The term corporate consultant is enough to tell you that these people offer various services to the corporate world in Singapore. These agencies are a great help for both local and foreign investors who wish to start their companies in Singapore. Singapore is one of the most favorite investment destinations in the world today. With a strong economy and a stable political government, Singapore ranks on top for the excellent business environment. The government is supportive of private enterprise and offer a lot of benefits.

Starting Your Company In Singapore

One of the main services that these consultants offer is to assist the entrepreneurs in registering their company. Company incorporation is not difficult for those who know the procedure. But for others, it may be a little difficult to understand various aspects. There are different types of companies that can be opened in Singapore. A good consultant is essential to inform new investors about which is best for their kind of business. Each of these types of companies has its benefits.

Registering the name of the company is the first step. consultants can help you in this by doing a name search. You must see whether the name you have chosen for your company is available. Some of the names may already be taken by another company. Some names are not accepted by the authorities for various reasons. Names that are obscene or offensive cannot be used. Names that breach trademark regulations cannot be used. The consultants can find an available name and get it registered.

Requirements For Company Incorporation

There are a few requirements that you need to fulfill when you incorporate a company in Singapore. Some rules guide the appointment of directors, shareholders and company secretary. The new companies must comply with all these requirements to get their company incorporated. You can have as many numbers of directors as you want and they can be either Singaporeans or foreigners. But you must appoint at least one director who is a resident of Singapore.

Every private limited company that is incorporated in Singapore must have a minimum of one shareholder and can have a maximum of 50 shareholders. Singapore allows companies to be fully owned by foreigners or foreign companies. Once the company is registered as a private limited company it is considered as a resident company and can avail of all the tax benefits offered by the government.

Every company must also appoint a company secretary within six months from the date of incorporation. This person must be highly qualified and experienced. The company secretary must also be a resident of Singapore. The person is responsible to lead the company as per the laws of Singapore and as per the company constitution. The role of corporate consultants is very high in helping the business community fulfill these requirements.

Other Services Offered By The Consultants

It is not just that these consultants help you open your company. They are a constant source of support for businesses in Singapore. It is the small and medium businesses in Singapore that are greatly helped by the consultants. These companies are unable to appoint experts in various fields. It will be a huge financial burden for these companies to appoint their people. The consultants provide outsourcing services in many of these jobs. It is also economical for the businesses to get these jobs done by the consultants and they can get expert support.

Accounting and bookkeeping are very important jobs for any company. It is mandatory to maintain proper accounts and books. These jobs require experts to handle them. The consultants employ such experts and offer services to the companies. The advantage is that the companies get the best services at the most affordable prices. These consultants will prepare all the statements that must be submitted to the authorities. All companies must prepare the financial statement as per the guidelines of the ACRA and the consultants prepare the statements as part of their accounting services Singapore. They also perform excellent bookkeeping services.

Taxation is another important job that every company must perform to keep it compliant with the rules. The corporate consultants have tax experts who can help you calculate your tax, prepare the estimated chargeable income and also file the returns. The tax experts will also help the company to reduce the tax burden using legal methods allowed by the government.

Companies don’t want to burden themselves with jobs that are not part of their core business. There is an increasing tendency in companies to reduce their burden of manpower and hand over the jobs to outsourcing companies. Reducing the number of employees has many benefits. It reduces the difficulty of managing them. It reduces the cost incurred as salaries and perks. Companies can avoid HR and other issues when there is a lesser number of employees. There is much time saved when you have fewer people to manage. With the availability of several companies offering accounting services for small business in Singapore, it has become easier to get the work done by these experts.

Care To Be Taken When Availing Accounting Services For Small Business in Singapore

Outsourcing is good but you must be careful about the company that you are outsourcing your accounting work to. You will be handing over all the records of your company and you must ensure that these don’t go to the wrong hands. Reliability is the key to outsourcing companies. You must be sure about the reputation of the outsourcing company and ensure that they are completely reliable.

The other thing that must be considered is the resources that are available with the outsourcing company. You must know the skill levels of the people at the service provider. When you are outsourcing you must be able to get access to better talent. Without this outsourcing is not useful as they won’t be able to provide any value-addition. You must check whether the company has people dedicated to communicating with you regularly. You must find out how progress will be reported.

Technology Support And Services Provided

You must find out what technical support the outsourcing company is providing you. Is the service provider offering software support as part of the package? This can be of great help because then you can make all the entries online and also view your accounts any time you want. Providing software as a service with cloud storage is good for you to keep yourself updated with accounting and books. It will also help you generate reports whenever needed.

