Singapore is a business destination for global companies, investors, and entrepreneurs. The city-state offers ample opportunities for all-level companies to grow and find avenues to beat the heat of competition and achieve their intended business goals in the industry. However, many small businesses and entrepreneurs in the world are looking to incorporate their ventures into legal landscapes in Singapore. If you are also seeking the same, you need to navigate the legal landscape to get your business incorporated in Singapore.
Company Incorporation and Accounting Services in Singapore
If you are unaware of the legal rules of company incorporation in Singapore, you should take the aid of a genuine company incorporation service Singapore-based agency. At such stops, you will get a complete range of company incorporation and registration services for new and existing businesses in the city. Such agencies can manage all documentation works and legal steps involved in the business incorporation as per ACRA (Accounting and Corporate Regularity Authority) in Singapore.
Apart from company incorporation service, you will also get all types of finance, and accounting services at the top business service agencies in Singapore. Thus, it makes it feasible for foreign businesses in Singapore to get a complete range of business incorporation, registration, and accounting services provider Singapore at affordable charges.
Here are some legal steps involved in the Singapore company incorporation process:
1. Choose Your Business Type
In Singapore, you will get diverse options in business types to choose from. In the city-state, you will get the flexibility to incorporate business types like Private Limited Company (Pte. Ltd.), Sole Proprietorship, Limited Liability Partnership (LLP), Partnership etc. So, you need to decide, which type of business you want to incorporate in Singapore and follow the legal steps to precede in the same way. Most foreigners and entrepreneurs prefer to set up a Private Limited (Pte Ltd) company in Singapore.
2. Set Company Name
You should set a name of the company that looks professional and does not match with name of any other venture in Singapore. Also, you need to verify the company’s name from the ACRA authority and check for the availability of the name on the site of the authority. Make sure, the company name is unique and looks realistic.
3. Company Directors and Shareholders
The next step involves appointing the company’s directors and shareholders who should be citizens of Singapore or have legal PR residency. You should appoint at least one director and 50 shareholders maximum for a company.
4. Paid-Capital
You should have enough paid capital for company incorporation in Singapore. The requirement of minimum paid capital for Singapore business setup is 1S$ at least. If you have more than that, it is a good one.
5. Register Address
This is also important to register the address of the company where you want to set up the firm. Make sure, you have chosen the company set up in a legal commercial place or building in Singapore. You will find many commercial properties in Singapore, where you can book furnished offices for business setup. So, you can book any of the office spaces in a commercial space and pursue business in Singapore. But, do not forget to register the address of the office.
6. Business Registration with ACRA
You should not forget to register the business with the Accounting and Corporate Regularity Authority or ACRA in Singapore. You can also manage to apply for registration of the company through ACRA via online mode through the BizFile+ Portal. Also, you can take the aid of a law firm business registration service agency, or agent to get this job done.
7. Business License or Permit
Many businesses in Singapore need a legal license or permit to operate in the industry. Hence, you need to check with legal rules to apply for a license or permit according to your business type and government rules.
8. Goods and Service Tax (GST Tax)
Every company pays its goods and services (GST) tax in Singapore as per the government rules. Hence, you need to first register for a GST tax account or license number from the government and start filing for the same from time to time. To find GST registration, you may also take the aid of a genuine company incorporation services Singapore based company and get all the documentation works and legal steps done to file for the same. In Singapore, you will have to pay standard GST tax that is fixed at 8% for all level corporate businesses. Some businesses may have different tax slabs that depend upon their business types and annual earnings. So, you need to verify the GST Tax rates from the government, if your business type is different from casual trades.
9. Open Corporate Bank Account
You should not skip to opening a separate corporate bank account to make payment transactions for business dealings. Your corporate bank account should be used for business payments, not for personal needs. It is also necessary to open an account in a recognized bank in Singapore.
10. EP or Employment Pass
If you are a foreigner and wish to start a new company or work in Singapore, you are supposed to obtain an employment pass or EP pass first. This pass gives you a permit to work in the city-state legally for a specific period. Employment passes may have validity for a specific period. Hence, you need to renew the pass once its validity is over. You can also take the aid of a business and accounting service provider in Singapore for applying EP or employment pass or get more information about it from consultants.
11. Company Secretary
Every corporate company in Singapore must appoint a professional company secretary within six months of incorporation of the company or business. A skilled corporate company has to manage many works of a business or company such as operations, legal, administrative, board of directors, and more. You can hire a company secretary from legal business and accounting service providing agencies in Singapore or may outsource all company secretary work to them.
12. Compliance and Reporting
Once you get done with the company incorporation process, you need to comply with regulatory requirements such as annual filing, finance management, corporate governance, tax reporting, and so on. You need to manage all such reporting steps to give legal details of the business and its progress to the government.
Thus, above are some significant steps involved in the process of company incorporation in Singapore that should be followed wisely by the applicant.
Before you start following the processing, you need to gather all such information and documentation work from the consultants or trusted ACRA sources in Singapore. Also, you can take the aid of genuine business and accounting service providers in Singapore to manage all documentation and legal steps involved in the company incorporation process. Hence, it is easy to do a new business setup in Singapore with the aid of genuine business service providers or accounting solution agencies in the country.
You are advised to deal with an authorized company incorporation and accounting service agency in Singapore for company setup service and accounting requirements. Hence, it is necessary to check all the credentials of the agency to find the right one for your business needs. For more details, you can check the websites of top corporate and accounting service companies in Singapore.
