Singapore with its modern infrastructure, facilities, strategic location, well-enforced law, and high-quality workforce is one of the best places in Southeast Asia if not in the world to conduct business in.
Singapore is open to everyone in terms of business. Not only locals, but it is also easy for foreigners to open up a company in the country. However, sometimes it does get difficult for non-residents to understand the steps of company registration in Singapore.
To ensure the ease of company registration, there are a lot of company registration firms and services that anyone can hire in Singapore to help entrepreneurs to start their business. They will be with you at each step of the way and make sure that your company is running smoothly in Singapore. They will be your helpful guide and counselor and it is even mandatory for foreigners to hire this service for company registration.
Even though everything is set to handle by the firm, you still have to know what steps you are going to go through and what things you must prepare in order to register your company in Singapore.
- Decide on a business entity
There are different types of business you can set up in Singapore, namely Representative Office, Branch Office, and Subsidiary Company. You must find out the advantages and disadvantages of each and decide which is the most suitable for your condition and financial capability. There are different tax regulations that apply to each and the rules regarding shareholders. So make sure that you understand everything before making a decision.
And then, you must come up with a company name. A company name must not clash with an existing one and does not infringe any copyright. It also must avoid inappropriate words.
Then, you must prepare all the necessary documents that are required by ACRA for your company registration. Once everything is prepared, then you can access the website for registration. All registration process is done online and only takes a short time, approximately a couple working days as long as you are fully compliant to all the requirements.
However, this is not everything. Once your company has been registered, you have to make sure whether your type of company or business require a license or not. If yes, then you must apply for a license so that you can finally start your business. The businesses that require a license usually are ones that involve food and beverages, trading; importing and exporting from and into the country, and such.
You must also ensure that your company fulfills the requirement of appointing a local director as an authority and decision maker of your company. This person must be either a Singapore resident, Singapore citizen, or someone with an Employment Pass. In addition, you also need a company secretary that must be appointed within three months upon company incorporation. The company secretary must be a native person and someone who is with the right background and knowledge and is capable of fulfilling her duties.