Company Incorporation Singapore Vs. Hong Kong: A Comparative Report

Are you toying with the idea of starting a business in the Southeast Asian region? And where to find data comparing startup in Hong Kong Vs Singapore startup? It is quite easy to get confused between the two-leading trade-based economies viz. Singapore and Hong Kong for your company incorporation. Now, the question is which one to pick to base your company in?

Doing Business in Singapore Vs Hong Kong

For last few decades, both the jurisdictions have been attracting global entrepreneurs with their pro-business policies, world-class infrastructure, strong legal system and easy company incorporation process. Are you now wondering which jurisdiction is better? It is the most debated question when it comes to company incorporation Singapore vs. Hong Kong.

A couple of decades ago, Hong Kong was a more popular destination for the expats than Singapore because of the business opportunities. But, today things have been changed, and Singapore has fast caught up the pace of competition, and the Lion city has become the most popular business hub for the expats.

This blog excerpt will outline a comparison report of company incorporation in Singapore vs. Hong Kong. Let us leaf through the below report to know the differences and similarities between Singapore and Hong Kong regarding company registration Singapore.

Geographical Location: Singapore & Hong Kong

Geographically, Singapore is ideally located between the East and the West. It took the benefit and rose as an Entrepot to serve both ends. It offers great port facilities and has connections with the more than 600 major ports distributed throughout the world.
The shipping port of Singapore deserves a special mention. It is one of the busiest and oldest ports in the world. Having an extensive marine services network, Singapore is the leading docking destination for trade.

Geographically, Hong Kong is also occupying a favorable location. It is close to China which ideally means that a business located there is close to more than 1.2 billion consumers.

Both, Singapore and Hong Kong give access to the emerging economies in the Asian subcontinent. These places are within a few hours of flight from them. Singapore’s Changi Airport and Hong Kong’s International Airport are deemed to be the best airports in the worlds. Both the airports provide easy access to all world’s major cities. That is why either of them is highly convenient for the big companies to base their regional headquarters in.

Commodity Market

For several centuries, it has performed as a regional hub for commodities. Today, at least 280 global trading companies are registered in Singapore under the International Enterprise Singapore’s Global Traders Program. A few of these companies represent top integrated energy majors and the largest agri-commodity groups in the world.

At present, a few of the Asian economies are growing at a faster rate than those in the rest of the world. They are experiencing rapid industrialization, urbanization, and growing affluence. It presents a great opportunity for the commodity companies.

By ensuring a foothold in Singapore, they get to stay close to the key physical trading markets in a place that is home to highest producers and consumer of commodities. Contrary to this, Hong Kong is known for being the focal point of all maritime activities in Southern China.

Hong Kong Vs Singapore: Corporate Destinations

They are going neck to neck. Both, Hong Kong and Singapore have reliable legal and pro-Entrepreneur corporate systems. They are used to the English language as a means of business communication and other purposes. It is why business MNCs from other economies find them convenient which is the reason why these two jurisdictions compete for your Asia headquarters.

Both offer business owners, investors, and professionals the reliable banking, English systems, dependable legal systems, and lower tax rates. They are smaller regions easy to govern. They are efficient at managing their tax income and can pass on those savings onto its taxpayer, both, individuals & corporates registered there.

You do not need to collaborate with a local partner for incorporating a company in both the regions. The foreigners enjoy 100% ownership of the company. The MNC’s love to base their Regional offices or Asian Headquarters in these countries. However, their targeted business destination may affect the choice of place.

Company Incorporation Singapore Vs. Hong Kong

Singapore and Hong Kong are renowned for easy and convenient company incorporation processes. On some of the aspects like Hong Kong Vs Singapore income tax rate, you will find that they are almost equally matched.
Both the economies are ranked in top two positions of the World Bank’s Ease of Doing Business Report.

Pre-Requirements: Company Incorporation Singapore Vs Hong Kong

When it comes to registering a company in Singapore or Hong Kong, there are hardly any technical difficulties for the entrepreneurs. Both the jurisdictions attract a hoard of them each year. However, Singapore attracts more tech-oriented businesses whereas Hong Kong seems to attract China-centric businesses.

A sole foreign director is free to start a company in Hong Kong. However, Singapore company incorporation requires a foreigner to appoint a local director or get an Employment of EntrePass visa to work in Singapore.

Taxation Policy of Singapore & Hong Kong

The high rate of taxation can bleed the money out of businesses. This is where Singapore scores high over other jurisdictions. The effective corporate income tax in Singapore is between the range of 8.5%-17%. It also provides various tax rebates, benefits, and exemption schemes to the startups and existing business to bring down their overhead costs.  
Business Travels

If you are visiting Singapore or Hong Kong for the first time maybe you would like to know how to proceed to the city center. After landing at the airport, you can take airport shuttle service, taxi, or a train. The fare for the taxi may change depending on the peak-hours or off-peak hours.

