Opting for a company incorporation Singapore gives you entry to one of the lucrative marketplace. On the other hand, it also makes you responsible for adhering to its compliance requirements. Not only start-ups but the established Singapore companies also need to follow them unless they want to make a mess of their reputation.
Be on the Watch, Implement Compliance Programs for Your Singapore Start-up
Be aware that a number of companies are implementing proper compliance programs for the benefit of their employees. Not only that but they are also expecting their business partners to be up on the take and compliant. Secondly, the governing agencies are putting a lot of thrust in enforcement especially, in the anti-corruption arena.
Why is Singapore Tough on Compliance?
For a start-up owner who has indulged in a company incorporation Singapore, it is important to know why it is necessary to abide by the rules and regulations put forth by the Singapore authorities. In the 1960s, Singapore’s first Prime Minister, Lee Kuan Yew, promised clean and a corruption free country. And he meant it in every sense of the word. It was and still is, a revolutionary business idea and a unique selling point for Singapore.
Why is Singapore a Business Hub?
Singapore realized Mr. Yew’s idea by implementing harsh punishment for corruption. Today, it is one of the favored business and financial hub of Southeast Asia. The strict enforcement of the laws helps the country in maintaining its competitive edge and attracts an enormous amount of foreign investment. If you go by the number of company registration Singapore, you will find that they are rising each year.
Bribe? It can Boomerang on You
The business owners especially those with a new Singapore company registration should know that bribing their way to success can be a costly affair.
Today, there is less tolerance for corruption on the global level, and the Singapore governments have stepped up enforcement. Singapore, renowned for its up-to-date legal framework and its faster response to the changing market trends, is not at all lagging behind in its efforts in this direction.
Let the Others Make Mistakes; You Learn From Them
Recently, the Monetary Authority of Singapore (MAS) closed down the local activities of a Swiss-based Bank over the handling of a Malaysian government fund. As many as six bankers have also come under suspicion. The Singapore regulator cited the Bank for 41 breaches of Prevention of Money Laundering and Countering the Financing of Terrorism law and was fined $9.7 million.
Securing Business or Your Compliance?
You, as a start-up entrepreneur, may have a reasonably good business idea to implement and may be you are itching to make it succeed by adopting hook or crook tactics. On the other hand, you may have a hot-shot employee in earnest to make an impression on you by bringing a large chunk of business by whatever means.
If you are found out, it is going to make a big dent in your credibility. Most probably, you may suffer the fate of the Bank and will be ousted from the Singapore market. In the least, you may find being shunned by your former business associates.
That is why it is important for a newbie Singapore company registration as well as existing companies to instill discipline in their business activities. As soon as it is humanly possible, they should make sure of their compliance status. They need to have a compliance program in place to inform everyone, how they are going to contribute to the growth of the company.
Singapore is a highly developed and successful free economy. Its well-placed start-up ecosystem and the avenues of raising funds are its USPs. It attracts a number of hardworking entrepreneurs to its shores to incorporate a company in Singapore. However, it is also known for integrity which manifests in its anti-corruption laws.