Before you hire a company for simple bookkeeping for small business you must decide how much of the work they will be doing. You must decide whether all the accounting and bookkeeping will be done by the outsourcing company or will you be outsourcing only part of it. Outsourcing completely will lead to a streamlined operation. If you are only handing over part of the work then you must ensure that the collaboration between your accountant and the person at the service provider is very smooth. Any difficulties could end up in your having problems with your reports and statements that need to be generated on time.

Stability Of The Service Provider

This is very important for you. Many individuals do outsourcing of accounting. But handing over the job to them maybe not always wise unless you have a back-up system ready. Small companies and individuals can stop their operations at any time. There may be financial issues in the company or differences between the partners. Hence you must choose a company that is stable and has been there for a long time. This can be checked by looking at the years they have been in the business.

The variety of services provided by the company must also be checked. The accounting service provider in Singapore must also be able to offer you other services. Taxation is quite closely related to accounting and if the service provider cannot offer you this service then you will find yourself taking the same records to another company. This is an unnecessary waste of time and also an additional exposure to all your records. Go with a company that can offer you different services that you require for your business.

Finding a good accounting service provider can be very beneficial for you. The main advantage is the saving in cost. outsourcing services are much more economical than employing your team of accountants. Another big advantage is that you can always remain compliant with the rules and see that all the statutory statements and reports are submitted on time. You will be able to concentrate on your business fully without having to worry about your accounting issues.

Smoothly running a business takes a lot of organization, planning, and dedication. Every business owner in Singapore attempts to run their business without having to face any trouble. One area that we often find them wanted is in securing their accounts appropriately. Going through the accounts of the business daily is one thing and having annual reports ready is another.

Starting a new business or taking over an existing business in Singapore requires a lot of documentation and processing. Without the right help, you may find it very difficult to establish yourself as a business owner in Singapore. Therefore, many new business owners choose to use business registration Singapore companies to help them.

Starting a new business and the challenges you are likely to face

Challenges starting a business are high for most entrepreneurs in Singapore. There are various laws that you should know and abide by at the same time. Completing form filling, registration, document filing, and other formalities should be within a period. Doing all these things before the starting of the business is important. So, hiring a registered business Singapore company should be something you should seriously think about. These companies are always said to have your back, so you would not have to worry about registration, accounting, and other things at all.

An existing business that you wish to take up and formalities relevant to the same

Taking over existing businesses is something many people wish to do. This is because of the ease at which they can start running the business and not have to set it up from scratch. However, for this, one must fulfill the legal requirements to ensure that they do not face trouble from the law. With register business Singapore organizations, they can make this process simpler. Once you are ready with the required documents, they can process the entire deal for you. They would also ensure that the transition from the previous owner to you would be smooth and handled well. They can take all applications that need submitting proper care by these organizations to make things comfortable for you as a new business owner.

Tax filing and applying for licenses made easier

Formalities involving tax filing, GST filing and applying for licenses can be a task that requires professional help which is something they offer. With their expertise, they can take care of it much easier and faster than you can. Once you entrust the taxation to these taxation services Singapore companies, they can take the steps for you. These experts also know of the law that pertains to all these things and can also ensure that you are doing everything you can to maximize your profits.

Bringing down your liability towards the taxes you have to pay is also said to be something that these firms do legitimately for your business. It takes eliminating the headaches involved with taxes filing in time care of by these companies on your behalf.

How to find companies offering the best business registration Singapore services?

Despite having a lot of options when it comes to choosing a company for business registration Singapore services you would ideally want to go with the best one. This is because these companies possess the type of experience which would be required in the successful registration of a business. They also are said to have experts who know the market and the current laws regarding registering a business in Singapore which makes things easier for you.

If you choose to look for these services over the internet you would get a list of companies from which you can shortlist the top-rated companies. This list can be used to get in touch with companies offering business registration Singapore services to know their cost and expertise in the field of registration. The best-rated company which offers affordable prices can be the ideal company to choose if you are a person looking to start a business in Singapore.

It would not just save you time but also money in the process as well when you choose to use companies with good experience. They can further help you with the post-registration process as well. It would mean a world of good for you as you can concentrate on establishing your business in Singapore while they work on your behalf in the background.

