Promote Your New Company Incorporation Singapore: Be a Thought Leader

Content marketing is the cheapest way of promoting your new company incorporation Singapore to the widest audience. If you go through the online articles on the subject, you will find them advising about being a thought leader in your niche.

But, how to becomes a thought leader?

Let's say; your business offers services in Singapore company registration domain. But, since you are a new company very few individuals know about you. You need publicity to reach the individuals who want to incorporate company in Singapore so as to get business from them. Reaching them by adopting the traditional way is lengthy.

Company incorporation Singapore

Why not research on the internet and find and answer a few tough questions making life easy for the entrepreneurs interested in Singapore business incorporation. This is where you have the opportunity to leverage your vast experience and knowledge about the subject. Isn't it? Would a Singapore incorporation guide be helpful?

The fact is that Singapore and HongKong are close competitors when it comes to attracting global investment. They also attract entrepreneurs who want to start a new company, but, lacks dependable initial information. Would you like to elaborate on this topic? Would you like to attract and convert a few of these to company registration Singapore?

Don’t Miss: Company Incorporation Singapore: Pros & Cons of Start-up Ecosystem

You could answer a question like, "Where to set up a company: Singapore or HongKong?," to its fullest extent, clearly and concisely making a case in favor of Singapore. Publish it on your own business website.

However to serve your purpose more effectively, post it on social media channels like LinkedIn, FaceBook, or Google+, other websites, and prominent forums like Quora. You will receive a backlink to the website of your newly set up company in Singapore.

And if all works well, you will get a few visitors where you were expecting none. You may not get clients wishing a Singapore business incorporation with you. But now, a few more people know about you. Right?

Thought leadership is an effective component of content marketing. If you really relish being a thought leader, continue your efforts. You don't need a degree from a world-class institution to do so. Let your experience and genuine concern about providing help establish credentials for your new company incorporation Singapore.

Contact us:
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: (65) 6536 0036
Email: info@sbsgroup.com.sg

Work the Idea and Bootstrap Your Company Incorporation Singapore

If you have a brilliant idea and are now, thinking whether to capitalize on it by opting for a company incorporation Singapore. But deep down you are not yet ready to commit to it. You have doubts about whether a venture capitalist firm will fund you to develop it to its fullest potential.

Well, you are not alone, there are numerous startup entrepreneurs like you waiting for the things to happen to them. You need to take the initiative to be different and work out a way to realize your dreams. Will bootstrapping your Singapore company registration achieve it?

Kick-Start Your Company Registration Singapore

The first-time entrepreneurs, on the brink of a company incorporation Singapore, must believe that their idea is good and they can execute it. Spend some time proving it to yourself by developing it. Built it brick-by-brick taking all the time you want.

If at present, you are holding a job, then, don't hurry into a premature Singapore company registration and start chasing funding. Continue to hold the job and invest some of your time in your new pet on the side. This way you will not be under pressure to prove yourself and will be at complete liberty to develop the product in the way you visioned it.

For next six to twelve months give your creativity a free-hand. Persist! Completely focus on developing a most minimum viable product and ensuring world-class user experience. Mark my words, this will be the most hardest and productive period of your life as a startup entrepreneur. There are a few Do's and Don'ts for you to follow at this stage in your adventure. You can also search for a Singapore incorporation guide for the first-time entrepreneurs for more detailed info.

company incorporation Singapore

• When you are ready, bootstrap your Singapore business incorporation
• Do not wait for the Big Hit, rather, start closing small clients
• Do not Hire, but, Outsource your requirements
• Use Freeware, and be well-organized
• Spend sparingly
• Establish a Business Network and leverage it to promote your idea
• Make liberal use of Social Media and Content Marketing

Stop worrying about the investors. They will come. The key aspects of the venture they will want to know from you are, "Does the IDEA has potential?" and "Are you the right individual to put it in practice?" When your company incorporation Singapore has got a substantial number of customers they will be able to see for themselves that it works and you made it happen.

Contact us:
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: (65) 6536 0036
Email: info@sbsgroup.com.sg

Company Incorporation Singapore - One Furious Encounter

Mr. Robert: "Hey, are you thinking that I am throwing a tantrum?" "Well, I am not."

