One of the greatest things about owning a business is freedom! The fact that you don't have to work under someone telling you what to do is precious. This means you can be as creatively open in your strategies, plans, and structure as possible. You decide how the business runs and operates from the inside out! You don't have a boss to be accountable for; everything you do is by a clear choice. Moreover, owning a business means you work for your own benefit and not supercharge someone else's bank account. All your efforts, hard work, and dedication are directly invested in setting you up for a good time in the future. That is the reason many people, who although have a safe and secure job, leave such slavery behind and begin their startups. And as fate allows, some of these small openings transform into massive business structures!
One thing that is essential for creating and running all businesses is the ease of running them! Every business owner in the world wants everything related to his business to be as smooth and seamless as possible. The incentives offered by the government, opportunities to benefit from newer markets, reduced tax deductions; all of these and a million alike play a pivotal role in how content the business owner is!
Today, governments worldwide invest their time, commitment, and focus on ensuring that a new business owner finds it relatively easy to set up his new idea. The reason: you never know what could be the next big thing! Plus, as a nation, you would like to provide as many opportunities to existing multinational companies to run their operations locally at your place. This would generate you more revenue through taxes and all.
Singapore is such a nation where government incentives, company registration, and market opportunities all tie together to provide an unprecedented business environment. This is why we come across new startups with unique ideas and innovations just about every other day. Sometimes, setting up your company can be more problematic than actually running it once it gets in an optimal state; however, not in Singapore. Here, companies like BT Consultants make Setting up Company in Singaporean effortless experience. You will see how in this blog!
One of the best things about business registration in Singapore is the number of steps it takes to consider planning the execution of ideas to be well set up and get running! Over the years, the nation has come a long way into hosting different kinds of businesses. Today, there are massive opportunities for tourism, restaurant, entertainment, and marketing businesses. And this list keeps on expanding!
What's the first thing that helps your business gain recognition? The name, right!? Well, that's also the first thing you get done! ACRA is the institution that you will interact with to get your business set up in Singapore.
ACRA has some requirements that must be followed before it can approve your company name. First and foremost, your company name needs to be free of obscenities. There shouldn't be any sign of undesirability about it in the form of hidden meaning or something. It must foster hate against any community or existing business.
Secondly, your company name needs to be unique. This is important because you don't want to have a lawsuit awaiting you in the future. Also, a unique business name helps you set yourself apart from others. Moreover, there are a few names prescribed by ACRA that cannot be included under any circumstance. An example may be Temasek.
You can register your company name for just $15 through the ACRA website. If you get it approved, you can begin other business operations because it takes 120 days for you to begin using it.
Shareholding refers to the percentage of shares inside your company. It helps ACRA know about the credibility of your startup. Shares can be held either by individual people or by companies. There can be anywhere from 1 to 50 shareholders for a single startup.
If all your shareholders are from a different country, you won’t run into any problem and will be good to go!
Share capital shows the financial support you have to set up and run your company. For example, the least share capital is S$1, while there is no restriction of the maximum amount. This means, even if you increase your capital over time through funding or something, you will have zero problems.
When it comes to the company directors, there must be one Singapore-citizen director. However, foreign-citizen directors are also allowed. A Singapore citizen is not just someone who lives in Singapore, but it can also be one with an Employment pass. This means, even if you don't belong to Singapore directly but work here, you are in a peak position to start your company. However, corporate directors are not permitted as your company director.
When it comes to business registration Singapore demands you to acquire a Company secretary within six months after you have set up. Again, it must be a person from the country alone.
All companies in Singapore are asked to have a registered address where the authorities can contact them or people can interact with them. It's also the same address where all your statutory documentation is stored. This cannot be a PO box address!
A company refers to a business that is the sole owner of itself. It doesn't include any corporate owner, meaning the company itself owns all the liabilities and assets. Hence, this is the most common type of business, and the business name for a company includes Private Limited at the end.
Sole proprietorship refers to running self-employed businesses that generate money. You are responsible for the liabilities and debts held by the business. An example can include academic tuition.
In partnerships, there are more than just one business owner, all of whom are responsible for the debts and liabilities held by the business.
ACRA demands you acquire the services of a registered Singapore Company incorporation service provider to ensure that you comply with all the requirements needed by the department. This also ensures that you understand the terms and policies of operating businesses in the country.
BT Consultants is one of your top choices as we make setting up a business a breeze! We know that you already have a lot to plan about your marketing strategies and business models, and the least you want is to face hassles in the initial stages. Our goal is to ensure no idea and dream simply remains an imaginative piece inside the mind. We want to help you get them out and step up in the business world. We have experts in business management, accounting, and other aspects that guide you regarding every business in Singapore.
To register business Singapore requires you to opt for a registration package offered by your service provider. This will help you get in touch with a local bank manager and make your life much easier.
The documentation needed to successfully begin your business operations within the perimeters of Singapore include two Act of form docs, each signed by the company directors and the secretary. Along with this, there is a company constitution and Proof of address you need to show to ACRA.
Once all of these things are out of the way, you can set up your local bank account in the company name. This will allow you to do safe and secure transactions in no time.
Having done all of this, you are good to go! You can officially begin your business operations as per the requirement. You won’t run into future problems in case there is legitimacy in all of your business operations. Singapore welcomes people to test their dreams and witness for themselves how businesses can change the world!
We hope this blog was of great help to you. For more of such content, you can check out our other blogs.