Running a company in Singapore can, for the most part, be an easy to enjoy thing to do. However, the main challenges that you find when running a company in this part of the world stems from the fact that you have so many things to manage on the administrative side of things. For example, Singapore company incorporation requires you to deal with a whole host of different factors. You need to make sure that you meet some very particular government regulations, and this can take a lot of work to pull off.
You also need to make sure that you meet all of your filing demands. For example, have you ever dealt with GST filing in Singapore before? If not, you should be prepared to deal with quite a complex and confusing process. Most of the time, it can seem quite easy. Other times, though, it can feel like a bit of a nightmare. In this article, we want to take a look at why you might need help with two of the most important parts of running a business; Singapore business incorporation, and GST filing in Singapore. Why do they need expert help?
Singapore business incorporation
So, the main reason why you need help with Singapore business incorporation is that you have to meet some very particular requirements. As we have mentioned before, you will be expected to deal with various parts of running and managing your business, including (but not limited to):
- Choosing a name for your company that is legal and not being used by someone else.
- Set up a company structure, either going Public (50+ members) or Private (<50).
- Set up a company address that is based in Singapore and is not a PO Box.
- Arrange a company Secretary, who must be someone who is qualified to do so.
- Hire a company Director, who can be a Shareholder or otherwise involved.
- Find start-up capital so that you can give your business the help it needs to begin.
- Invest time and money into arranging the management of your taxes in time.
All of these factors are increasingly important when it comes to forming a business, which is why we always recommend that you look to bring in third party help. Our team at EBOS SG can get you help with Singapore business incorporation, making sure you can meet all of the needs expected of you.
The process can seem challenging and sometimes can even feel downright daunting. While incorporation is easy with our help, it can be a major issue to deal with on your own. For one, you need to know the right people and you need to have contacts who can be Director and Secretary. Without trusted friends and business contacts in Singapore, this can be an impossible undertaking.
That’s why our service looks to solve that for you – you can use our help with company incorporation in Singapore to save time, money, and avoid stress.
GST Filing in Singapore
The next challenge that you will need to deal with when it comes to setting up in Singapore is dealing with Goods and Services Tax (GST). GST filing is not something you “can” do; it’s something that you absolutely must. GST is currently set with a levy of 7% for all imported goods and services into the country. It’s collected by the suppliers and goods of services who has registered with the right authorities. Making sure you do this correctly is absolutely essential to making sure you can run your business as intended.
One of the main reasons why we recommend that you pay attention to this is that you will have to pay GST if your amount is over S$400. This means that you are very likely to have to deal with GST, which calculates your Cost, Freight, and Insurance to help come up with the rate. When you are having to import goods in, you will need to get your account readied so that all duties, taxes, fees, and penalties, as well as various other charges, can be deducted correctly.
Dealing with all of this when you are in the process of trying to run a business can feel like a nightmare. If you would like to avoid such a stressful experience, then we recommend that you look to spend as much time as you can learning all about the challenges of GST filing in Singapore. Or, you can give us a call – we can help you with both incorporation of your company in Singapore, and GST registering and filing.
If you don’t comply with these essential business rules, then you could face various challenges getting set up in Singapore. Play by the rules, though, and you will benefit massively for many years to come. This is a business friendly country, so make sure you stick to the rules and you will absolutely benefit from doing so.