Singapore is a beautiful place and is the leading place where many big businesses want to set up their company or business for earn great profits. Not everyone can do business here; you need to follow some rules and regulations which you can learn below to set up your business in Singapore.
To register company in Singapore, you need to go through its detail process and it is divided into three main phases.
Pre-registration (Ist phase)
If you want to set up a private limited company, you need to ensure that your minimum requirements are fulfilled. To start a company in Singapore, you need to have the following things,
- One shareholder
- One local director
- One secretary
- One local address
- S$1 share capital
Checklist of pre-registration
There is a checklist for pre-registration that can best help you to register company in Singapore. All the important information should be available in advance to avoid the last-minute hassle. This includes,
- The name of your company
- The preferred date for your company’s registration
- Nature of your business
- Address of your company to be registered
- Details of ownership
- Name of the shareholders
- Capital amount of shares in $ and the number of shares
- Registered company address
- Allocation of shares
- Management details
- Name of the company’s directors
Make sure your directors are at least 18+ in age and are declared bankrupt or disqualified due to any criminal case.
Registration phase (IInd phase)
For business registration Singapore, you also need to open your bank account in Singapore only. You can select from a variety of international or local banks. Soon after fulfilling all these details, you can apply for registering your company in Singapore.
For a successful company incorporation services in Singapore, you need to buy a business profile from the ACRA. This is one electric report that details complete information related to business. This includes the registration date, number, shareholders, etc.
This business profile helps in opening a business bank account, application for permits and licenses and also to keep a check on the targeted business partners. Moreover, the central provident fund (CPF) is a compulsory pension fund scheme where Singapore citizens and employers contribute their percentage of monthly salary to the fund.
Post-registration phase (IIIrd phase)
Permits and licenses
Some of the businesses need licenses or approval from the Singapore government. This includes setting up video companies, private schools, childcare centers, banks, liquor distributors, importers, etc.
For business registration Singapore, you should also register your office hours at least three hours on your weekdays.
Your registration number issued by the ACRA should be present on all your documents for effective business communications.
If your business involves export and import, one must register their company as per Singapore customs.
Tax Registration of goods & services
The GST is a tax on supply of services and goods in Singapore and even on the import of goods into Singapore. One must register their business for GST if your annual revenue exceeds S$1 million every year. You can also take up bookkeeping service in Singapore to better understand it.
Experts for company’s registration
There are many of the consultants and agents that can help you with quick company incorporation service Singapore. They can guide about all the important phases of business setup in Singapore.
Their expert guidance can best help as even a beginner or a startup can now apply for business registration in the most profitable place in Singapore with their assistance. One can also gain the bookkeeping service in Singapore from these experts that help in maintaining account records, taxes and much more.
Contact leading business consultants for quick company registration today.
My name is Julia Margret I am writing blogs for Bizatom, one of the best company incorporation in Singapore providing various services like company registration for foreigners, visa and work passes, accounting and tax services and much more.