Welcome to Singapore, the Lion City. Singapore is famous for many things. Some describe it as the garden city, some say it’s a city of multiple islands. Whatever you have known about the city, Singapore is a global financial center with a vast population and investment opportunities.
Many people are turning to this new investment hub to do business. Among the world’s growing economies, Singapore offers great potential for business growth.
If you’re looking to incorporate a business in Singapore, you’ve come to the right place. Setting up a company in Singapore is relatively straightforward. With its strong economic fundamentals, low taxes, and flexible regulations, the city-state remains one of the top destinations for businesses seeking to expand internationally. Here’s a step-by-step guide to help you get started with company incorporation in Singapore.
1. Choose Your Business Structure
The first step in company incorporation in Singapore is choosing your business structure. There are several legal structures to choose from, including Sole Proprietorship and Limited Liability Partnerships (LLPs). Depending on your business goals, you must decide which system best suits your needs.
There are several profitable businesses you can choose from to start in Singapore. If you’re unsure of what to do, you can do a quick google search about good companies in Singapore.
2. Register Your Company Name
Once you have selected a business structure, you must register your company name with the Accounting and Corporate Regulatory Authority (ACRA). When writing your company name, make sure it is unique and not already taken by another business.
To save you the trouble of being rejected, you can search online whether your business name has been used by someone else because it’s common to have similar business names
You also need a company address as part of your company registration requirements. This address must be in Singapore.
3. Prepare the Required Documents
You will also need to prepare all the necessary documents for company incorporation in Singapore. These include an application form, Memorandum & Articles of Association, particulars of directors and shareholders, etc. All these documents must be submitted to ACRA for approval before any further processing can take place.
Remember that a foreigner wanting to register a business in Singapore would require to have a company nominee director, a company secretary, and some other government requirements.
4. File Your Registration Forms
After filing all the required documents with ACRA, you can file the registration forms for company incorporation in Singapore. Once submitted, ACRA will review your application and notify you whether it has been approved within two weeks of submitting it. If approved, ACRA will issue a Certificate of Incorporation and assign your company a Unique Entity Number (UEN).
Countless agencies can help you prepare and submit your documents if you don’t want to go through the hurdles yourself. You may be required to pay a token for the assistance.
5. Set Up Bank Account
The next step is to set up a corporate bank account for your business operations to run smoothly and efficiently. You will need to provide proof of incorporation as well as other relevant documents, such as identity cards or passports, when opening your bank account. After setting up the bank account successfully, you should receive an Inland Revenue Authority of Singapore (IRAS) tax reference number necessary for filing taxes in Singapore.
Your tax report is part of the documents you must submit before setting up a new business in Singapore. It’s a government obligation before your business can be registered. A foreigner would need a company secretary or an agent to help get these done.
6. Obtain Work Visas
Finally, if you intend to hire employees who are not citizens or permanent residents of Singapore, then ensure that each employee obtains proper work visas before starting work for your newly incorporated company.
This process may involve engaging third-party companies like employment agencies or foreign workers’ recruitment consultants who specialize in obtaining work visas for expatriates.
By following these steps closely, you should be able to complete all the necessary procedures involved in company incorporation in Singapore without any hassles! With its desirable incentives for businesses setting up shop here, such as generous tax rebates and grants from government agencies like Enterprise Singapore – Singapore’s very own version of Silicon Valley – there has never been a better time than now to start a business here!
Conclusion
There are many reasons why you might want to incorporate your company into Singapore. Singapore is one of the safest countries in the world. Research suggests that it has a low crime rate, a reliable police force, and a transparent legal system.
Setting up a company in Singapore is pretty easy and can be completed in a few hours. However, company registration in it comes with a small cost. The cost varies depending on the type of company you’re incorporating.
