Fast And Simple Ways To Start A Business In Singapore
The Complete Guide To Start A Business In Singapore
Starting a new business requires a lot of effort, hard work, determination, passion, and patience. You should prepare yourself to adopt the lifestyle of owning a company. Furthermore, you need to understand the market and customers to develop and flourish your business. You should also 0be motivated, have a positive mindset, and be willing to approach forward for your company’s success.
Singapore is the busiest port globally and one of the topmost locations for investments in the Asia Pacific region. The geographical location, latest technology, infrastructure, resources, productive workforce, work-friendly environment, and excellent policies, strict laws, and regulations have made Singapore the hub for Setting up a business in Singapore.
This article helps you learn the various business steps you need to follow while incorporating a business in Singapore. Also, you get to know about the ease of incorporation with the assistance of reliable and trustworthy incorporation services providers.
Steps to Start a Business in Singapore and Company Incorporation Services
Starting a business is a challenging job. Yet, you can simply follow these steps to get started with your business corporation easily.
Select the Name For Your Company
It is the primary thing you need to do to establish your company in Singapore. You need to do some research and find a unique name for your company as two different companies in Singapore can’t have similar names. Even if the business indicators such as a corporation, limited, or Pte limited are different, the core noun to represent your company can’t be the same. Therefore, you need to be conscious while selecting the name for your company. After all, it’s the name of your company that represents you in the future.
Once you have selected a name for your company, you need to validate it by filing it in ACRA (Accounting and Corporate Regulatory Authority).
You should ensure that the name of your company is free from copyright and trademark issues. And, next thing you need to consider is that it’s better to avoid words like school, bank, media, finance in your company name because they represent the business controlled by agencies other than Accounting and Corporate Regulatory Authority (ACRA). So, though your company name might be approved, it may take a considerable amount of time to get approved, several days to several weeks longer.
Selection of Business Structure
Business Structure defines your company’s activities, roles, and responsibilities. Overall, it explains the field of your business and its related activities. You can choose a private limited company, sole proprietorship, or partnership to start a business in Singapore. Each of these business enterprises has its own pros and cons. The company structure may impact your personal liability and tax obligations. Furthermore, it also affects your credits, brand images, chances to explore business ideas, and sustainability of the company. Thus, you need to select the correct business structure that’s suitable for you.
Company incorporation service providers assist you to figure out the appropriate business type for your company. They can also help you convert your business to a more dynamic legal form.
Build the Corporate Team
The team members help you to perform the necessary tasks to run your day to day business activities. Setting up a company requires shareholders, directors, and corporate secretaries.
Both companies and individuals can be shareholders. Furthermore, there can be more than one director in a company. Still, a Singaporean company requires a minimum of one local director to comply with the regulatory framework. To solve this issue, you can hire a nominee director who doesn’t take part in the company’s decision-making process but only fulfills the compliance requirements as per Singapore’s laws.
Every company requires a company secretary to track the business activities, perform paperwork, handle tax issues, and file or submit reports and documents to the administration of Singapore. You need to appoint a corporate secretary within six months of business incorporation.
There are trusted company incorporation services in Singapore that can help you fill these posts for a nominee director, corporate secretary to set up your business. They help you with smooth business operations and guide you through the process of business set up.
Select Your Business Location
It’s mandatory to have your business incorporated physically in Singapore. You need a permanent address of your business and register it for starting a new business.
In most cases, it’s enough to start a business with S$1. It can also be in different currencies. Later, after the incorporation of your company, you can raise the paid-up capital and change the currencies as needed. Foreigners need to show that they have enough money to operate the type of business they want in Singapore.
Delegate the Filing
As per Singaporean laws, a foreigner can’t incorporate business on their own. You need an authorized and trusted firm that provides you with a professional filing agent to fill the forms, collect documents and papers and submit them to the Accounting and Corporate Regulatory Authority (ACRA).
The above were the several processes you need to follow while setting up the business in Singapore. You may also choose to seek guidance from different trusted company incorporation services providers and consultancy to set up your business in Singapore.
3E Accounting to Help You Start a New Business
Are you thinking of setting up a new business in Singapore? Or are you considering shifting your business to Singapore? Neither of them is an easy task. However, with proper guidance and assistance from incorporation services providers and consultancy, you can live your dreams of starting a business in Singapore in no time.
There are plenty of company incorporation services providers in Singapore. You need to be aware of frauds and choose the renowned, trustworthy, reputable, and professional service providers to handle your tasks. 3E Accounting Singapore is a leading company that offers you registration and taxation services, and other requirements as needed by the country’s company acts and regulations. It is a trusted Incorporation services Singapore company to assist you with startups and provides expertise such as a corporate secretary, filing agent to fulfill the compliance requirements and perform the tasks to complete the registration of your business.
3E Accounting has been awarded several rewards and provides world-class services in the world. It offers you a premium range of services at affordable prices for company formation, registration, and incorporation in Singapore. For foreigners, it’s not permitted to register a Pte Ltd company by themselves in Singapore. So, 3E Accounting is the best choice for you to tackle these problems and get your company registered quickly and easily.
Note: You don’t necessarily need to travel to the city-state to start a business in Singapore. But if you decide to do it anyway, here are some best hotels in Singapore.
To conclude, starting a business in Singapore isn’t a complicated process. Furthermore, the services and guidance from incorporation services providers makes the process a lot easier and faster.