The basics of setting up a business in Singapore
Even though it’s easy to start a business in Singapore, having a great business idea isn’t enough. Before you start your own business, register your company with the right people. Before you can start a business in Singapore, you’ll need to make sure the following things are in order. If you think about these 8 things, the process of incorporating your business may be a breeze. At the Business Grants Portal (BGP) you can have it all.
Here are the things to keep in mind for a quick and easy business start-up:
The company name
What would you call your business? ACRA’s rules for business names might help you figure out if the name you want to use has already been used by another company.
The postal address for the government
A P.O. Box won’t do. In Singapore, you’ll need a place for your business to be. The Home Office Scheme, on the other hand, allows some small businesses to work from their HDB and private homes. This allows them to run their businesses.
The activities of business
A code called the SSIC must be used to categories your business, and you must use it. Examples: The SSIC number that is used to make things like tuition agencies is 85509. With the Company Incorporation Guide by Foreigners you can know it all.
List of the film’s executives
In order to have a board, you’ll need at least one person from Singapore on the team. They also need to be at least 18 years old, free of debt, and have no record of fraud or dishonesty.
Who are the people who own the company?
A person, a company, or another type of business can all be shareholders. If they want to, directors can also own stock in the company.
Bank account and paid-up capital
That $1 paid-up capital requirement is one of the best things about setting up a business in Singapore. There will be more money in corporate bank accounts at the start and at the end of each month. Check with your bank to see what they need.
The distribution of shares
If your business is limited by shares, you need to think about how many shares you want to make and how much each share costs.
The secretary of the company
Choose a certified company secretary within six months of setting up your business. If you want to run an incorporated business, you must do this. Everything else to decide is who it will be. It’s also not good for the corporate director to own everything in his or her own business. The applicant must also be able to work with the Companies Act in order to help you.
How long does it take for a business to be set up in Singapore?
With the help of an incorporation service provider like us, Singapore Company Incorporation, you can get your business up and running in just a few days.
When you set up a business in Singapore, what are the advantages?
Competitive tax rules, a good location to reach other Asian and growing markets, tax breaks, and financing options are just some of the benefits of setting up your business in Singapore.