Mr. Robert: "You said, it will take only 1 to 3 days to complete the process for a company incorporation Singapore. Your website also says so. Now, you are saying that mine will require 14 days to 2 months. What you are up to?"

Customer Care Executive: "Mr. Robert, both the scenarios are true." "If you want to set up a company in Singapore in the fields of Banking, Law, Tourism, etc., your application gets reviewed by referral authorities and concerned ministries. Even entities wanting to be active in religious activities gets the same treatment."

Company Incorporation Singapore

Customer Care Executive: "In your case, the application for Singapore company registration to run a private school will be reviewed by the Ministry of Education. That is why the time-span for the registration of company has jumped from 1 to 3 days to 14 days to 2 months. I sincerely believe that we discussed it the last time we chatted online."

Mr. Robert: "Really?" "Let me check my notes."

Well, that was one furious encounter with one of our customers. It ended well, as we got a glowing review for our expertise in company incorporation Singapore. Let's see why local, as well as the entrepreneur from all over the world, favors Singapore to set up their new companies.

Why Singapore is One of the Favorite Destination for the Entrepreneurs

Today's entrepreneurs are eager to test their innovative ideas and find Singapore as the right place to do it. The Republic has actively worked to simplify the process for Singapore business incorporation. It has also successfully created a supportive environment for the startup's entrepreneurs. 

One of the USP of Singapore taxation system is that for the first three years, a startup having taxable income of up to S$100,000 gets full tax exemption. Next, S$200,000, are only taxed at 8.5% of corporate income tax which at its maximum is only 17%.

The Singapore personal income tax ranges from 0% - 22%. In addition, there are a number of tax exemption schemes like corporate income tax rebates and partial tax exemption to reduce the overhead costs of the businesses.

Singapore applies no wealth or inheritance tax. Also, there is no capital gain tax. It means the dividends distributed by the companies to their shareholders are tax-free. The Republic has also signed more than 60 DTAs and numerous trade treaties with other countries to facilitate cross-border trade.

Singapore offers high-tech infrastructure, modern communication networks, transportation system, highly organized ports and airports which successfully attract investors, individual entrepreneurs, foreign corporates and professionals looking to enhance their prospects. You can see it reflected in the number of company incorporation Singapore. The number is rising each year, a testimony to the success of Singaporean policies.

Contact us:  
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: (65) 6536 0036
Email: info@sbsgroup.com.sg

Prepare a Business Plan for Your Company Incorporation Singapore

Are you planning to incorporate a company in Singapore? It is worth noting that you must prepare a business plan in the initial stage of company incorporation Singapore. It plays an important part in any new business venture. It is the foundation for your business. So, being a new entrepreneur, you must invest time to craft the ins and outs of your plan. 

Why do you need to create a well-designed business plan? The obvious reason is that it summarizes the operational and financial objectives of a business venture. In short, it is a written document that describes prospects of your business. It tries to cover the ups and downs of your venture and your responses to them.

Develop a Breakthrough Business Plan for Your Proposed Singapore Company Registration

• To begin with, developing a detailed plan requires careful considerations, plenty of research and brainstorming ideas. You may hire someone to develop it on your behalf or can do it yourself. You have to submit the plan at the time of Singapore company registration.
• Identify your business structure, determine the goals and develop the strategies in the initial stages. Getting to know core ideas about these aspects is paramount for the development of a robust plan.
• Make sure to include the key ingredients such as business description, market strategies, details of the management team, competitive analysis, design & development plan, operational plan and financial considerations of your business in your plan.
• It must also include 'Executive Summary'-which summarizes the entire plan. It has to be precise and impressive as it acts as a key qualifier for the investors.
• Get the business plan reviewed by an independent entity who can offer an unbiased opinion on all aspects of the plan. A corporate firm like SBS Consulting can assist you with this. If needed, you may consider revising it as per the review.

Use of Business Plan after Company Registration Singapore

Believe it or not, a business plan can be used for several things other than fulfilling compliance requirements of ACRA (Accounting & Corporate Regulatory Authority). You can use it to track your company's progress or enticing investors to invest in your business.

