Last Updated on April 16, 2024 by Saira Farman
Whether you need to open a physical shop or an online company, the process is simple. Three simple steps might sum it up.
How Long Does It Take in Setup company Singapore? is an associated article.
Choose the Correct Business Entity
After deciding on your business concept, you can determine the legal structure for your firm.
“Private limited corporations” are the most prevalent type of new business entity registered with the Accounting and Corporate Regulatory Authority, despite the possibilities and because of its scalability (ACRA).
Stockholders are also shielded from responsibility for debts and losses that exceed their share capital.
A relevant article to read is What I Wish I Knew Before Starting My Own Business.
2. Launch Your Company
The private limited company is governed by the Singapore Companies Act and is also bound by the rules of ACRA and the Singapore Inland Revenue Authority (IRAS). ACRA shareholders must approve the company name, and there must be at least one shareholder, among other criteria.
- Directors: The Company shall have at least one Director and the Company Secretary resident in Singapore.
- Registered address – A legitimate business address is required Paid-up capital: A minimum of S$1
As a recently formed Singaporean company, you can request a business profile from ACRA.
This electronic report’s contents are unique to your business. There are details about your UEN, registration date, and stockholders.
This profile will be necessary for opening a corporate bank account, applying for licences and permissions, and vetting potential company partners.
3. Open a Bank Account.
After incorporation, you are able to open a bank account in Singapore. You can choose from a variety of regional and global banks.
- Among the favourites are UOB, DBS, OCBC, and Maybank
- Business Procedures Following Incorporation
Following registration, additional actions could consist of:
Licenses and permissions – A government licence or approval is required for some economic activity. A few examples include private schools, movie studios, travel companies, banks, money lenders, financial advisors, daycare centres, and liquor importers, wholesalers, and retailers.
Official business hours: You must register your office’s address and operating hours.
Registration number – The business registration number provided by ACRA must appear on all of your documents used for formal business communications.
Customs registration – If your firm involves importing or exporting, you must register it with Singapore customs.
GST (Goods and Services Tax) registration is required in Singapore as the country imposes GST on both imported and domestically manufactured goods. You must register for GST if your annual taxable income exceeds S$1 million.
It is necessary to register with the Central Provident Fund (CPF) of Singapore. With the CPF, which is a required pension scheme, both the employer and every employee who is a Singaporean citizen or permanent resident contribute a set percentage of their monthly salary to the fund.
What are some small business concepts?
Are you still unsure of the type of Setup company Singapore? Any of the following can be used as a company concept:
- E-commerce business
- Independent web developers for Internet marketing companies
- Facebook administration
Going online, such as starting an online store or providing digital services, might be a great option if you don’t have a lot of money to start with.
These options require less capital than brick-and-mortar stores because they don’t have ongoing overhead expenses.
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