account after registering a business in Singapore to conduct business transactions. You can consider the following options:
- Opening with a traditional bank (DBS, OCBC, UOB)
- Opening with a neobank (Aspire, Wise, Revolut)
- Opening with a digital bank (ANEXT, Green Link Digital Bank)
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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