Workforce Quality: Singapore Vs. Hong Kong

Both the places boast of highly talented, skilled and experienced resources. While Hong Kong has the more local pool of talent, Singapore is home to trained and qualified locals and expats.

Despite English being the language of business communication, the majority of Hong Kong workforces is more comfortable conversing in Cantonese and Mandarin. The reason is being its proximity connection to China.

Singapore has the edge over Hong Kong in this matter as the human resources of the city-state have prowess in speaking good English. It is one of the reasons why the city-state successfully attracted MNCs. Currently, it is home to more than 17,000 foreign & multinational companies. In 2016 alone, 64,937 new companies were registered in Singapore. Lastly, the cost of labor is higher in Hong Kong when compared to Singapore.

Banking

The banking sector is strong and offers great opportunities in both regions. The businesses benefit from online banking and can easily do large financial transactions with their global partners in multiple currencies. Such transactions do not raise any red flags with the banks resulting in the blocking of accounts. Both the regions are pro international business.

All over the world, the regulating agencies are tightening the rules and regulations prompting banks and financial institutes to demand more paperwork from their clients and follow stringent KYC (Know your Customer) procedures.

Both, Singapore and Hong Kong are no exceptions. However, this, unfortunately, has resulted in increased the bank account application fee. The banks, depending on the circumstances, may or may not absorb the full KYC costs and hence, most of them are passed on to those wishing to open new accounts.

Fundraising

Although banking is great in both regions, Singapore outshines when it comes to fundraising. The scenario of getting investment money for startups and entrepreneurs is truly commendable in Singapore. The government has rolled out dozens of funding assistance in the forms of cash grants, equity plans, incubator schemes and so on. It also backs some Venture Capitalists and Angel Investors by matching the funds they invest in startup companies.

This factor contributes to the Singapore’s reputation as a vibrant startup ecosystem. It is worth noting that hordes of entrepreneurs in Hong Kong go to the city-state to raise the capital of their companies.

Hong Kong: Gateway to China

Hong Kong served as the Gateway to China, during the initial stages of opening of the Chinese economy. It is more suited to the businesses that are more focused on doing business in China. Today, of course, its role is a bit diminished but it still a formidable business hub.

Singapore: Gateway to South East Asia

The last couple of decades have seen the emergence of Singapore as a trusted business and financial hub. The business owners, now, look upon it as the Gateway to South East Asia. It has taken the lead over other jurisdictions in the region in attracting entrepreneurs and businesses. Starting a Singaporean company is easy and straightforward. Registering these legal entities are very conducive to doing business with global markets and large capitals.

Despite lots of improvement in the startup system of Hong Kong, it is still lagging far behind Singapore. It is no wonder comparison of Singapore Vs Hong Kong business scenario technology-wise goes in former’s favor. Singapore is recommended for those who wish to start tech startups and raise venture capital.

The other aspects such as quality of life, the legal system, political scenario, infrastructure quality, etc. of both regions are at on par with the international standard. Differences and similarities do exist in every aspect.

Final Note

While Singapore can be rightly called as “Gateway to Southeast Asia,” Hong Kong is “Gateway to China.” Overall, it is neck to neck race. Singapore has widely been accepted by the foreign entrepreneurs and investors for its cosmopolitan culture, English language communication practice, stable and supportive government and other business advantages.

You can see that both regions have their distinct advantages and disadvantages. The choice of a jurisdiction to register your company to a large extent depends on your business goals and destination. Use the company incorporation Singapore Vs Hong Kong comparison as an aid to your research.

Originally Posted: https://goo.gl/8BuXxu

Accounting Services Singapore, Pay Right Fees for Quality Work

Do you follow the current market trend of outsourcing to accounting services Singapore? Yes, you heard it right. A number of successful startup, Small and Medium Enterprises (SMEs) and even, & MNCs benefit by doing so. If you are not one of these entities, then may be, you are missing out on the benefits of hiring an experienced third-party to do your books.

Hire Accounting & Bookkeeping Services Singapore

The accounting is a non-core task for the businesses because it does not produce any revenue or profit for them. And as you may have found it during your monthly or quarterly accounting, it takes a load of resources. It demands time, expert human resource, infrastructure, and so on. That is the reason why today’s business owners put their trust in accounting and bookkeeping services Singapore.

The direct benefit of hiring an accounting services Singapore is that it liberates your mind. Once the task is handed over to the services providing firm, it calms and dilutes the charged and pregnant environment at your office. Most importantly, the outsourcing prevents the task from occupying the minds of decision-makers which can lead them astray from the crucial business decisions.

Key Points in Favor of Outsourced Accounting Services Singapore

Even small businesses can benefit by hiring outsourced accounting services in Singapore. It is especially true for the business owners like sole traders who multitask to save every dollar they can. Of course, the accounting services Singapore comes at a cost. However, these costs are as per the number of financial transactions of the business. The services providers scale-up or down scale their services as per the demand of the situation.

