How to Start A Business in Singapore

With all the businesses in Singapore and thousands of entrepreneurs moving to the country, it is undeniably Asia’s business hub. Besides being strategically located with an excellent network of other successful businesses, setting up a business in Singapore makes you part of a business-friendly ecosystem that supports SMEs. Other benefits of starting your business in Singapore include the extensive trade treaties and appealing tax frameworks, great personal safety, and legal system. Moreover, based companies in Singapore enjoy highly skilled talent from the local pool and easy and affordable funding. The biggest question is, what is the process of starting a business in the country and the company incorporation services in Singapore that you should consider?

Singapore Entities You Should Consider

Before setting up a business in Singapore, you should research and understand the multiple types of entities available in the country. They are five as highlighted below:

● Private Limited Company (the most popular and recommendable)
● Sole-Proprietorship
● Limited Partnership
● Limited Liability Partnership
● Ordinary Business Partnership

Prerequisites for Setting A Business in Singapore

The authorized body (Accounting & Corporate Regulatory Authority of Singapore) in charge of new business incorporation requires every company in the country to be registered under Singapore’s Companies Act. Moreover, the firms should also fully adhere to the set rules and regulations. The vital requirements for registering your new company are as follows:

● Registered address (local)
● Company Secretary (1)
● Resident Director (1)
● Shareholder (1 at minimum)
● Paid-up capital ($1)

Incorporating also requires you to present a passport copy, a reference letter from the bank for nonresident shareholders and directors, and evidence of residential address. The resident shareholders and directors, on the other hand, should submit their copies of Singapore IDs and copies of passports (foreigners).

In cases where a corporate entity is a shareholder, it is necessary to submit a copy of the parent organization’s certificate of incorporation. Additionally, a copy of official documents which identify its directors and registered address is also necessary.

Benefits of Hiring Company Incorporation Services in Singapore

Setting up a business tends to be tough in any part of the world, including Singapore. Rather than going through all the stress involved in the process, it is advisable to outsource the task to local experts. Here is why.

● It allows you more time to breathe and focus on other things. Besides stressing less, allowing experts to do everything on your behalf leaves you with two major responsibilities: ensuring the availability of all the necessary documents and paying the required fees.
● Foreign investors and entrepreneurs are not allowed to register businesses by themselves. Hiring an expert who understands all the local laws and regulations that govern the process makes the experience smooth and stress-free.
● It eliminates all avoidable mistakes in the incorporation procedure, saving money and creating a great reputation.
● You can hire a specialist in the organization, which means adequate knowledge of the local market, laws, and great networking for your firm.
● They should be your long-term comrades in your entrepreneurial journey, which translates to confidence, a good reputation, and great support for your business.