Now we are living in a world of modern industrialization that is constantly changing our world to a better future. There are many companies that have do so much for the new technology and new products that we cannot think of and it is making the making better in the world. Companies keep on going deep in the products or services so that they can create something new in the products. There are many companies that are spending so much of their money to go to other places or countries so that they can understand how companies are using the technologies in their companies. It makes the efficiency of the company higher due to which a company becomes able to give competition in the market. Now there are many companies in the market that have the reach to the new technology and have enough investments that would make them free to go for better efficiency. Management of the company is the brain of the company as it does all the work of the company that might give the profits to the company like working on the ideas and execution plans. There are many companies in Singapore where the management of the company searching the company services like HR service, payroll services, accounting services provider Singapore that would make the company more profitable. There might be many people who don’t think that the company service is good as there are many company data gets outsourced to the other companies but we will discuss here that how the company service would be beneficial for a company. We will also discuss how the companies don’t have to take any stress about the data loss of the company.

What are the main obstacles in the company that stops it from being successful?

There are the following type of problems that comes in a way that could decrease the efficiency of the company

  • Less efficiency – There are many companies that don’t have the big budget to hire a team of experts and professionals due to which a company gets slower in their work. companies have the ideas that they should have a team of experts so that they can have the more efficient that would make their company profitable in the market. Due to less efficient people in the company can make the efficiency of the company lower that would make a higher amount of loss.
  • Fewer ideas – There are many companies in which the management of the companies has other work also like to manage the financials of the company or hire people for the company etc so that their company would become more efficient. In the whole process, it becomes harder for them to think about new ideas and keeps on hammering on it so that they can execute those ideas in a better way.
  • Higher resources – many companies hire a team of experts and professionals so that they can make their company more efficient in the market. One more thing that a company needs to take care that they have to give the team or experts a higher amount of money in the way of better wages, better incentives, and perks, better resources so that they can work. In the process of maintaining a team of experts, some of the small companies have to manage their budgets.

Company services make the company better in the market

There are people who are hiring HR services, legal services, simple bookkeeping for small businesses so that they can make their company more efficient in the market. One of the main reasons to outsource the work that it makes the company do more work in the market that would enhance the profits for the company. There are the following reasons why companies keep on hiring the company services for them

  • More time – In most of the companies management of the companies are hiring the company services so that they can make their company more profitable. When they outsource their work then the management of the company has more time to work on the new ideas and execution plans that would make the company more profitable.
  • Fewer prices – Many company services have the experts and professionals in their team in which all the salaries, better resources, etc for them manage by the company services and they have affordable prices so that a company can hire them easily. Many companies are getting better work from the company services in an affordable price range.

Safety of data of the company is in the safe hands

There are many companies in Singapore that are hiring the accounting services for small business Singapore so that they can manage their accounts well. Many people would think that it would harm the security of the company’s privacy but there is a contract with the service companies in which they can’t leak their client’s information and if they do they have to pay the money to their client.

How difficult is materializing your dream of starting a company in Singapore? It certainly is not as difficult as most of the people presumed it to be. Although there is no denying the fact that setting up a company in Singapore may involve a very complex procedure and also, you may be totally alien to it, things have got easier than ever before with so many brilliant incorporation agencies around.

If you are still wondering like how to incorporate a Company, all you need to do is find one such reliable incorporation agency. This will make things a lot faster, accurate and also, it will leave you with a lot of space to concentrate on other important aspects of your business.

This post is a perfect guide to help you understand the entire procedure of registration and by the time you reach the end of this post, you will have learned a lot about how the company registration service in Singapore works. This will help you communicate better with the incorporation agency that you hire.

What is your Business Structure?

Before diving into the registration process, it is important to first determine the structure of your business. Business structure can be classified into 3 categories:

  1. Private Limited Company (Pte. Ltd.)
    2. Sole Proprietorship
    3. Limited Liability Partnership (LLP)

While Public companies can have +50 members and are listed on Singapore Exchange, private companies can at the most have 50 members and also, they are not listed on Singapore Exchange.

As per the Singapore Companies Act, one must be above 18 years to register a Private Limited Company for both local and foreign citizens. A Company comprises shareholders and they are the ones who are actually in charge of appointing the Company Director.

Importance of incorporating a Private Limited Company

Needless to say, there are various benefits to registering a Company.

The liability in case of Company is pretty limited for the owners since companies and owners are separate entities. This is the reason that the owners of a Company, personally, are not really liable for its debts. Also, they are not even liable for legal actions against the Company if any. This is where a Company is a lot different from a Sole Proprietorship or Partnership.