When you hiring one of the competent accounting and bookkeeping services Singapore, it means you get your accounting done by the qualified and experienced professionals at affordable costs. It also means you do not have to invest in an in-house accountant, computer hardware, or other expenses. It also means you do not have to personally keep track of the new changes in the rules and regulations.

Accurate Work: The professional outsourced accounting services in Singapore use latest accounting software which drastically improves accuracy of the data-entry. They can avoid all the mistakes produce output that is 100% accurate. There accurate data is essential to produce reports for making the decisions.

Statutory Compliance: The experts employed by the services providers are certified and keeps well-abreast of changes in their field, especially those related to the rules and regulations. They are also aware of the SRFS and other reporting standards and draws on their knowledge while doing their work. It works well for you as it secures your compliance.

Certified Accountants: The accountants employed by these firms are certified and have industry-wide experience. They use it produce the error-free output and while doing your XBRL filing and GST registration and filing work. These professionals work at much faster speed than the DIY business owners and even most of the in-house accountants. They are prompt with their work. It really saves time for the business owners.

When you decide to appoint one of the accounting services Singapore, you should not limit yourself to the cheap services. The task is compliance-related and needs to be handed over to the right professionals. After all quality matters and to get it, you should not mind paying the right amount of fees.

Contact us:

SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg/

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

Singapore Company Registration Services for Local & Foreign Entrepreneurs

When the foreign entrepreneurs want to set up a company in Singapore, the first difficulty they face is the lack of reliable contacts. In fact, the first-time local entrepreneurs having no business background also face the similar difficulty. However, there is no reason to worry too much about it. The Singapore company registration services steps in and fills the vacuum. Here is a brief Singapore company registration guide for the hopeful startup owners.

You Need Company registration services in Singapore

Most of the incorporation firms assign an expert to see the client’s Singapore company formation through. They are especially helpful to business owners needing advice on the business structure to incorporate, regulatory requirements and procedures one needs to follow in Singapore. The experts assist their clients in making a clean start and begin their business activities in earnest.

Search for the Combo Incorporation Packages in Singapore

A number of Singapore company registration services offer their services at affordable costs. Some of them like SBS Consulting even offers combo packages to ease out the client’s Singapore company registration. The beauty of these packages is that you get more than one essential services for the cost of one.

The entrepreneurs prefer these packages, costing around S$699, to set up a company in Singapore. They get to retain the services of an experienced company secretary and get local registered office address free for the first year. If you go out in the market, you may have to spend as much as S$500 to buy these services. Without these, a company registration in Singapore is not considered complete.

Pre-Incorporation Requirements

Following are a few pre-registration requirements that every entrepreneur needs to fulfill:

• At least one Shareholder
• At least a local Director
• Minimum initial capital of S$1
• At least one Company Secretary
• A local registered Office Address

KYC Documents for Starting a Company in Singapore

Singapore has come up with strict KYC (Know-Your-Client) guidelines. The hopeful business owners must submit following documents to their chosen services provider for Singapore company formation.

• Copy of NRIC of all local directors & shareholders
• Copy of passport of all foreign directors & shareholders
• Foreign directors & shareholders must submit proof of residence; utility bills, bank statements, etc.

The corporate shareholders must provide

• Certificate of Incorporation
• M&AA/Constitution
• Business Profile
• The parent company’s board resolution approving the incorporation of the Singapore company & the shareholding

Applying to the Company Registrar

The experts assigned to you are well-versed with the vagaries of the Singapore company registration process. After receiving the incorporation documents and fees from you, they apply to ACRA to set up your company in Singapore. ACRA (Accounting and Corporate Regulatory Authority) that performs as the Company Registrar. Firstly, they search and reserve the desired company name and secondly, apply to ACRA to register your company.

ACRA tries to regulate certain sectors of Singaporean economy. That is why the company names containing terms like Bank, Financial, Educational, & etc., are referred to the concerned authorities delaying the approval. Otherwise, the setting up of a company in Singapore takes no time. Singapore company registration services also provide post-registration assistance for opening a corporate bank account, acquiring licenses and permits, opening CPF account, GST registration, etc.

Contact Us:

SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg/

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

Originally Posted: https://goo.gl/WqcnhZ

Before Company Incorporation Singapore, Validate the Idea

When you opt for the company incorporation Singapore, it is obvious that you have dealt with a few of core questions. Finding answers to questions like, “How do I rate as a goal setter and a responsibility-owner? Am I an astute decision-maker or the worst risk-taker?”, can be revealing.

 

The business owners should also put their business idea to test and judge how potent it is. You need to know in advance whether it can weather the market forces and stand on its own. Without doing the exercise, your company incorporation in Singapore would not be a thoroughly considered adventure.