• A well-designed business plan helps you raise capital. For money lenders, equity investors or venture capitalists, it acts as a testimony to your potential to generate sufficient cash flow in the future. It builds the credibility of your business in the eyes of the investors.
• Project your work environment, corporate culture and opportunities of growth through the plan. It is necessary to attract the talented employees to your startup.
• A well thought out plan may persuade a supplier to consider you as a worthy customer. The supplier may consider raising your credit limit and favor you over your competitor.

Reiterating, what are the elements you must include in your business plan? A full-blown plan covers all the significant matters such as basic business concept, strategies or plan of actions, descriptions of products/services, marketing plan and so on, which contribute to making your Singapore business success.

Now, you might have understood why you need a business plan. It is a vital part of every business. Not only does it required to meet the compliance requirement of your company incorporation Singapore, but it also helps you in projecting the growth of your business to the people that matter.

Contact us:
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: (65) 6536 0036
Email: info@sbsgroup.com.sg

Prepare a Business Plan for Your Company Incorporation Singapore

Are you planning to incorporate a company in Singapore? It is worth noting that you must prepare a business plan in the initial stage of company incorporation Singapore. It plays an important part in any new business venture. It is the foundation for your business. So, being a new entrepreneur, you must invest time to craft the ins and outs of your plan. 

Why do you need to create a well-designed business plan? The obvious reason is that it summarizes the operational and financial objectives of a business venture. In short, it is a written document that describes prospects of your business. It tries to cover the ups and downs of your venture and your responses to them.

Develop a Breakthrough Business Plan for Your Proposed Singapore Company Registration

• To begin with, developing a detailed plan requires careful considerations, plenty of research and brainstorming ideas. You may hire someone to develop it on your behalf or can do it yourself. You have to submit the plan at the time of Singapore company registration.
• Identify your business structure, determine the goals and develop the strategies in the initial stages. Getting to know core ideas about these aspects is paramount for the development of a robust plan.
• Make sure to include the key ingredients such as business description, market strategies, details of the management team, competitive analysis, design & development plan, operational plan and financial considerations of your business in your plan.
• It must also include 'Executive Summary'-which summarizes the entire plan. It has to be precise and impressive as it acts as a key qualifier for the investors.
• Get the business plan reviewed by an independent entity who can offer an unbiased opinion on all aspects of the plan. A corporate firm like SBS Consulting can assist you with this. If needed, you may consider revising it as per the review.

Use of Business Plan after Company Registration Singapore

Believe it or not, a business plan can be used for several things other than fulfilling compliance requirements of ACRA (Accounting & Corporate Regulatory Authority). You can use it to track your company's progress or enticing investors to invest in your business.

• A well-designed business plan helps you raise capital. For money lenders, equity investors or venture capitalists, it acts as a testimony to your potential to generate sufficient cash flow in the future. It builds the credibility of your business in the eyes of the investors.
• Project your work environment, corporate culture and opportunities of growth through the plan. It is necessary to attract the talented employees to your startup.
• A well thought out plan may persuade a supplier to consider you as a worthy customer. The supplier may consider raising your credit limit and favor you over your competitor.

Reiterating, what are the elements you must include in your business plan? A full-blown plan covers all the significant matters such as basic business concept, strategies or plan of actions, descriptions of products/services, marketing plan and so on, which contribute to making your Singapore business success.

Now, you might have understood why you need a business plan. It is a vital part of every business. Not only does it required to meet the compliance requirement of your company incorporation Singapore, but it also helps you in projecting the growth of your business to the people that matter.

Contact us:
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: (65) 6536 0036
Email: info@sbsgroup.com.sg

What Sets Company Incorporation Singapore Apart from Others?

If you are keen on establishing your business empire in a pro-business environment, you should consider registering your company in one of the best South Asian country i.e. Singapore. The bureaucratic hurdles involved in the process of company incorporation Singapore are very minimal. It might be the major factor that drives global entrepreneurs to visit and establish their bases in this island nation. There are also a set of advantages which have transformed Singapore into a prominent start-up ecosystem in the region. 

