Sole Proprietor | LLP Setup

Setting up a Sole Proprietorship or LLP Business in Singapore

Singapore is one of those places in the world that have the best environment for all types of business. Singapore is known for its open mindedness, rich resources, and infrastructure. Most importantly, the country is welcoming to aspiring business minds from all places of the world. Further, it has consistently made things a lot easier for aspiring businessmen to establish their businesses in Singapore.

The place was not less friendly in the past, however, it didn’t quite have the right framework to help people that same way back then. Things began to change after more and more competent incorporation agencies came up over the years.

Looking forward to hiring the best Sole Proprietor, Partnerships and LLP Services in Singapore

No matter if you are looking forward to setting up a Sole Proprietor or Private Ltd. Company in Singapore, things are a lot easier these days with so many good incorporation agencies around. Most of these agencies offer their Sole Proprietor

, Partnerships and LLP Services in Singapore for a pretty affordable charge and as far as time is concerned, it certainly won’t take much time to have your business registered since these agencies have the most experienced lawyers and accountants in their teams.

Rules and regulations for an agent to act on your behalf

If you appoint an agent to act on your behalf, there are a few important additional information required to be submitted. You need to submit the information relating to the agent’s contact comprising name, telephone, and email. Next, you have to submit foreign residential address proof, national identity proof, and copy of the agent’s passport.

One needs to submit the documents of the agent containing the Certificate of Incorporation, and also the Certificate of Incumbency or any document that is equivalent. Last but not least, you have to submit an authorization letter stating that you have hired the agent to go about the process on your behalf.

How long can the process take?

As you hire an incorporation agency, you can rest assured that every important step of the process will be taken well care of and every mandatory regulation will be perfectly met. The entire process can be completed from 30 minutes to 1 hour, however, it is subjected to ACRA approval. Profits earned by a business, be it sole proprietor or partnership is subjected to Income Tax and an incorporation agency can help you this too.

Rules relating to Medisave contributions

Self-employed persons that have a net trade income of above S$ 6000 need to pay Medisave contributions. To start a sole proprietorship partnership business in Singapore, one has to be essentially as a Singapore citizen or Singapore permanent resident and should be 18 years or more.

As far as the charges for hiring Sole Proprietor, Partnerships and LLP Services in Singapore is concerned, it is pretty much affordable and the service comprises…

1. Incorporation fee for ACRA
2. Professional charges
3. Business information profile for free

As a matter of fact, there has been a stunning growth in the number of search agencies in Singapore over the years. This has made things a lot easier for many new companies to set up in Singapore.

Advantages of hiring these agencies

Even if you don’t have sufficient knowledge of Incorporation it is not going to create a new order in the way of setting up a company in Singapore these days and then it goes to these agencies. Since most of these Agencies have the most efficient lawyers in accountants, there is not even the slightest chance for things to ever go wrong.

Another huge advantage you have with having one such agency is the fact that as you register a company, there are several other things that need to be taken well care of and this is when hiring such an agency can be the biggest help to your company. A company has to take well care of its accounting, secretarial activities, taxes, and more.

This certainly needs a lot of expertise and experience. If you are the owner of a business hiring one such agency will allow you with much space to focus on your core business and at the same time, make sure that everything goes well with your company.

Even if you are from a different country looking forward to setting up a business in Singapore, it should not be difficult to find an incorporation agency online to help you. Although all the agencies are pretty much reliable and they have proved it over the years, it is always wise to go for the most reliable ones and you could consider the ones with the most number of positive reviews online.

How to choose a good Incorporation agency?

Another important point to bear in mind while choosing one such agency is certainly one’s customer support. With a reliable incorporation agency by your side, you can avoid a lot of hurdles that appear in the way of your business. On top of that, one such agency can always give you the best advice for managing your financial affairs.

One mandatory thing after the incorporation is the fact that a company needs to have a company secretary within 6 months and it will be a lot difficult unless you have a reliable agency to help you. Most of these agencies can help you easily find the most experienced corporate secretary for your company with the greatest ease.

Hiring an Incorporation agency makes things a lot more affordable than hiring different professionals for different jobs in the company

Another huge advantage one can have by hiring one of these agencies is the fact that it largely helps avoid hiring separate professionals for taking care of the separate activities of your company. Instead, you can have all the important services in the same place. This saves a lot of money and time. It is because of these agencies that anyone from any part of the world can easily make the most out of Singapore’s rich infrastructure and resources by setting up their businesses in Singapore.

The reason that you should always hand over the responsibility of incorporation of your company to an experienced incorporation agency is the fact that it will make the process pretty fast and flawless. On the contrary, if you try it on your own as may did in the past or perhaps, hire a less competent agency, chances are that the process will get pretty lengthy out of too many flaws.