If you are interested to start a company in a country like Singapore, then you will find that the process is quite fast, easy, and absolutely free from any unnecessary red tapes. Businessmen all over the world find Singapore as the top-ranking place to open their business.
We will discuss briefly in this article how company incorporation in Singapore can be done. You may also seek help from Morrison Management who can offer various advice and other Management Consultancy services.
The following are a few main steps that you have to follow if you are interested to start your business in Singapore.
1. Pick a company name
For starting your business in Singapore, the first step will be the registration process so that you can ensure that whatever name of your company you have chosen should not be already present.
To do that, you must send your query to ACRA that stands for Accounting and Corporate Regulatory Authority, which is an organisation in Singapore that will oversee all local businesses. You need to spend S$15 on this service from ACRA.
2. Choose your business activity type
There will be a certain business code that is assigned for all types of business in Singapore. Standard Industrial Classification (SSIC) will identify to the government what type of business that you want to start.
SSIC will identify whether you will need any special license or you qualify for certain tax exemptions. While registering a company, you have to select a code that will describe your business.
3. Get incorporation checklist
If you seek services from Morrison Management then they will list down all the necessary documents that you may need for registering your company in Singapore and also explain necessary services e.g. Registered Address and Corporate Secretary.
Your company name along with the SSIC code that you choose is going to appear on your checklist.
Your tasks after registering your company
You can officially start your business immediately after registering your company, under whatever name you have chosen. Also, several post-incorporation activities must be completed, which are as follows:
- Open your corporate bank account in the name of your company. There are several options available in Singapore for such an account. You will be recommended a number of local banks after your incorporation, that will meet all your needs and an introduction will be given to the executives of the bank.
- You also need to apply for your business licenses, if needed. In the business environment of Singapore, there is a minimal level of bureaucracy involved. Most industries may not need a license.
- If your foreign team members have to relocate to Singapore, then they need to apply for a visa.
You must ensure that you are meeting all the necessary compliances with the corporate regulations of Singapore on an ongoing basis. Morrison Management can offer you all the necessary support and services to take care of the entire burdens of regulatory, tax compliance, financial, and corporate governance.
All that you need to do is just focus on managing the affairs of your business and enjoy the fruits of all your hard work.