Having a Potential Business Idea is Important

Being sure about your business idea and knowing whether it can be worked out as a product or a platform can prove to be ideal. It can take the air of indecisiveness out of the situation and sets you free to pursue a successful company incorporation Singapore. In Singapore, the process of starting a new company is easy & straightforward. Besides, you can appoint one of the incorporation services Singapore to see to complete the process.

There are several incorporation agents who offer combo incorporation packages. They deliver more than one services for the price of one. It is a point in favor of entrepreneurs who are boot-strapping the registration of their new business.

Work Out the Final Form of Your Product

An idea can strike you at any time. It can be as vague as time-travel to highly defined as selling the airplane tickets online. You have to work your business idea over and try to hammer its final shape out of it. You can begin by defining it in as a few words as possible. Peck at it in your mind to evaluate its strong and weak point.

Will You be Able to Sell it?

As the proud owner of a small company incorporation in Singapore, it is your responsibility to nurture and grow it. Your idea may result in an expensive and exotic Rolls Royce or a cheap and a mass product like a ballpoint pen. Whatever the case, it means selling it to your targeted customers. Without knowing what the customers need, your efforts to sell it may not be as fruitful as you would like.

You can find how salable it is by conducting market research and surveys. You can go to the market and get answers to a few specific questions. The exercise will also reveal whether it is market-1ready or needs fine-tuning or a complete overall to be appreciated by your clients.

Is Your Product a Problem Solver?

The market research and surveys will also reveal your competitors and their market strength. Don’t get intimidated by it. You must keep in mind that the people’s wants and needs change over the time. It creates room for the value-added or the new products.

You must work towards something that will prove to be a solution to their trouble. It is the simple way of ensuring the success of your new Singapore company incorporation.

Having a potent business idea or the products and services does not guarantee success. You need to support it with creative marketing campaigns. You need to find the online and off-line places where the targeted audience hangs out and take the battle to them. It is also not enough to sell your products to them once. Your objective is to make them your loyal customers who won’t mind buying from you repeatedly.

Being a successful entrepreneur is not an easy task especially when you are bootstrapping it. There are so many factors that could work against the success of your company incorporation Singapore. However, a potential business idea can attract financial backers for itself. When you are sure that you have worked it out as thoroughly as you have, put it in the black and white, write a business plan, and take it to the venture capitalists or the private investors to get the funding for its implementation or the expansion.

Contact Info:
SBS Consulting Pte Ltd
Visit: https://www.sbsgroup.com.sg/
High Street Center,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036
Email: info@sbsgroup.com.sg

Combo Package for Company Incorporation in Singapore

When you search for the low-cost packages for your company incorporation in Singapore, you need to investigate combo packages on offer. These packages by the incorporation services in Singapore help business owners in keeping the initial cost of starting a new company down.

Setting Up a New Business in Singapore

Registering a business is just one aspect of the company incorporation in Singapore. You have to do much more than that. You need to provide for the rent or purchase of an office space, storage space, telephone bills, stationery, utility bills, transportation, etc. Moreover, the incorporation process is not completed without the fulfillment of a few pre-conditions.

 Fulfill all Conditions of Company Incorporation Singapore

 

As per the law, every incorporated company in Singapore must hire at least one company secretary within the six months of its registration date. It also needs a local registered office address. And the foreign business owners and even a few local ones may not be in the position to fulfill the criterion. That is where combo packages provided by the firms providing services for the company incorporation Singapore comes handy.

Combo Incorporation Package for Singapore Business

These packages offer more than one services for the cost of one. The incorporation agents like SBS Consulting have a three-in-one package that provides company registration in Singapore, company secretary, and local registered office address for S$699 only. There are no hidden costs, and S$699 covers all ACRA fees and is the final cost to you. Following are the details of an affordable combo incorporation package:

• Check availability and reserve the company name
• Prepare documents like M&AA, Form 45, Form 45B, etc.
• Pay ACRA fees and register a company with ACRA
• Electronic Certificate of Incorporation
• Company profile/extract from ACRA with UEN Number
• Record minutes of first board meeting
• Share certificate(s)
• Common seal
• Preparation of company kit
• Assist in opening a corporate Bank account (FREE for anyone Singaporean bank)

You do not have to pay for the additional services which are rendered FREE for the first year. You may not believe it, but through a combo package, you save a substantial amount of money. Normally, the secretary service and registered office may cost you around S$299 and S$239 respectively. 

Also read: Step-by-Step Guide for Singapore Company Registration Guide

Choose Best Incorporation Services in Singapore

You need to choose the best from the available incorporation services in Singapore. Yes, the fees charged by them matters and sometimes, influence your choice of an incorporation agent. You have to ensure that the agency is experienced in providing quality incorporation services. You need to ensure if they assign one of their experts to your task till it is completed or not.