Company Incorporation Singapore

 

Singapore Company Registration Process is Easy, Fast, and Effortless

As mentioned above, easy process of company incorporation Singapore attracts the global entrepreneurs most to set up their bases here. It takes hardly one to three days to complete the process as long as you are complying with the statutes. ACRA (Accounting & Corporate Regulatory Authority) regulates the laws of companies. The process could be accomplished undertaking two simple steps- 1) Company Name Approval and Registration and 2) The Company Registration.

The authority has made the process fast and easy by computerizing it. An online business portal called BizFile+ of ACRA is being used to carry out all the formalities vis a vis company registration. Under Singapore jurisdiction, 100% foreign ownership is allowed. In addition, no any specific approval is required for a foreign individual to own a company in Singapore.

Taxation Regime of Singapore is Progressive in Nature

Secondly, Singapore taxation is often considered to be one of the vital driving factors behind the massive influx of foreign entrepreneur aspirants to the shores of this island nation. The Nation offers one of the lowest tax rates in the world, and its plenty of incentives and benefits are the boon for the startup organizations.

IRAS (Inland Revenue Authority of Singapore) is responsible for collecting the taxes. The headline tax rates for corporate income tax and personal income tax are 17% and 22% respectively. The rate of GST (Goods and Service Tax) is one of the lowest in the world i.e. 7%. Additionally, the nation has more than 70 comprehensive double taxation agreements with various nations.

The availability of full tax exemption and partial tax exemption schemes for start-ups and existing companies enables the new businesses to pay zero and on-going companies to pay less effective taxes to the authorities. The absence of capital gains tax which translates to no tax on dividends are making the taxation regime even more lucrative one. 

 

Wealth of Government Grants and Private Investment Schemes are Easily Available

In a bid to wipe out the funding problem faced by most of the startup businesses, the government of Singapore has rolled out a series of funding initiatives including cash grants, equity financing schemes, incubator schemes, debt financing schemes, and tax incentives. Additionally, there are plenty of angel investors, venture capitalists available in Singapore. The presence of major international banks, financial institutions, investment management firms has also created generous financial incentives for investors there.

Conclusion

All in all, Singapore is perceived as a paradise of businesses for having a set of advantages that are mentioned above in this article excerpt. Apart from those, there are a few more attributes which make the island nation a robust business hub. The state-of-the-art infrastructure, diverse culture, political stability, strategic geographical location, seamless immigration policies, strong intellectual property law and talented workforce are to name a few. After going through this guide, one can easily figure out what sets company incorporation Singapore apart from others.

About Us (Bio):

SBS Consulting is a leading corporate firm in Singapore that consistently strives to make the company registration easier for the both foreign and local clients alike. The expert team of SBS extends their end-to-end support to entrepreneurs until their business is ready to take off.

Contact us:
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: (65) 6536 0036
Email: info@sbsgroup.com.sg

Business Plan is a Significant Part of Singapore Company Registration

Are you planning to incorporate a company in Singapore? It is worth your while to prepare a business plan in the initial stages of Singapore Company registration process. As a matter of fact, the plan plays an important part in any new venture. So, being a new entrepreneur, you must know the ins and outs of your plan.

Why do you need to create a well-designed business plan? The obvious reason is that it summarizes the operational and financial objectives of your venture. In short, it is a written document that describes prospects of your organization.

Importance of the Business Plan

Reiterating, what are the elements you must include in your business plan? A full-blown plan covers all the significant matters such as basic concepts behind a commercial enterprise, strategies or plan of actions, descriptions of products/services, marketing plan and so on, which contribute to making your Singapore company a success story. This blog will help you to get an idea of what a business plan is all about. 

Company incorporation Singapore

Develop a Breakthrough Business Plan for Company Registration Singapore

To begin with, developing a breakthrough business plan requires careful considerations, plenty of research and brainstorming ideas. You may hire someone to develop it on your behalf or do it yourself. You have to submit the plan at the time of Singapore company registration.