However, in the case of a Company, it is important to fulfill comparatively more ACRA compliances than in Sole Proprietorship or Partnership. Conducting annual general meetings and submitting annual returns is quite mandatory for a Company. In case a Company fails to do so, the ACRA can take action against such a Company. However, removing a Company from the register takes around 5 months.

As far as the benefits are concerned, it is quite easy to raise capital in case of a Company and above all, transferring ownership can be done with the greatest ease. Also, foreigners can have ownership of 100% of the shares of the Company.

Important points to bear in mind prior to the starting of the registration process

One best thing you can do to keep things easier for you is to jot down the important things that would be required in the process. A lot of people miss out on this and eventually, find it hard to keep up with the process. Here are the important things you ought to bear in mind even before the process begins and it is wise to have most of these ready prior to the starting of the registration process.

Appointing a Director

It is mandatory to appoint a minimum of 1 Director for the registration of a Company. However, in order to be selected as the director of a Company, one must be a permanent citizen of Singapore, or a holder of Entrepass, or a holder of Employment Pass.

As far as the other criteria are concerned, one must not be associated with any malpractices and one must have a very clean track record. Most importantly, one should be 18 years old. However, a Company can have as many directors as it wants. Also, a director can be a shareholder too but again, a shareholder cannot be appointed as a director.

Appointing the Shareholders

A private Company in Singapore can consist of 50 shareholders at the most and a minimum of 1 shareholder for the registration process to commence. A shareholder can be an individual or even a Company or a trust. As far as the aspect of ownership of Company is concerned, it can be 100% foreign or local.

When it comes to the Company shares, a Company can either issue new shares or transfer the existing shares to another shareholder but this can be possible only after the completion of the registration process.

Appointing a Company Secretary

This is another important thing to be aware of before you dive into the registration process and this is pertaining to the appointment of the Company Secretary. As per the Singapore Company Act, it is mandatory for a Company to appoint a Secretary for the Company in 6 months from the date of its incorporation.

Also, it is important for the Company Secretary to be a permanent citizen of Singapore. Another important thing that one needs to bear in mind is that in case a Company has only one director or shareholder, one cannot perform the duties of a Company Secretary.

Paid Up Capital

Registering a Company in Singapore takes a paid-up capital of at least S$1. However, it can be raised after the completion of registration.

Registered Company Address

It is mandatory for a Company in Singapore to have a registered office address and it should be an address that is physical and not a post office box address. It can be a space which is either residential or commercial. Also, as per the Home Office Scheme of HDB, one can even use an address that is residential as one’s Company office address. However, it is important to ensure that the public can find it during regular working hours.

Corporate Tax

As far as Singapore’s rate of corporate tax is concerned, it is 17%. However, registered companies in Singapore can have excellent incentives and tax exemptions. Also, there is no tax on capital gains or dividends.

Important Documents required in the process

There are different documents that will be required as you finally register your Company online by login into BizFile+. It is pretty usual for most of you to be completely oblivious to it but don’t you stay unaware for much longer.

Even if you have the best incorporation service agency to assist you, they would not be able to proceed unless you help them with the required documents.

Hence, your awareness relating to these documents will help you accomplish the incorporation quickly. Here are the documents that would be required in the process of Singapore company registration:

  1. ACRA registered Company’s name
    2. Business activities’ description
    3. Description of the Company’s registered address
    4. Shareholders’ details
    5. Directors’ details
    6. Company secretary’s details
    7. Copy of their passport and address proof for Foreign Entrepreneurs
    8. Memorandum & Articles of Associations (Foreign companies)
    9. Singapore identity card (Singapore residents)

Steps involved in the incorporation of a Company in Singapore

The process of company incorporation in Singapore is done online and can be completed within 2 to 3 days. All one has to do is log in to BizFile+ by entering the number of identification and the SingPass. In case, one doesn’t have a SingPass, one could hire an agent that can do the filing on one’s behalf.

Choosing the name of the Company

To begin with, an application can be submitted with ACRA to get one’s company name approved. To ensure that the selected name is not already in use, you can always have a search on BizFile+. As far as time is concerned, it usually takes about an hour or two for a name to be accepted or rejected by ACRA.

However, it can take at the most a few weeks in case, the selected Company name has words such as finance, bank, law, etc. as it may need additional review. Once a name is approved, you can have it reserved for 60 days from the date when you applied for it.