The actual Singapore incorporation process is easy to accomplish. Still, it is preferable to hire an agent for it. It is especially true for the foreign entrepreneurs. They help you in completing the two procedures;

1. Check the availability of a company name and register it with the ACRA (Accounting and Corporate Regulatory Authority), and,
2. Apply to ACRA to register your company

The experts play an important part in getting a company up and running. You can turn to them for advice and suggestions. They are aware of the latest changes in the rules and regulations related to company incorporation in Singapore and can anticipate a trouble before it starts brewing. They can even help you even after the successful company incorporation Singapore in acquiring permits and licenses, opening CPF account, GST registration, and other tasks.

Contact:

SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg/

High Street Center,

#17-02, 1 North Bridge Road,

179094 - Singapore

Phone: +65-6536 0036

Email: info@sbsgroup.com.sg

Hire Accounting Services for Small Business Singapore, Focus on Core Goals

The business owners, including the sole owners, try to economize by multi-tasking. They especially want to make sure of their compliance-related tasks like accounting. However, it comes at a tremendous cost. Rather, they should outsource it to accounting services for small business in Singapore and focus on the core-goals of their business.

Focus on Your Core Tasks

Many business owners have found that investing their time and attention in compliance related tasks actually makes the business suffer. The hiring of the best accounting services provider in Singapore allows them to devote time to improve the performance of their business. It results in the widening of their business activities and growth of their business.

Get Reputed Outsourced Accounting Services

Every business’ financial health needs looking after. And that is the reason why employing experts from the accounting services for small business Singapore stands out as an elegant solution. Their accountants keep track of your cash flow and report back to you with the realistic suggestions. In fact, they make it their top priority. Having an expert to lean on is a great luxury a business owner can enjoy.

Accounting Services Provider Singapore for Peace of Mind

When you entrust your bookkeeping and accounting to the outsourced accounting services, you experience peace of mind. It allows you the breathing space to take the complete view of your business. You get the time to shape your vision, redefine goals, delegate responsibilities to your employees, look for the new business opportunities, and find efficient ways to expand your business.

Reduce the Cost of Your Accounting

It may not seem feasible to you, but employing accounting services for small business in Singapore saves the money for you. If you have accountants on your staff, you are responsible for their salaries, employee benefits, incentive, and infrastructure for them. You also need to search, interview, and hire them and when it is necessary to fire them. It is a time-consuming affair. When you are backed by the accountants employed by the services provider you do not have to worry any of these things. That is why in the long run outsourcing works and proves to be effective and affordable.

Hire the Experienced Accountants and Stop Worrying

The outsourced accounting services providers are dedicated to providing for the financial needs of their clients. Hiring such an entity is always preferable. You also need to trust them with your financial records. In return, they lend you their expertise and up-to-date industry-wide knowledge about the finance and best practices. They also use Best accounting software for small businesses, normally, do not have access to. With them to helm your accounting activity, nothing can go wrong as they are spot on with the latest changes in the legislation, rules, and regulations. It is their specialty, and that is how they earn their bread & butter.

As the business owner, you should always aim to grow your business. You can also discuss your prospects with the experts from the accounting services for small business in Singapore. After going through your books of account, they are in a unique position to offer advice on whether to cut back on spending or have a bigger budget to help expand your business activities. Their advice is useful in coming up with shaping better plans to achieve the goals of your business.

Contact us:

SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg/

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

5 Things to do After Company Incorporation Singapore

Once you are done with your company incorporation Singapore formalities with ACRA (Accounting & Corporate Regulatory Authority), you must take care of the few things prior to commencing the business activities.

Technically, you have to fulfill a few post-incorporation formalities to keep the business compliant with the set of statutory obligations laid down by the authorities. Below are some of the incorporation formalities that one must fulfill in order to legitimate his company incorporation in Singapore. You can also ask one of the incorporation services Singapore for the assistance.

Get the Certificate of Company Incorporation in Singapore

The Company Registrar, i.e., ACRA (Accounting &Corporate Regulatory Authority) will send the certificate of company incorporation to your registered email id. The soft-copy of the certificate is treated as the official copy, and it includes company’s registration number which is also called as Unique Entity Number (UEN). Once you receive the certificate, you are legally allowed to commence business in Singapore. 

Hire a Company Secretary

As per the legal compliance of ACRA, every company must at least appoint a company secretarial services within six months of company incorporation. You can also meet the requirement at the time of company incorporation Singapore. No matter what, make sure to fulfill the requirement. He/she must have good knowledge of Singapore Companies Act. Essentially, the person must be a local resident of the company. 

A Corporate Bank Account must be opened 

As per the rule of the authority, you must open a corporate bank account in any of the major banks in Singapore such as HSBC, Standard Chartered, DBS, Citibank, OCBC, etc. The physical presence of the authorized person is needed during the opening of the bank in many of the major banks in the city-state. You will be using this corporate bank account for doing financial activities of the business. The statement of this bank account is used as a vital element of the company’s annual financial report. 