• Identify your business structure, determine the goals and develop the strategies. Getting to know core ideas about these aspects is paramount for the development of a robust business plan.
• Make sure to include the key ingredients in a plan such as company description, market strategies, details of the management team, competitive analysis, design & development plan, operational plan and financial resources of your organization.
• It must also include 'Executive Summary' - which summarizes the entire plan. It has to be precise and impressive as it acts as a key qualifier for the investors. It must contain some 'wow factors' to lure them to read further.
• Once you are done with the development of your plan, get it reviewed by someone who can offer an unbiased opinion on all of its aspects. A corporate firm like SBS Consulting can assist you with this. If needed, you may revise the plan as per the outcome of the review.

Use of Business Plan after Company Incorporation Singapore

Believe it or not, a business plan can be used for several things other than fulfilling compliance requirements of ACRA (Accounting & Corporate Regulatory Authority). Be it tracking your company's progress or enticing investors to invest in your organization.

• A well-designed business plan helps you in raising money. For money lenders, equity investors or venture capitalists, it acts as a testimony to your potential to generate sufficient cash flow in the future. It builds the credibility of your company for the investors.
• Emphasize on work environment, corporate culture and opportunities of growth in your plan. It may help you attract the talented employees to work for your company and positively affect its growth and expansion.
• A breakthrough plan may persuade a supplier to consider you as a worthy customer. The supplier may even agree to supply commodity on credit and favor you over your competitor.

Now, you might have understood why you need a business plan. It is a vital part of every company. Not only does it needed to meet the compliance requirement of Singapore company registration, but it also helps you bolster the prospective growth of your organization.

Contact us:
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: (65) 6536 0036
Email: info@sbsgroup.com.sg

Advantages of Singapore Company Registration to an Entrepreneur

“It’s not about ideas. It’s about making ideas happen.” - Scott Belsky, co-founder of Behance.

When we talk about Singapore company registration, a few things matters. The most critical among them is whether you are a dreamer or a doer who is ready to back his business idea with some meaningful action.

Your first meaningful action could be that of making a detailed business plan and then, taking it to your mentor for his or her opinion on its viability. You also need to think about the type of business structure you are going to choose for your company registration Singapore.

Liability of the Shareholders of a Pte Ltd

A Singapore private limited company (Pte Ltd) is a very powerful business vehicle. A Pte Ltd is a legal person and is responsible for its losses and debts. It means the liability of its shareholders is limited to the amount they have paid to buy its shares. Their personal assets are not used to pay the debts of the company and remain unharmed.

Singapore company registration

Singapore is not a Tax Haven, it's value-adding Hub

Contrary to the belief held by a few individuals, Singapore is not a tax haven. It is true that the country has lower tax rates with headline corporate tax of 17% and personal income tax of 20%. It also applies no taxes on the capital gains obtained through the dividends disbursed by the Singapore companies.

According to the Company Act, at the time of Company Incorporation Singapore you need to provide details of at least one local director who is a Singaporean Citizen, Permanent Resident or an Employment Pass or EntrePass Holder. It also needs a local company secretary.

Though the Singapore authorities are pro businesses, there is no laxness in implementing the laws and punishing the offenders. All of these factors make a company incorporation Singapore, both attractive and reputable to the honest and hardworking business owners.

Pte Ltd: Why Incorporate a Company in Singapore?

As a startup entrepreneur, you have the option of registering a Sole Proprietorship or one of the types of partnerships in Singapore. However, these are considered as the business firms and not as the incorporated companies.

The general public considers incorporated companies more credible. That is why it is relatively easy for the Pte Ltd companies to establish their brand name. It helps them in raising funds from the banks and investors. They are legal persons and can buy and sell real estate in their name.

Singapore Taxation

Singapore tax authorities give substantial support to the startup and existing businesses. They offer a variety of tax benefits, incentives, and rebates to bring down the operating costs of the businesses.

• For the first three years, a Singapore startup's taxable income of up to S$100,000 is tax-free. Next, S$200,000 is taxed at 8.5%, and its income above S$300,000 is taxed at 17%. subject to comply of certain conditions.
• The existing Singapore registered companies get partial tax exemption. For the YA 2016 and YA 2017, they will get a 50% Corporate Income Tax Rebate which is capped at $20,000 for each YA.
• To ease the cross-border trade for its companies, the Singapore has signed more than 60 comprehensive DTAs and 7 limited DTAs1 with other countries.

