Setting Up Company in Singapore

A Guide To Setting Up Your Singapore Company

As they rush to start companies in Singapore is increasing daily, there is also an increased demand for company incorporation services Singapore. Foreign companies must take the assistance of a service provider to start their Singapore operations. But most local entrepreneurs also prefer to hand over the job to experts to get the job done perfectly. It will also help them use their time for other works that will need their attention. Opening a company is not an easy job and the entrepreneur cannot afford to divert attention to completing the company registration process. When there are competent agencies to do that there is no need for the investors to spend their time or effort. However, it is good for all investors to get the Singapore company setup introduction so that they know what services they must get from the agency.

Because of the pro-business policies of the Singapore government, the country has been attracting investments from many countries in the world. Businesses across the globe are realizing the benefits of starting operations in Singapore. Singapore is placed strategically to serve the whole of Asia. Any product that is brought into Singapore can be easily diverted to any country on the continent due to the excellent connectivity. The nation also offers a lot of other benefits for corporations that will help them grow substantially.

1. Support For Registering Your Company

It is good to understand that the agencies offer different packages for incorporating your company based on your requirements. Different companies have different needs. Some of the local investors may need assistance with getting a person as the local director. Still, others may need a registered office in Singapore. Foreign investors often need one of their persons to relocate to Singapore to supervise the operations of the company. This will need work permits to be processed. These agencies can make packages suitable for you.

The advantage of handing over the work to the agencies is that they are familiar with the procedures for setting up company in Singapore. They can advise you on the different obligations to be met to get your company registered. They can also tell you how to make your company compliant with local company laws. They will get the company incorporated in a very easy and quick way.

2. Helping You Get A Local Director

One of the conditions of the ACRA for incorporating your setting up company in Singapore is that you must have a minimum of one local director. The local director must be a resident of Singapore. Many foreign companies will find it difficult to find such a person. The director of your company must be a person with a good reputation as it will affect your company’s reputation also. The person must also be willing to resign the post once your director has taken charge.

To ensure that you have the right person as your local director, the service provider offers the nominee director service. They will provide their person as the local director. The agencies will also help your company employee to get an Employee Pass which will make him or her eligible to become the local director. With this service, your company can remain compliant while maintaining a good reputation.

3. Opening The First Bank Account In Singapore

All companies need to open an account in a Singapore bank. Businesses must be very cautious when opening a bank account. The bank must have a good standing in the country and must be able to offer you support in your business. Many of your clients will be dealing with you through the bank and having an account in a reputed bank will raise your status too. You must find a bank that can support you financially in case the need arises. They must offer you all the services that you will need in case you will be having transactions with your clients and branches in different countries. The service providers will offer their assistance in opening your bank account and will prepare all documents for the same.

4. Know Your License Requirements In Singapore Company Setup Introduction

Many businesses in Singapore will require a separate business license to be secured. There are businesses like travel agencies, food processing and distributing business, running schools, employment agencies, moneylenders, banks, centers for the care of children, distributors of liquor, etc. require you to take a separate license or permit. Only when you get the license can your company be incorporated with the ACRA. Part of the procedure to get the business license requires you to appoint an executive local director to sign the various documents. The corporate consultants will assist you in getting your business license.

5. Services To Help You Run Your Business Smoothly

It is not enough that you get assistance in incorporating your company. Various other functions must be performed for running the company. The company must complete various obligations to ensure that it is run as per the company laws. Maintenance of proper accounts and books is one of the requirements of the ACRA. Appointing an accountant may not be feasible for many companies due to the financial burden. Companies can take avail of outsourced accounting services which will help them remain compliant.

Tax is another matter that is related to compliance. Different taxes must be paid to the government. Though Singapore is one of the countries with the lowest tax rates, companies must prepare the returns as per requirement and submit the same on time. There are various exemptions allowed by the government and to know all these it is better to take the help of tax experts. Corporate consultants can provide you with this service.

The companies that are most benefited from the services provided by the agencies are the medium and small companies who cannot afford to appoint specialists for each job.