Are you thinking about setting up a business in Singapore, and don’t you know how to implement your plan? Don’t be one of the 20% start-ups that don’t survive their first-year business. Well! We are here to help you set up your new business and help you run your business successfully. Singapore is the most unbelievable place to start your business. Singapore is considered the safest city not only for business but for everything. In addition, this country has a government that embraces entrepreneurship.
Singapore is considered a corruption-free country, has a highly educated and skilled workforce, and has low corporate taxes. As a result, Singapore is an ideal location for worldwide businesses to site their headquarters. In addition, robust trade and investment make this country the most competitive Asian country and the world’s most accessible place to do business. A wide range of factors makes Singapore an excellent country for companies that want to do business in the region.
Starting a business in Singapore is easy. But you have to complete all the registration requirements. As long as you complete all the registration requirements without leaving a single thing, you can be done that in a day. To get your business successfully registered within days, You must hire an incorporation specialist to help you with your registration. If you are planning to register a foreign company in Singapore, you must register it with a filing agent’s help. To start a foreign company in Singapore, you have to select a Representative Office or a Branch Office in Singapore with the help of filing experts. The branch of a foreign company should have at least one authorized representative who is ordinarily resident in Singapore.
In Singapore, to register a company as a foreigner, you must have a CorpPass that is only obtainable by Singaporeans, permanent residents, and people with a FIN (Foreign Identification Number) and an employment pass. If you want to start your business in Singapore but you are a foreigner, you have to apply for a sole proprietorship. Before that, you have to apply to the Ministry Of Manpower (MOM) for an EntrePass. This Entrepass allows a foreigner to work in Singapore. However, it would be best to reside in Singapore to run your business.
There are seven basic steps to become successful in your new business
- Make sure you’re ready
- Raise capital
- Register your business
- Open a business bank account
- Set up your office
- Hire a team
- File corporate income tax
- Valuable resources for business owners
What are steps do I have to take for my company registration in Singapore?
You have to follow three steps for your Company Registration in Singapore. The following are the steps that you have to take for your company registration Process:
- Apply and get your company’s name approved from ACRA. For quick approval of your company, choose a unique name that will hint at the nature of your business.
- Minimum one Shareholders
- If you are a foreigner and starting a business in Singapore, then you must have at least one director who is residing in Singapore.
- A company Secretary who must be Singapore Resident
- When forming a Singapore company, you have to submit a list of Documents for Company Incorporation in Singapore.
- After with all required documents, a
- Apply to the Accounting and Corporate Regulatory Authority.
How many days will it take to incorporate a company in Singapore?
Singapore company registration is an easy process. A commonly purposed business can be incorporated within one day with all the required incorporation documents in hand. However, Company registration in Singapore is entirely digitized by ACRA, and it typically takes one to three business days to incorporate a company.
Do I have to register an online business in Singapore?
Yes, you need to register your online business in Singapore, and you must register your business with the Accounting and Corporate Regulatory Authority. The Company Registrar and the one who governs the process to incorporate a company in Singapore is the ACRA(Accounting and Corporate Regulatory Authority). However, according to the Singapore Broadcasting Authority, all broadcasting services, including online computer services provided by Internet Service Providers (ISPs) and Internet Content Providers (ICPs), must be licensed.
In how many days does the company have its registered office after incorporation?
A company must have a registered office within 15 days from the date of incorporation. That company address shall be used to receive all official communication from the various authorities.
What’s the next step I have to do after registering a company?
- First, you have to set up your business bank account.
- Pay for your shares.
- Consider registering for your GST/HST Number.
- Keep your bookkeeping up to date.
- Register for VAT.
- You must know what tax requirements you need to follow.
- Annual return and resolutions.
- Get your business online.