GST (Goods & Services Tax) Registration

Goods and Services Tax (GST) registration is compulsory for the businesses earning actual or expected annual revenue beyond S$1Million. Since your company incorporation in Singapore is new, you just can anticipate the annual income on a retrospective basis. You can file GST return on a quarterly basis with the Singapore tax authority. The current rate of GST is 7%, and you must charge the amount to the customers of your products and services. 

Secure the Business Licenses & Permits

A few sections of Singapore businesses are mandated by the law to secure business licenses and permits. It includes restaurants, travel agencies, financial services, educations centers, trading (Import/Export of goods), etc. If your business falls in any of these types of industry, you must obtain the business licenses and permits prior to commencing the business. 

Besides these five things, you must consider few more things to remain compliant with the law. Upon company incorporation Singapore, your registered office must remain open for public for at least 3 hours per day on the business days. Also, you must print the UEN of your company on all communication documents such as Letterheads, invoices, brochures, newsletter, notices, etc. If you wish to have a smooth sailing experience in business, be sure to adhere to these post-incorporation formalities. You may also take the help of incorporation services Singapore in this concern. 

Contact us:

SBS Consulting Pte. Ltd.

https://www.sbsgroup.com.sg

Phone:+65-6536 0036

Email: info@sbsgroup.com.sg

Preparing for Your Company Incorporation Singapore

Singapore is a paradise of business opportunities to the local and foreign business owners from all over the world. The streamlined and easy to accomplish process of company incorporation Singapore plays an important part in motivating them to start their companies in this island country.

The incorporation services Singapore gives all the assistance in the task. They usually assign an expert to their clients who stays on till the task is accomplished satisfactorily.

Ease of Doing Business in Singapore

Singapore offers up-to-date laws, stable political environment, a stable economy, a number of sources of funding, low tax rates, a number of tax incentives and rebates schemes to encourage small businesses owners, etc. Singapore, as per the report prepared by the World Banks 2017, ranks second in the world for the ease of doing business. All these ingredients attract the individual business owners and foreign corporates, especially, the Small and Medium Enterprises (SMEs) for their company incorporation Singapore.

Singapore is immensely popular with the foreign entrepreneurs. The local business owners also aspire to make it big by opting for a company incorporation in Singapore. It is a place where entrepreneurs jostle for the space to leave their stamp. Even MNCs are not immune to the charms of this marketplace. There are as many as 17,000 of them in Singapore. They see Singapore as an outpost to keep a sharp eye on the needs and wants of the biggest consumer base represented by the 2.5 billion individuals living in Asia.

Ready for Your Company Incorporation in Singapore

Preparing for your company incorporation in Singapore is not a small task. It a real challenge to especially the first-time business owners. If you are a foreign entity, you will be better off by hiring one of the reputable incorporation services in Singapore.

These firms offer great support at affordable costs. Some of them like SBS Consulting Pte Ltd also offers combo incorporation packages. These packages typically bundle more than one services for the cost of one. For a startup business owner, it is great to have such a package that offers incorporation services, corporate secretarial services, and registered local office address. They find it economical.

The business owners need to be prepared with the following things before actually opting for the company incorporation in Singapore.

Have a Business Plan

Before you take steps to start a company in Singapore, you need to make sure that you have a valid business plan. It is an essential component of setting up of business as it lays down your goals, actions, and timetable for achieving them. Moreover, it documents your commitments in black and white. When you go to investors and banks for financial support, it is the first document they like to go through.

Choose the Right Business Structure

Singapore offers you a variety of business structures. Depending on your business needs and goals you can choose one of the following legal structure to register your business.

• Sole Proprietorship

• Limited Liability Partnership

• Private Limited Company

• Exempt Private Company

• Subsidiary Company

• Branch Office

• Representative Office

You have to bear in mind that the business structure you choose to register may affect your taxation and statutory compliance. You will be better off on this issue if you take advice from the experts working in incorporation services Singapore. They will further explain how it can impact the credibility, growth, and funding of your business.

Select Company Name Wisely

The name of the company is useful in its branding. That is why you need to select it carefully. You should also check whether it is available as the domain name for your business website. The company name should ideally reflect your business activities which can come really handy when you pitch it to the clients.

ACRA (Accounting and Corporate Regulatory Authority) acts as the Company Registrar of Singapore. It has the right to accept or reject the company name. It requires that the name should be meaningful, and unique. It should not be vulgar, blacklisted, similar to the names of other existing companies. You should be careful while including terms like “Bank,” “Education,” or “Financial” in the name of your company. The approval for such company names comes from the higher authorities and may take time.

Registering a Singapore Company

Once your company name is approved, the experts apply to ACRA for the registration of your Singapore company. If you have all the incorporation documents ready, it is a smooth process. The private limited company (Pte Ltd) is the most favored business structure in Singapore. It is flexible, dynamic and supportive of the growth and expansion of your business activities.

