An Overview on How to set up a New Business in Singapore
Singapore is a nation that is rich in culture and heritage. It also happens to be a fast developing city that offers infinite business opportunities to entrepreneurs and business establishments from across the globe. Singapore is abundant in key business resources like infrastructure, skilled labor, communication facilities etc. The country lays the perfect foundations for business incorporation for both local and foreign entrepreneurs. Owing out the strong social, economic and legislative foundations, Singapore proudly holds the position of a leading world class business hub.
If you are an entrepreneur who would like to start a business in Singapore, here is some useful information that can assist you in your business incorporation process.
Have a proper comprehensive business plan:
A business plan is essential blueprints of your business. It states what your business will do and the resources you require for it.
Decide on an ideal business vehicle
Using the right business vehicle to conduct your business activities will influence the ease of business formation and exit, business ownership transfer, how much taxes you need to pay, the extent of personal liability you are potentially exposed to, the set of rules applicable to your business, the amount of administration and paperwork you need to perform, and the ability to obtain loans and borrowings.
Plan a business name:
The name of your company is very important as it reflects your identity. Always ensure that your business name is not the same as and does not resemble the names of existing businesses.
Registration and licensing:
Licensing requirements may be specific to your line of business therefore ensure that you have the right documents for the same. Ensure that your business is in compliance with the regulations set out by the government of Singapore.
Business aspirants must be above 18 years of age, must not be an undischarged bankrupt or must obtain the permission of High Court or the Official Assignee from business formation in Singapore
Regulatory bodies
The 3 regulatory bodies all business entities in Singapore need to deal with are the:
• Accounting and Corporate Regulatory Authority of Singapore (ACRA) for business and company compliance matters
• Inland Revenue Authority of Singapore (IRAS) for tax matters.
• Central Provident Fund Board (CPFB) for submission of CPF contributions for yourself and/or your staff members.
This basic information gives you the wide picture of what you will require in order to set up a business in Singapore. You can always employ the services of professionals who assist foreign entrepreneurs in business incorporation in Singapore and offer a wide variety of services that allow for smooth transitions.
Apply For Singapore company incorporation or need a Singapore Company Registration Service? Visit: contactoneps.com.sg
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