How to have a Company name quickly approved?

Many people experience a huge delay in the approval of the Company’s name and they actually blame it on the process out of being extremely frustrated with the delay. However, this can be easily avoided provided that you go about it a little carefully.

Here are a few important things to bear in mind while selecting a name for your Company if you want it to be approved in no time…

  1. The name should not be identical to any business name that already exists
    2. It should not infringe on any trademarks
    3. It should not have close similarities with any existing business’ name.
    4. It should not be one among those names that have been already reserved
    5. Also, the name should not have any vulgar word

Once you ensure that, there is hardly any reason for any delay in the name approval process. Submit Company Constitution to ACRA

Another important step of Company registration is submitting the Company constitution to ACRA. The Company constitution means a document that contains elaborate details of the ways in which a company is going to be managed internally. Also, it states the actual structure as well as the rights of the shareholders. Also, you can find model constitutions on the ACRA web portal. The lawyers will review the constitution once submitted.

Register the Company on BizFile+

After you have your registered Company address, name and also, a few more details and documents, you can have your Company registered on BizFile+ by filling in all the details as mentioned in the important documents section of this post. However, for this, you have to pay a fee of S$315. Usually, it takes about 15 minutes and in exceptional cases wherein you might need setting up a school, it may take up to 14 days and sometimes, even 2 months.

Preparing the Shareholder Agreement

The agreement of shareholder is actually prepared to cut down on the possibilities of future disputes among the various members of a Company comprising shareholders, managers, and directors by clearly describing the rules and regulations of the Company. Also, a Company can add any particular regulations that are not covered in the Company constitution.

Documents that ACRA will issue after the registration

After the registration process is completed a couple of documents will be issued by ACRA to confirm the Company Incorporation.

Incorporation Certificate

ACRA sends an official notification of the incorporation via email and it will contain the registration number of the Company and the same will act as an important certificate of Company registration in Singapore.

As far as the hard copy is concerned, it is no more sent by default. However, one can request for a hard copy online at a cost of S$50 and collect it from the ACRA office.

Business profile of the Company

The business profile contains many important details of the Company and you can actually get it from the ACRA office by submitting an online request by paying a fee of S$16.50 on BizFile+. The document will be available in PDF format in an hour and here are the details it will include:

  1. Name of the Company and registration no.
    2. Date of incorporation
    3. Main activities
    4. Paid-up capital
    5. The registered address of the Company office
    6. Particulars of shareholders
    7. Details of directors
    8. Details of Company Secretary

Ways in which these Documents can be useful

The documents issued by ACRA right after the incorporation such as the Incorporation certificate and Business Profile Document can be highly useful for various contractual and legal purposes such as subscribing to internet services, opening of a corporate bank account, office lease, etc.

Singapore Company Registration Guide for Foreigners

Singapore Company Registration is equally simple for foreigners as well. In case you are a foreigner looking forward to setting up a business in Singapore, it is absolutely possible to set up your Company in Singapore. There are two ways you can go about it.

Either you can use EntrePass to relocate your business to Singapore or you may hire a nominee director. The corporate tax rate currently is between 8.5% and 17% which is certainly quite lower to that of the other counties.

What all Documents will be required?

As far as the required documents are concerned, they are pretty much the same as mentioned above. However, a foreigner would need to produce a couple of more documents in addition to the ones mentioned above…

  1. Passport and proof of residential address (overseas)
    2. Memorandum & Articles of Associations A few important points to keep in mind
    3. First things first, a foreigner needs to have a work pass such as EntrePass or Employment Pass in order to commence once business in Singapore
    4. Once you have an EntrePass, you can act as the director of the Company
    5. In order to start a Company in Singapore, one should more than 18 years old and also, should not have any legal charges or bankruptcy against one
    6. The process of filing the details will be conducted over the internet and also, you can hire a Singapore incorporation service provider to do it on your behalf
    7. In case, you are a foreigner and do not want to relocate in Singapore, there is no need for you to get an EntrePass. Instead, you could appoint a local nominee director for carrying out all the important formalities required in the registration process.

The Bottom Line

This is pretty much it and now, you certainly have a very clear picture of company incorporation in Singapore right in front of you. Most importantly company incorporation services in Singapore have got a lot better over the years.

However, it is never a bad idea to do good research of the track record of a certain agency before you hire one. One of the best ways you can find out the track record of a Company is by browsing the internet and going through as many reviews pertaining to the performance of an agency so far as possible.