Pre-Registration Requirements

You need to fulfill the following pre-incorporation conditions to form a private limited company, such as;

• Minimum initial capital of S$1

• At least one shareholder

• At least one resident director

• At least one company secretary

• Registered local office address

Acquire Business Licenses

After the company incorporation in Singapore, check whether you need business licenses or permits to commence your business activities. Apply and acquire them.

It is always a good move to let the experts work on a problem. Company incorporation Singapore is not a hard task to accomplish, but when you are pressed for time and other resources, it is a great option. Incorporation services Singapore like SBS Consulting Pte Ltd offers you combo packages that cost in the range of S$699. You get more than one essential incorporation services at the cost of one.

Contact Info:

SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg/

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

Company Incorporation in Singapore? Now is the Right Time for It

Each year, thousands of entrepreneurs commit their resources to company incorporation in Singapore. The latest reports say that the global economy which includes Developing and Emerging Economies are showing a marked in growth rates. Singapore, the land of business opportunities, has also had better than expected Q1 and Q2 2017.

Time Your Singapore Company Incorporation Carefully

It does not exactly mean that the Global or Singaporean economy is firing on all its cylinders. But it is a clear indication of better things to come. Remember the saying, “Early bird gets the fattest worm!” Well, is this a good enough reason for you to do away with your hesitation and indulge in a Singapore company incorporation and get a toehold in this renowned business hub?
Singapore is a pro-entrepreneur, pro-trading, and stable marketplace that has a well-supported startup ecosystem in place. According to the World Bank report (2017), it ranks second in the list of easy places to do business in after New Zealand. It is a great destination for the offshore business incorporations and for entrepreneurs who are planning to relocate to Singapore. It is also the jurisdiction that permits 100% foreign ownership, lower corporate and personal tax rates.

Startup Ecosystem of Singapore

The easy access to funding, excellent infrastructure, reliable communication networks, air & sea links are integral to the success of any business including the startups. Singapore government has invested healthy in its startup ecosystem. It started with financing programs, incentives, and another initiative. Now, it has a number of accelerator and incubator programs to support its startup companies.

Type of Businesses Entrepreneurs Can Register in Singapore

Anyone above the age of 18 years or more can register a company in Singapore. The local, as well as foreigners, can own 100% shares of their companies. The foreigners need Employment or Entrepreneur Pass to work in Singapore. Following are the types of businesses the individual entrepreneurs can register in Singapore.

• Sole Proprietorship
• Limited Liability Partnership (LLP)
• Private Limited Company (PLC)
• Exempt Private Company (EPC)

Sole Proprietorship
A sole proprietorship is the simplest form of business structure the entrepreneurs can register in Singapore. The expert advice to use it to conduct the business activities where the liability is at its minimum.

• The business owner is the master of its own company.
• A sole proprietorship is not a legal entity and has to depend on its owner for its identity.
• The proprietor is fully responsible for the losses or debts of the sole proprietorship.
• Owner’s assets may be called upon to pay the debts.
• The income of the proprietorship is treated as that of its owner. They have to pay personal income tax on it. The tax rates are in the range of 0%-22%.

Limited Liability Partnership (LLP)
A limited liability partnership is one of the forms of partnerships. The other being, General Partnership, and Limited Partnership. However, LLP is a more preferred form of partnership by the business owners in Singapore.

• The business structure underlying these firms allow the two or more professionals having complementary skills to come together and opt for Singapore company registration.
• The partners or members in a partnership need to document the sharing of profits and losses, their duties, hours of business, etc.
• Usually a solicitor to prepare this document.
• In an LLP, the partners are liable for the losses or debts because of their actions, inactions or mistakes. The other partners are absolved from the responsibility.
• Their assets are at risk.
• They have to pay personal tax on their income from the partnership.

Private Limited Company (PLC)

Singapore private limited company is a very dynamic & scalable business structure. A large number of entrepreneurs prefer this business structure for their company incorporation in Singapore

• As per the Companies Act of Singapore, a (Pte Ltd) private limited company is a legal parson and has the rights of a natural born person.
• It does not depend on its owners (Shareholders) for identity.
• It has the right to buy property in its own name.
• It has 1-50 shareholders.
• It limits the shareholder’s liability to the amount invested in company’s shares.
• A Pte Ltd is responsible for its own debts.
• Its existence does not depend on the shareholders who may pass away or transfer shares.

Know more about: Everything You Want to Know About Sole Proprietorship, LLP & Singapore Private Limited Company

Exempt Private Company (EPC)

• An Exempt Private Company is exactly like a Pte Ltd. However, it cannot have more than twenty shareholders.
• It should not have any corporate as its shareholder.
• EPCs enjoy reduced compliance requirements.
• An EPC is exempted from statutory audit requirements if its annual turnover is below S$ 5million.
• It needs to submit a solvency declaration signed by its company secretary and directors.

