The process of starting a business in Singapore is straightforward as compared to other countries. As we know, Singapore is known worldwide for its ease of business, liberal government policies, and ideal location. They also have complications, but in comparison to other countries,
Company Incorporation Singapore is such a simple process.But it would be best to research in-depth to avoid simple mistakes during the process. These basic mistakes will be time-consuming and costly for your business. Therefore, before incorporation, you should focus on some important things that will make your process smooth. We have curated a list of some essential things you should know before beginning the process!Let's have a look!
Figure Out Your Business Structure
Having a clear idea of your business plan will make your process seamless of doing business in Singapore. It would be best if you create an in-depth plan for your business structure. You have to be prepared with some questions which can be asked during the incorporation process. These general questions include:How much business capital you are going to have?What is your yearly revenue prediction?How do you want to escalate your business quickly?How many shareholders or partners do you want for your business?How many employees do you expect?What niche are you planning to work in?These will be crucial in selecting the right legal procedure for your business incorporation. Singapore offers numerous legal entity structures for new businesses compared to other countries. It includes sole proprietorship, partnership, limited liability companies, branch offices, subsidiaries and so on.Every option influence many factors such as creditability, tax exemptions and expanding your company. Find the best legal structure for your business that is perfectly suited with the help of an Incorporation Service Provider!
Find the Suitable Company Name
The next step is choosing the right company name to represent your business activities. The name will be reviewed by the ACRA, a Singapore government body. For approval, you should meet the criteria:Don't contain indecent wordsMust not violate any trademarksThe name should not be similar to any existing business
Business Registered Address
You must submit the official business address to the ACRA during the incorporation process. This location is considered the official address for all your mailing and communication. But you need to fulfil some criteria:Office space must be open for at least 5 hours during the business day.The location should be actual, not a P.O. box.The property should be only for Singapore's commercial, industrial, or office purposes.
Resident Director for Business
If you are a foreigner and want to set up your business in Singapore, then you should consider this step. But, first, you must appoint a company director who meets certain criteria. According to the ACRA, the criteria include:The person is a citizen of Singapore, a permanent resident, or has a Singapore entrepreneur pass.The person should be at least 18 years old.No criminal record.The director should not be declared bankrupt.Suppose a person has an employment pass. In this case, he must acquire a Letter of Consent (LOC) from the Ministry of Manpower.When a person fulfils this criterion, he can be the company's director. Or else, he has to appoint a trusted business partner.
Appoint Company Secretary
Like the director, the company has to appoint a company secretary to incorporate a business in Singapore. ACRA has some criteria you need to fulfil:The secretary should be a citizen of Singapore, a permanent resident, or a Singapore pass.The person should be at least 18 years old.You have to appoint a secretary within 6 months of company incorporation.Hiring a secretary is a crucial decision. Before appointing, you must ensure that the
company secretary will provide the proper guidance about the company compliance issue.
Conclusion :
Now you know the significant steps for successful Company Incorporation in Singapore. However, if you need professional assistance, you should seek experts. B.T. Consultants provide Business Incorporation Services in Singapore that helps you with the entire business formation process.
