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