It is easy to set up a company in Singapore. The incorporation process is simple and can be completed online using the website, BizFile, provided by ACRA (Accounting and Corporate Regulatory Authority). Normally, Singapore company registration takes only 1-3 days. The foreigners are advised to take the assistance of Singapore incorporation services as the process needs SingPass ID at the time of logging on the website.

Contact us:
SBS Consulting Pte Ltd
High Street Centre,
17-02, 1 North Bridge Road,
179094 - Singapore Phone: (65) 6536 0036 Email: info@sbsgroup.com.sg

Opt for Company Incorporation Singapore, If You Have 4 Qualities

This is an era of startup companies. They are blooming like the flowers in the wild. Day in and day out, you cannot but stop knowing how many individuals are choosing company incorporation Singapore to establish their businesses.

Company Incorporation Singapore

With the startup hubbub that is going all over the place, especially, in the media, one starts wondering whether all of these hopeful entrepreneurs have what it takes to succeed. To me, choosing to go for a company incorporation Singapore is a serious affair. No, I am not casting doubts about their chances of succeeding, rather, I am inquiring about the qualities that make an individual a truly global player.

Singapore Company Registration is a Fast and Easy Process

Yes, it is true, one must have certain qualities to succeed in a certain environment. Singapore has grown one of the best startup ecosystems for the benefit of newbie business owners, but, it is also a fiercely competitive market. It needs a special person to take on the mantle of a new Singapore company incorporation.

You must take a few minutes out to answer the following questions. Give it a good try, and be prepared to be surprised.

•     A Goal Setter?

•     A Risk Taker?

•     A Responsibility Owner?

•     A Decision-Maker?

Your brainstorming may reveal to you that, "Yes!, I have these qualities." And your decision about Singapore company incorporation wasn't a fluke or the random one. The next step will be to cultivate the qualities to your fullest extent.

The company incorporation Singapore, no doubt, is a big commitment for anyone. It sounds great to tell that, "I own a Singapore company." But in reality, it means supporting your business ideas with what you have and taking the risk of losing it. Yes, it needs a lot of heart and guts!

Contact us:  

SBS Consulting Pte LtdHigh Street Centre,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: (65) 6536 0036
Email: info@sbsgroup.com.sg

Compliance Tips for New Company Incorporation Singapore

The start-up entrepreneurs, after opting for a company incorporation Singapore, faces a certain amount of risk. Of course, it is not a life-threatening one, but still, if things didn't work out as they expected them to, they stand to lose their money, time, and most importantly, the initiative they have shown in opening their company in Singapore.

On the other hand, we keep on hearing about so many start-ups doing well and growing in leaps and bounds. The life of the owners of these newbie enterprises suddenly gets filled with the challenges to keep their business afloat in the face of stiff competition.

Ideally, an entrepreneur should find a business niche where the competition is minimal. However, it cannot be the case with each incorporation of a company in Singapore. If their company incorporation Singapore was in a saturated market such as F&B then, they have to work double time just to make themselves stand out in the crowd. It is a time when they could lose their focus on the compliance requirements of their business.

Company Incorporation Singapore

Dealing with Regulatory Filings

Each company in Singapore has to be prompt with its regulatory filings mandated by the governing authorities. They have to appoint a company secretary to look after the task. However some of the businesses, rather than investing in a full-time employee, choose to appoint one of the Singapore corporate services like SBS Consulting as their nominee company secretary.

These services assist their clients with a wide variety of compliance issues like the Singapore company registration, holding its annual general meetings, timely submission of company's annual returns. Their task also involves informing ACRA (Accounting and Corporate Regulatory Authority) of changes in the directors and shareholder.

Dealing with the regulatory filings of your company on a DIY basis is not an easy task even with a SingPass ID. Some tasks can only be done by the corporate services using their Professional Numbers.

Managing Your Books of Accounts

At the end of its financial year, each company in Singapore needs to prepare and file its financial statements. For it to happen accurately, they need to pay careful attention to their bookkeeping. Bookkeeping involves the recording of each and every business transaction of the business.

