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