The World Bank has placed Singapore as one of the best countries to do business in the world. This acknowledgment makes a lot of entrepreneurs try their lucks in opening up a business in the country. Every single day, new companies are being registered in Singapore by both locals and even foreigners. Yes, Singapore is a country that is very open to foreign businessmen. Since it has a very pleasant law and regulation for smooth business conduct, it is a highly favorable country for many foreign entrepreneurs.
Here are the steps that you should follow in order to get your company registered in Singapore.
1. Determine Business Type
The first thing that you have to do is to decide on the type of business entity that you want to start in Singapore. There are several different types of business entities that you can go for. Each has different advantages and disadvantages as well as tax regulations that vary from one another. The most common type of business that is registered for new companies in Singapore is a private limited company. A private limited company is a company that can be held by one shareholder and up to fifty people. A private limited company is often preferable because it is scalable, advanced, and it is also flexible and most suitable for serious entrepreneurs.
2. Company Incorporation
After deciding on a business entity you want to run in the country, you then will have to register your company with the Accounting & Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). It does sound confusing and a lot of work, but in Singapore, the procedure is quite simple and understandable.
To register your company, you need to have:
– A company name that's already approved by ACRA
– Minimum one shareholder
– A local director that is either a Singapore citizen, permanent resident, or an Employment Pass holder
– A company secretary that is a resident of Singapore
– Paid-up capital of at least S$1
– A registered physical address located in Singapore
After fulfilling all the requirements, the applicant can register their company through a website specifically for company registration. ACRA will review the documents and you will be notified of the success of the registration through e-mail.
3. Open Up a Bank Account
After having your company registered, you may open a bank for business purposes. The bank that you can open up for your company can either be a local Singapore bank or international bank. You are free to choose based on your needs.
4. Post Incorporation Steps
Once your company is successfully incorporated, you should find out if the type of business you run requires any business license or permit. Aside from that, you also have to register office hours and get your registration number that is official from ACRA.
Follow these simple steps for company registration in Singapore. A1corp.com.sg is good at providing company registration services in Singapore.