3 Steps to Establish a New Business in Singapore
Six years ago, the small island nation of Singapore rose to the top of the World Bank’s best places to do business reports and no longer surrendered the number one spot.
The report claims that it takes just three days to start a business in Singapore. And isn’t that what business owners don’t like? Fast and easy. No extra attention.
In an article posted in Business Insider, Sharana Kapoor wrote, “Excluding business-friendly laws and flexible immigration policies, one of the major reasons for Singapore’s dominance over the list so far is the simple method of tax filing.” In the 64৪th position.
3 Easy Steps to Establish New Business in Singapore
The process can be summarized in 3 simple steps.
1. Choose the entity of your business
Despite the presence of alternatives, many new companies register with the Accountants and Corporate Regulatory Authorities (ACRA) because of its scarcity as “Private Limited Companies” register Above all, shareholders are not liable for debts and losses beyond their share capital.
As designated, your company is recognized as a taxable entity.
2. Establish your company
The Private Limited Company is regulated by Singapore Company Law and must comply with its laws under the ACRA and the Internal Revenue Authority of Singapore (IRAS). Designation includes:
- Business Name – Must be approved by the ACRA.
- Shareholder – The lowest one.
- Director – At least one director must live in Singapore.
- Organization Secretary – Must also be a resident of Singapore.
- Paid up capital – at least S $ 1
- Registered Address – A physical office address is required.
As a newly-incorporated Singaporean company, you can buy a business profile from ACRA. In this electronic report, the details regarding your business information, your registration number (UN), registration date, shareholders, etc., need to open a corporate bank account, apply for a license and permit, and look for potential business partners.
3. Open a bank account
After connecting, you can open a bank account in Singapore. You can choose from various local and international banks.
Business processes that follow inclusion
Additional post-registration activities may include:
Licenses and Permissions – Some business activities require the approval of a governmental authority or a license. Examples include private schools, video companies, travel agencies, liquor distributors, finance lenders, banks, financial advisers, child care centers and importers, wholesalers and liquor retailers.
Registered Office Hours – You must register your office address and hours (a minimum of three hours per week).
Registration Number – All documents used for officer business communication must have a business registration number issued by the ACR.
Customs Registration – If your business is involved in importing or exporting, you must register your company with Singapore Customs.
Registration of Goods and Services Tax – A tariff on the Goods and Services Tax (GST) on the supply of goods and services to Singapore and the importation of goods into Singapore. If your annual taxable income exceeds S $ 1 million per year, you must register for GST.
Registration with the Singapore Central Provident Fund (CPF) – The Central Provident Fund or CPF is a mandatory pension fund scheme in which employers and Singapore Citizens / Permanent Resident Employees contribute one percent of their monthly salary to the fund.