There are specific steps to setting up a Singapore company. This may take some time to complete. However, there are some things to consider when you are done. Before starting a business in Singapore, you need to do a few things.
You may need a license to start a business. However, not all companies need a license to operate. In fact, the vast majority of people considering, setting up a Singapore company do not require a license. There are some exceptions. These fall into three different categories.
1. Some of these licenses are classified as required or required titles. This includes banks, childcare centers and retail liquor stores. It also incorporates travel agencies, lending institutions, and private schools. Companies that fall under the headings of wholesalers or importers / exporters need special licenses.
2. Perhaps you plan to set up a professional service like a legal representative. You need to apply for an occupational license. This includes occupations such as doctors and accountants. In addition, if you plan to trade products as a business, you must obtain a license.
3. Certain activities also require a license or permission. For example, you may want to build or improve a business property. Perhaps you want to build a big sign or billboard for advertising. All of these require permission.
After establishing a Singapore company, obtaining a bank account is a very important step. If you have a Singapore bank account, it’s easier to pay invoices and receive payments from clients and customers. It is also useful for record management. For example, you can have an official record of transactions.
Don’t forget the supplies for marketing your business. You need to set up a business website as soon as possible. It is also a good time to print sales items such as brochures and business cards.
Singapore has excise and service taxes. If you are operating a large company, you may need to register. Excise and service taxes are levied on gross sales exceeding $ 1 million. If you expect annual sales to reach 1 million, you must register for goods and services tax.
You may need to apply for a work permit. If you are accompanied by staff or employees, it is your responsibility to obtain an employment pass. Remember that your spouse and children also need a dependency pass.
After you set up a Singapore company, you do not have to withhold income taxes paid by employees. However, if employees are located locally, some of their salary must be paid to a Central Providence Fund (CPF). Permanent residents are also considered local. You need to make a donation every month and there is a 14-day grace period to do so.
After the process of setting up a company in Singapore, there are several additional steps that need to be taken to do business. Check if you need a business permit or license. Open a bank account, get marketing supplies, and confirm GST registration. Obtain an employee work permit and, if this is the case, confirm the contribution of the CPF.
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