Singapore Company Incorporation Services
The first-time business owners may need assistance for selecting the right legal structure for their business. They can turn to Singapore company incorporation services providers like SBS Consulting to know the immense advantages that a private limited company can offer to them and whether it is suitable for their business. These providers have experts who ensure that your company is incorporated as per the provisions specified in the Companies Act of Singapore.
SBS Consulting assists you in completing following tasks;

• Registration of the Name of the proposed company
• Register Company with the ACRA
• Obtain Certificate of Incorporation
• Obtain Company Business Profile
• Opening a Corporate Bank Account
• Applying for Business Permits & Licenses
• Goods and Service Tax (GST) registration
• Annual Filing Requirements

Pre-Incorporation Requirements for Singapore Company Incorporation

• Minimum initial paid-up capital of S$1
• At least one resident director
• At least one company secretary
• At least one shareholder
• Local Registered office address (P.O. Box address is invalid)

Process for Setting Up a Company in Singapore

The process for setting up a company in Singapore, unlike that in other jurisdictions, is a highly simple affair. It has only two procedures in it. The experts appointed by the Singapore company incorporation services a) search for the availability of the desired company name and register it for the client’s use, and, b) Apply to ACRA to register client’s company.

Registering Company Name of Proposed Company

Our expert advice our clients to carefully select the name of the company. As the Company Registrar of Singapore, ACRA has the right to reject vulgar, black-listed, inappropriate, or confusing company names. It also rejects the names that are similar or identical to the existing company names. The reason is to avoid the confusion in the minds of investors and protect their interests. ACRA insists on UNIQUE company names.

We ask our clients to supply us with a list of 3-5 desired names. The name of the company is highly useful in branding it in the eyes of the customers, suppliers, and creditors. It has to be catchy, simple, and easy remember. It should reflect the company’s purpose and business activities. Nowadays, companies also need to maintain an online presence. It means that the business owner should choose a company name that is also available as the domain name.

Normally, it takes no time to register a company name. Once approved it can be reserved by paying ACRA fees for 60 days for the client’s use. However, the names containing terms like Bank, Casino, Educational, or Financial, are forwarded to the concerned authorities for the approval. The approval for such names usually takes time.

Registering a Singapore Company with ACRA

With a registered company name in their hand, our experts initiate the Singapore company registration process. ACRA sends an email containing the Certificate of Incorporation. In Singapore, its soft copy is perfectly valid. We can get its hard copy by paying the required ACRA fees. The ACRA sends it in the printable PDF format. The email also contains company’s unique identification number, business profile, etc.

The foreign entrepreneurs need a work pass to operate in Singapore. They can apply and acquire employment or Entrepreneur pass and can work as the director of their company. They also have the option of appointing a local director or a nominee director to fulfill the requirement.

Why Opt for Company Incorporation in Singapore?

There are plenty of reasons for the entrepreneurs to choose to register their company in Singapore. The following are the most prominent one.

Ranked Second for Ease of Doing Business Index

The Ease of Doing Business report 2017 places Singapore at the second rank on the basis of ease of starting a business, dealing with construction permits, registering property and paying taxes. The report is prepared by the World Bank.

However, Singapore has occupied the top position in the list for the last decade. Singapore has signed extensive Double Tax Avoidance (DTA) treaties with more than 70 trading-partner countries. All in all, it is still the most favored country in the eyes of the entrepreneur for registering their startup.

Singapore: A Thriving Economy

Singapore is one of the most cherished and freest economies in the world. It's manufacturing industry that is populated by the multinational entities. Its service sector is also the main contributor. Both of these sectors contribute 80% to 85% to its GDP. UN World Investment Report 2016 pegs FDI in Singapore at US$50 billion. In Jun 2017, FDI in Singapore increased by 13.5 USD billion.
Singapore is a trade-based economy. It is now counted among the technologically advanced economies of the world. The major credit rating agencies like JCR, Dagong Global, Standard & Poor’s, Moody’s and Fitch have awarded it the AAA credit ratings. One of the USPs of Singapore company incorporation is that it is easy and takes very less time than one would require in other jurisdiction.

Stable Political Environment

Singapore enjoys political stability and almost corruption less government. It offers the highest standard of living in Southeast Asia. It is one of the factors that stand in its favor when business owners are deciding about the destination for incorporating their businesses.

The political system has played an important role in the success of Singaporean society and economy. It is, along with the New Zealand, one of the least corrupt countries in the world. Its legal system is transparent, and the rules and regulations are frequently updated to accommodate the latest changes in the market. It offers strong IP laws, and the absence of red-tape is a positive factor.

Singapore is a modern city that offers reliable telecommunication system & mass transport system, best medical facilities, safe living environment, dependable sea and air links, & world-class educational system. Singapore levies progressive tax rates. The effective corporate tax rate ranges from 8.5%-17% and the dividends disbursed by the companies are tax-free. The personal income tax rate ranges from 0%-22%. All these factors actually force business owners to opt for company incorporation in Singapore.

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

Originally Posted: https://goo.gl/2qk7yR