Bookkeeping also means safekeeping of supporting documents like receipts, invoices, investment documents and payroll. Accountants use these documents to prepare the financial statements of the business. Filing of these statements is a necessary part of the compliance of a business.

However, it is not the only reason a business should prepare them. These statements also reveal the cash flow and the financial health of the business. The current market trend is to outsource the accounting function to an experienced Singapore accounting service and let its experts worry about the business' compliance.

Be Prompt with Your Taxes

Singapore taxation system is highly favorable to the startup companies. It is one of the reasons why entrepreneurs choose Singapore company incorporation.

A startup with earning below S$100000 do not have to pay any corporate tax for first three years. For the earning between S$100001- S$300000, it has to pay 8.5% of tax and for the earning above S$300000, the tax rate is 17%.

Singapore corporate tax is a single-tier tax. After paying its corporate tax, a company is free to disburse dividend to its shareholders. In Singapore, the dividends are considered as the capital gain and are not taxed.

Singapore authorities try to lessen the financial burden on the businesses. Even existing businesses in Singapore gets a tax rebate. For the year of assessment 2016 and 2017, the corporate income tax rebate is pegged at 50% (capped at $20,000 for each YA).

Singapore is popular as a business hub because of its simple rules for business operations and streamlined processes for complying with them. For the last 2 decades, Singapore has acted as a magnet to the business people opting for a company incorporation Singapore. And, these individuals were not disappointed as they benefited from easy access to capital, pro-business and infrastructurally advanced work environment that is conducive to their activities.

Contact us: 
SBS Consulting Pte Ltd

High Street Centre,
#17-02, 1 North Bridge Road,
Singapore
179094 - Singapore
Phone: (65) 6536 0036
Email: info@sbsgroup.com.sg

Start Your New Business by Incorporating a Company in Singapore

Starting a new business is no less than riding a roller coaster. Apparently, fulfilling your dream of entrepreneurial career is an exhilarating experience, but the road to meet your goal is full of threats and challenges. However, you are likely to face very fewer challenges when you plan to start your business by incorporating a company in Singapore. The nation's jurisdiction is known for its transparent laws, pro-business policies and progressive tax regimes. Reiterating, the process of company incorporation Singapore is simple, fast and free of any red-tape and bureaucracy.

Singapore Company Registration: A Handy Guide

All companies based in Singapore must get registered with ACRA (Accounting & Corporate Regulatory Authority) before conducting any business activity. The entire process can be carried out online using an e-filing system called BizFile+. It takes hardly 1 to 3 days to complete the whole process of Singapore company registration unless your application needs to be reviewed by any external authority. The process is done undertaking two simple steps: 1) Company Name Approval and 2) Company Registration with ACRA. 

Company Incorporation Singapore

A Few Fast Facts:

• The company name approval can be done within an hour. The proposed name has to be unique, meaningful and decent. The approved name can be reserved for the period of 60 days.
• One local director, at least one shareholder, one company secretary, registered office address, minimum SGD 1 paid-up capital- are the minimum requirements one must meet before registering a company in Singapore.
• A SingPass ID is needed to login into BizFile+ portal of ACRA. Every local Singaporean possesses this ID. The Foreign entrepreneur must take the assistance of a third party incorporation firm to get access to BizFile+.
• A copy of passport, overseas residential address proof, bank reference letter, personal and business profile- are the documents required at the time of registration.
• An email notification from ACRA that includes the company registration number is treated as the official Certificate of Incorporation in Singapore.

Tax Benefits for Start-up Business in Singapore:

One of the perks of incorporating a company in Singapore is that locally incorporated companies enjoy attractive tax exemptions and incentives. The nation has adopted a single-tier corporate income tax system wherein dividend earned by the stakeholder are tax-free. There is no capital gains tax. The headline corporate tax rate of Singapore is capped at 17%, which is relatively lower than other jurisdictions.

Surprisingly, a newly incorporated company in Singapore can enjoy 0% tax on the first S$100K taxable income for first three years. For that, the company must meet certain conditions as stated below: 

 

The company

• must be incorporated in Singapore
• must be a local tax resident in Singapore
• has no more than 20 shareholders of which at least one is holding a minimum 10% of shares.

