How to Set Up a Business in Singapore?
Singapore has been ranked by the World Bank as one of the best places where one can set up a business. If you are looking to set up new company in Singapore, you are making the right decision. The reports show that it only takes three days to set up a business in this fast developing country. Of course, as a business owner, one of the things you desire is a fast business set up the process.
Here are the steps to successfully set up a business in Singapore:
Begin by Selecting Your Business Identity
The first step in setting up your business is by coming up with the business identity. Most of the businesses identify themselves as private limited companies. This is because the business will scale later in the future and you will expand the company. The Accounting Corporate Regulatory Authority (ACRA) is in charge of registering new businesses in Singapore. A private limited company means that the shareholders will not be liable for any of the losses or debts from the business. The fees for opening the business will vary depending on the size of your business and its location.
Setting Up the Company
There is legislation which exists in Singapore and they can help you in easily setting up your company. Singapore Companies Act can be used to guide the operations of a private limited company. The laws or guidelines which have been laid down by ACRA and Inland Revenue Authority of Singapore (IRAS) must also be adhered to. Such guidelines include;
- ACRA must approve the name of the company
- Paid up Capital must be at least S $1
- Have a registered physical address
- A minimum of one shareholder
- At least one of the directors must be a resident of Singapore
- The company secretary must be a Singapore resident
There are also other business profiles offered by ACRA. The electronic business profile will show information about your company such as the time it was formed, the number of shareholders of the company and the registration number of the business.
Have a Bank Account
After you have finished the above processes and fully incorporated your company in Singapore, you need to have a bank account. There are many banks available in Singapore and you can choose from the local and international banks.
However, it is recommended that you choose the local banks if your business will be operating in Singapore alone. If your business will be operating internationally, choosing an international bank will make it easy for you to transfer cash for the running of other businesses in other countries.
There are also other things which you might need to have after setting up your business. They include the appropriate licenses and permits. Tax registration is also important. If your business involves importing or exporting goods, you must ensure your company is registered with the customs authority.
If you have been wondering on how you can set up new company in Singapore, the above techniques will help you set up your company within the shortest time possible.