Are you struggling to open a company in Singapore, and being new to it, you are unaware of the facts and steps to keep in mind? If this is your current situation, then do follow this post till the end, as here we are going to discuss everything you need to know about opening a company in Singapore.
While before getting started with the post, let us look at the problems faced by new business owners for opening a company in Singapore.
Problems faced by new business owners:
Here is the list of problems faced by new business owners in opening a company in Singapore:
- The first problem they face is not knowing anything about the process of registration and opening their company in Singapore.
- People sometimes follow the wrong processes for getting started with their company.
- Most people are not aware of that fact; they require a corporate bank account in Singapore to create or start their own company.
- Users would have to pick up the right business structure for themselves with the help they can get started with their business efficiently.
- Plenty of issues faced with Singapore Company Regulator ACRA.
There are many more such problems faced by business owners, but those mentioned above are major ones.
Things to keep in mind while opening a company in Singapore:
Plenty of things are there that you need to keep in your mind while opening a new company in Singapore. Let us discuss them all one by one:
- You would have to create a unique business structure for your business with the help of which the Singapore business board can know about your business plan and figure out if it’s worth it.
Moreover, the biggest problem that users face in registering their business in Singapore is that there are plenty of companies out there that can help register your business in Singapore.
But here we are going to have a look at one of the best, which is Sleek. With Sleek’s expert support, you would be able to know about every single factor that takes place while opening a company in Singapore.
- Suppose you have selected the business structure and completed other such works. In that case, the next thing you need to focus on is ACRA, known as The Accounting and Corporate Regulatory Authority of Singapore. Whenever a new company will be started in Singapore, it should be registered with ACRA to work properly.
- There are plenty of small sections that you need to keep in your mind while opening a company in Singapore; those sections are as follows:
- Make sure you have a unique company name. Moreover, it is strictly prescribed not to copy or have similar business names like any other existing company in Singapore. While adding your company, you can provide three different names in the row. If a business name is not available, you can get started with any of the other two options.
- You should give a name for your company’s directorship; just make sure that the director you selected does not have any directorship in other companies in Singapore.
- As you can keep more than 1 director, that is the reason you should keep at least one director who is living in or a resident of Singapore itself. Either the person can be a permanent resident or a holder of an EnterPass Visa.
- There is a specific limit made for shareholders, which is 1-50. Singapore offers a great benefit under the shareholder section, and that is it permits 100% foreign ownership of Singapore companies.
- Most of the business owners in Singapore share PO box addresses under their business address section. Still, one should always give a proper physical address while registering their company in Singapore.
- All the companies in Singapore must have a secretary, with the help of which the directors can efficiently keep records of their business.
- Your company should have an auditor with the help of which you can know where your company needs to work on during company audits.
- One thing to keep in mind while setting up your business in Singapore is that new companies can get tax incentives in Singapore along with exemptions. Moreover, this is also considered one of the most important reasons because most business owners are coming to set their business in Singapore.
Steps to follow to start a business in Singapore:
Here is the list of steps with the help of which you can easily start a business in Singapore:
- Firstly you would have to pick a company name for yourself; just make sure that there is no such existing business name in Singapore. Moreover, the fact to know about business naming is that your company name can be different from your business’s trading name.
- Whenever you are registering with ACRA, at that time, you should be selecting the right business activity type with the help of which you can let ACRA know what type of business you are going to do.
There are different codes made by ACRA defining various business activities. You just need to pick up the right type of code for yourself.
- Make sure you mention every single person from your team during the registration process. Such as shareholders, directors, corporate members, and secretaries.
- Always add your registered physical address for your business.
- You should fix the per share capital too, and it is found in most of the cases you can select 1 Singapore Dollar as per-share price.
- Combine all your files and papers online and submit them to the desired corporation online only.
This is everything you need to know about Opening a company in Singapore. Make sure to follow every step thoroughly for getting started with your business efficiently. Moreover, try to follow all the rules and regulations while filing forms for ARCA, and it is strictly advised to fill in the correct detail only.