Singapore is one of the best business destinations across the Asia Pacific. However, many enterprises around the world are seeking to set up new company incorporation ventures or branches and headquarters in the country. Moreover, you will find good growth prospects for your small business in Singapore too. The reasons why many mid and small size businesses are moving to Singapore are as follows:
- World-class infrastructure and modern lifestyle.
- The corporate income tax rates for all level businesses are fixed for 17% and GST tax is 7%.
- Ample of opportunities for small ventures to grow and deal with leading brands.
- Property security and legal support for new enterprises.
- Easy process of business setup and registration.
- Ease in getting PR (Permanent Residency) and Citizenship
Thus above are some potential reasons, which woo many small and large level businesses to do the business setup in Singapore too. If you are intending to new a business registration in Singapore, you need to follow the genuine process of new business incorporation wisely. For betterment, you may consult authentic business incorporation consultants in Singapore. The experts will guide you through a step-by-step process for business incorporation to registration in Singapore through legal ways. If you do not find it easy to manage the business incorporation process, you should better take the aid of a recognized business registration service agency in Singapore.
Before you incorporate a business in Singapore, you need to clarify what type of business you are setting up? Most corporate companies do prefer setting up companies in Singapore are
- Private Limited Company (Pte. Ltd.)
- Sole Proprietorship
- Limited Liability Partnership (LLP)
Thus, you need to clear the business setup plan and the type of venture you wish to start in Singapore. Also, you should ensure how much to pay to incorporate a company in Singapore and then set up your budget accordingly.
Here are some significant steps to follow for new company registration or incorporation in Singapore:
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Company Name
The process of setting up a company in Singapore will start by setting a professional name for your company. Make sure the company name is unique and does not match the name of any other organization in the country. Also, you need to approve the name of the company with ACRA. You should clear all the points to set the adequate name of your company.
You should have paid capital or share of the company that should be more than S$1 at least. Hence, it is good to have enough funds or amounts to set up a new venture in Singapore.
You have to submit details of all numbers of shareholders and directors of the company to the ACR authority in Singapore. There should not be more than 50 shareholders that may include local to non-local individuals or professionals of the companies. You have to provide details of all shareholders and directors to higher authorities and ensure they have a good background too.
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Business Setup Plan
It is also necessary to submit details of the business plan and its future orientation details to the government that will enhance the reliability of your venture to the authorities. Hence, it can help foreign businesses in Singapore to grow, if they have good business plans that can grow in the future and contribute to the economy of the country too.
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Company Details
You also need to submit details of the company’s website, registered address, contact details, business location, etc., to the government for the verification process. You should provide all information of the business to the ACRA and IRAS authorities in Singapore for the verification process and then move in the process.
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Company Secretary
You should hire a professional company secretary in-house after 6 months of the company’s incorporation. All level companies in Singapore must have a company secretary in-house to manage all types of business works of the organization.
Thus, the above are some necessary steps to follow for company incorporation in Singapore in a legal manner.
Furthermore, you need to move to the process of new company registration in Singapore which is also a significant one. The registration of the company should be done ACRA. And make sure all documents of business have been approved by the authority too. If you will manage to complete all the steps. Your purpose of new company incorporation and registration in Singapore will get done legally.
If you are unable to handle the process of company incorporation or registration on your own. You should better get in touch with leading business registration service agencies in Singapore. At such stops, you will get all kinds of business incorporate, registration, and legal support solutions for corporate companies in Singapore.
Also, you will get all kinds of business accounting, HR services, and the rest of the financial and taxation solutions for foreign businesses in Singapore. All in all, you will get a complete range of business setup to legal support services at the recognized business service providers in Singapore
A business is the only thing that people will look up to you for. A business is the only thing that will make you feel proud of yourself. But, keeping aside all of these things, you must know that starting a business is not an easy thing to do. It will not be easy for you to handle everything yourself. You need to do a lot of things, you need to take care of so many things, you need to learn so many things and there will be so many things that you need to do.
You are recommended to get new business incorporation or company registration services in Singapore from recognized accounting service firms only. Thus, it is necessary to prior verification and background check of all valid points of accounting and business registration service agencies in Singapore and then select the right one for your business services.
For more details about company incorporation or registration service packages and their charges. You may refer to websites of reputed accounting and business registration service companies in Singapore. On their portals, you will find all details of new company incorporation, accounting, registration, and many more services for corporate ventures in Singapore. So, you need to play smart and get the business set up in Singapore through legal ways.
