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Top 5 things to know about incorporating a company in Singapore
There are many different types of businesses in Singapore. These businesses offer all kinds of goods and services. They are also the foundation of Singapore’s economy. Throughout the year, Singapore has always been one of the most solid economies in the world. In recent years, it has been ranked as the country that has the most open market. This means that it is relatively easy to conduct business here as it is business-friendly. Also, among all the countries in the world, it is known to be the most pro-business country. This is why there are many different investors, corporations, and, and businesses that are attracted to set up an office here.
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These characteristics of Singapore’s economy makes it a great candidate for company headquarters or an expansion. However, as businesses crowd here, Singapore has set certain rules and regulations to ensure compliance among these big corporations and companies. When you are setting up a new business, you have to go through many procedures. One of those procedures is the company incorporation Singapore process.
This process requires many documents to ensure that all companies are legal and offer legal goods and services. It is a long process to incorporate a company in Singapore, however, every business must do this as it is mandated by law. You can only fully and legally operate once you are done with the company incorporation Singapore processes required by the law.
Given that there are many things you have to remember when you want to incorporate company in Singapore, it may be hard for you to remember everything. So, in this article, we will talk about the things to know about the company incorporation Singapore procedure.
#1 Plan your business structure
One Of the factors that will determine the steps and length of when you want to incorporate company in Singapore is the structure of the business itself. You should have a concrete plan or idea of what you want your business structure to be. The following can be your guide questions to help you get started with the company incorporation Singapore procedure:
- What are the business activities you want?
- How much initial financing do you have?
- How much profit are you expecting and within what period?
- How fast do you want to grow your business?
- What is the scale of the business you have in mind when it comes to shareholders?
These are the vital things to know to definitely decide the structure of your business and to be able to start the company incorporation Singapore procedure. In Singapore, there are many types of accepted business structures as they are home to many different businesses. There are sole proprietorship, partnerships, limited liability entities
#2 Choose a company name
When you want to incorporate company in Singapore, you must remember that Singapore has many guidelines when it comes to company names. First is that company names shouldn’t have vulgar or inappropriate names. It is not even allowed to have names that can be twisted into something similar or likely to be vulgar. Another one is that national symbols such as the Merlion cannot be used. Also, those in some sectors, such as the medical sector, must have their names approved by a governing authority before they can finally reserve the name.
#3 Select a secretary
Having a secretary is mandated by the Singapore Companies Act. This states that all companies must have a secretary with certain qualifications. The general qualifications of the secretary mist he or she should be of legal age to work under Singaporean laws and regulations. There are many third-party firms that one can hire to help with finding a secretary.
#4 Assign a company director
Having a director, even if it is temporary, is also required by the law. When you want to incorporate company in Singapore, this is one of the things that you just accomplish. The director must be:
- A Singapore citizen, permanent resident, or someone who is holding an employment pass
- At least 18 years old
- Has no criminal records
- Never have declared bankruptcy
If you have ticked off these criteria, then you can be the director. However, if you do not, then you have to find a partner that can meet these requirements.
#5 Learn about taxes
Lastly, as you incorporate company in Singapore, you must know other laws and regulations to be fully equipped. One of the things that can greatly affect how you conduct business is the laws on taxes.
These are just a few things one must remember to incorporate a company in Singapore. It pays to know before diving into incorporating one’s company. If an entrepreneur is knowledgeable with the things mentioned above, then incorporating will be smooth and at ease