Whether you want to open a real store or an online business, the process is simple. It may be broken down into three simple steps.
How long does it take to Setup company Singapore? This article is connected to it.
Choose the Correct Business Entity
After you’ve chosen your business idea, you can decide on the legal structure of your organization.
Despite its potential and scalability, “private limited companies” are the most commonly registered type of new business entity with the Accounting and Corporate Regulatory Authority (ACRA).
Furthermore, investors are not liable for debts or losses that exceed the value of their shares.
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2. Launch Your Company
The Singapore Companies Act, as well as ACRA and Singapore Inland Revenue Authority laws, apply to private limited companies (IRAS). The ACRA shareholders must adopt the business name, among other things, and there must be at least one shareholder.
- Directors: For the Company, at least one Director and the Company Secretary must reside in Singapore.
- Registered address: A legitimate business address is required. A minimum paid-up capital of S$1 is required.
If your company is a freshly constituted Singaporean corporation, you may request a business profile from ACRA.
This electronic report contains information that is unique to your firm. Your UEN, the date of registration, and the shareholders are all specifics.
This profile will be required when opening a company bank account, acquiring licenses and permissions, and screening potential business partners.
Next, open a bank account.
After incorporation, you may open a bank account in Singapore. There are numerous regional and international banks to choose from.
- Prominent financial institutions include UOB, DBS, OCBC, and Maybank.
- Organizational Stages Following Incorporation
Following registration, additional processes may include:
Permits and licenses – Certain economic operations necessitate the acquisition of a government permit or license. Private schools, movie studios, travel companies, banks, money lenders, financial consultants, childcare facilities, and alcoholic beverage importers, distributors, and sellers are a few examples.
Official hours of operation: You must register your office’s location and hours.
Registration number – All of your official business communications must include the ACRA-supplied business registration number.
Customs registration is required. If your company trades in imports or exports, you must register with Singapore Customs.
Singapore requires GST (Items and Services Tax) registration since the country imposes GST on both imported and domestic items. If your taxable income exceeds S$1 million each year, you must register for GST.
It is necessary to register with Singapore’s Central Provident Fund (CPF). The employer and each employee who is a Singaporean citizen or permanent resident contribute a portion of their monthly salary to the CPF fund, which is a mandatory pension plan.
What are some small business ideas?
Are you still unsure about the type of business you want to start? Any of the following ideas are acceptable as a business idea:
E-commerce businesses; Facebook management
If you don’t have much money to Setup company Singapore, getting online and creating an online store or offering digital services can be a fantastic answer.
Because these solutions do not have ongoing overhead expenditures, they require less capital than traditional brick-and-mortar businesses.