All Singapore resident companies are eligible to enjoy partial tax exemption. The companies earning an annual taxable income of up to S$300,000 is entitled to pay 8.5% corporate tax rate. The taxable income above S$300,000 will be charged 17%.

As per the Singapore Budget 2016, every Singapore-based company can claim a one-time 50% of corporate income tax rebate on tax payable for YA 2016-2017, the cap for the rebate will be S$20,000 per year.

Apart from having favorable business policies and tax benefits, the entrepreneurs in Singapore have another advantage i.e. easy access to funding of government and private investors. There is a slew of government schemes meant for start-up businesses.

The attributes like easy access to money, world-famed company incorporation process and abundance of tax benefits, are driving more and more enthusiastic individuals to incorporate a company in Singapore.

Execute Your Innovative Idea with Company Incorporation Singapore

Singapore offers a robust ecosystem favoring entrepreneurs and inspires them for company incorporation Singapore. There is no discrimination and the city state's attitude towards women entrepreneurs has earned it 5th position in WE Cities Index. The survey was conducted by Dell and revealed the importance of the role played by the women entrepreneurs in the field of innovation and job creation.

Singapore Business Ecosystem and Innovation Scene

Singapore witness thousands of new Singapore company registration each year. The authorities have always been focused on cultivating home-grown Small and Medium Enterprises (SMEs) and promoting digitization. Recently, they were urging the business owners for improving productivity and for upping the activities in the field of innovation to maintain country's competitive edge. 

Company Incorporation Singapore

 

Are You Innovating? Arm Your Company Incorporation Singapore with Grants

However, it seems that all is not well on the innovation front, and Singapore companies are lagging behind in it. Some allege that the Singapore companies are not adaptive enough and have lost their ability to innovate. In response, the authorities have put in place programs, grants, and schemes to encourage businesses in this direction.

Technology and Innovation Grants and Programs in Singapore

The programs and grants are designed in such a way that even a new Singapore company incorporation with a game-changing idea can benefit from them. There is even an Innovation Grant for the research teams consist of faculties from Singaporean institutes, working on their ideas to make them suitable for the real world. Both, start-ups, as well as established companies, can benefit from the funding they can get by qualifying for one of the options presented below.

• Capability Development Grant (CDG)
• Early Stage Venture Fund (ESVF)
• Proof-Of-Concept Grants (POC)
• Technology Incubation Scheme (TIS)
• Innovation Cluster Programme
• ECDA Innovation Grant (IG)
• Design Innovation Assistance (DIA)
• Intellectual Property Management (IPM)
• Patent Application Fund Plus (PAF Plus)
• Creative Business Fund
• Digital Content Development Scheme (DCDS)
• Digital Technology Development Scheme (DTDS)
• Film in Singapore! Scheme (FSS)
• Innovation for Environmental Sustainability (IES)
• Inter-design Development Scheme (IDS)
• The Enterprise Challenge (TEC)
• Technology Innovation Program (TIP)
• Critical Infocomm Technology Resource Program (CITREP)
• Infocomm Enterprise Program (iEP)
• Operation & Technology Road-mapping (OTR)
• Technology for Enterprise Capability Upgrading Initiative (T-UP)
• Technology Pioneer (TechPioneer) Scheme

Favor Your Singapore Company Registration, Let Your Innovation Fail Early

The field of innovation is like being at a war-front. You cannot overload your soldiers and expect them to be agile. For the company involved, it is important to allocate the resources wisely so as to maintain the thrust of the work in right direction. All its efforts should be geared up to prototyping the idea and testing it in the real world. The benefit of this approach is that if an idea is unrealistic, it will fail early and the company can start with something better.

Do not commit too many resources to it, initially, or those involved will start checking and rechecking the facts too thoroughly, to justify the resources. They will start to fear failure, and it will certainly affect what they can do with the idea. It is good for an idea to fail early. It is better than toying with it which results in wastage of efforts and resources.

If you are running an existing business or are contemplating a company incorporation Singapore with the aim of coming up a game-changing innovation, you cannot be in a more suitable place. Singapore is favored by individuals and companies like you for its strictest IP (Intellectual Property) laws and the support from various entities. Make the best of the opportunity.