Are you bold enough to venture into the Lion City? Professional Incorporation services professional in Singapore can help you through the entire set up process. However, you should be aware of how things work regarding the process. Here is a guide on how to set up a company in Singapore.
Define Your Business Structure
There are five different business structures you can set up. Many entrepreneurs settle for a Private Limited Company. This is due to the flexibility of the structure. Other structures include sole-proprietorship, partnership, limited partnership, limited liability partnership or LLP.
All the business structures may be unfamiliar and confusing to you initially. To avoid the hustle, you can employ a registered professional firm that provides incorporation services in Singapore to assist you.
Settle on a Business Name
The business name is an essential part of the brand. It should reflect the business activities as well as the company’s values. Have a few business names to choose from, once you have settled on a name, counter check with ACRA through the interactive online portal dubbed Bizfile for its availability. If the name is available, get approval to reserve it.
Outline Your Business Activities
With the help of an expert, they will help you define the primary and secondary business activities on the Singapore Standard Industrial Classification Code (SSIC) 2015 while incorporating the business.
Register Your Business
You can register a company with a minimum paid-up capital of $1, and you can increase the capital by issue of further shares on a later date. But it is vital to have a clear shareholders’ agreement to avoid future disputes. The ownership can be 100% foreign-based. However, you must appoint a resident company director, a resident company secretary, and an auditor. You are also required to set up a local registered address.
Acquire the Necessary Licenses and Permits
An incorporation services expert in Singapore will direct you to the necessary licensing authority depending on the industry. However, if your turnover exceeds, or is likely to exceed $1million, you must be registered by the Inland Revenue Authority to collect the Goods and Services Tax (GST). Although there are many exemptions, we suggest that you reach out to a tax expert or a company incorporation services provider in Singapore to help you understand if you are exempted.
Set up Post-Incorporation Compliance Systems
You should set up systems to define the company’s fiscal year, hold an annual general meeting and file your annual returns within one month of the annual general meeting. You should also have systems in place to ensure that tax filing with the Inland Revenue Authority following the stipulated guidelines. In addition, ensure that the payroll and bookkeeping are in line with the rules.
Take Advantage of Funding Opportunities and Incentives
One of the main attractions of incorporating in Singapore is the various government incentives available. The Economic Development Board has various programs, incentives, and schemes that enable the company to boost capacity, productivity and research, and development. Other entities such as Enterprise Singapore have numerous grants for startups in Singapore.
Reach out to Other Professional Services
All these requirements may seem daunting. Instead of struggling to learn the ropes, reach out to a professional firm offering corporate services such as company incorporation services, payroll services and tax services to help you establish your company. One important thing to take note is since it is an incorporated company, you need to ensure that you have a separate bank account.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a free 30 minutes online consultation for us to understand your business requirements better.
