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.