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Starting a company in Singapore is a very profitable decision to make especially if you are planning to target the Asian market. Not only is it located in the center of Asia, but it is also one of the countries that have a relatively stable and resilient economy.
This means that recessions do not gravely affect the economy of Singapore. Furthermore, they can swiftly restore its economy to its original status. That is why many entrepreneurs both local and foreign undergo the company incorporation Singapore process.
Forming a company in Singapore has a lot of advantages. One of them is the many tax benefits that are given to businesses that passed the company formation Singapore application.
Furthermore, it only takes SG$1 to register your business so you don’t need to have a hefty capital to start. Foreigners are even allowed to own 100% of their companies thus they can be the sole shareholder if they wish.
If you are planning to build company incorporation in Singapore, here is how you do it.
Step 1 – Plan what your business will be
The first step is to think carefully about what your business will be like. What industry your business will cover? What entity will it take its form? What will be the company name? It is important that you figure these out. That is because this will be later asked during the company incorporation Singapore registration. Thus, you would want to prepare your answers for this application.
In addition, the company formation Singapore requirements will depend on the industry you are in and the business entity that you will take. Therefore, you need to be clear about what your plans are for your business.
Step 2 – Prepare for company incorporation Singapore requirements
Next, it’s time to prepare for your company incorporation Singapore requirements. As mentioned earlier, the specific requirements will depend on the type of business that you will register. However, Singapore has an overall requirement that you need to fulfill.
Aside from the SG$1 capital requirement, you need to have a Singapore office address. You only need one shareholder to qualify but you need to hire a Singaporean director as well as a company secretary. If you are able to prepare these requirements earlier, the company formation Singapore application will be a lot faster.
Step 3 – Incorporate your company at ACRA
If you have all the required documents prepared, it is time to apply for the company incorporation Singapore registration. All businesses are required to be registered at ACRA especially the private limited companies in Singapore.
The first step in registering is to get the company name pre-approved. Afterward, you will have to register your company with the pre-approved company name. All these registration procedures are done online through the BizFile+ portal.
If you are a foreign entrepreneur, you need a company formation Singapore agent to do the registration on your behalf.
Step 4 – Complete company formation Singapore procedures
It will take only a few minutes to get approved via the BizFile+ portal. However, it can take weeks if there are issues found in your company incorporation Singapore application. If there are, you need to fix these issues and re-submit your application.
Once approved, you need to complete the company formation Singapore process. You need to set up your company such as preparing your office and hiring your employees. In short, you need to make sure that everything is ready before you start your operations.
Step 5 – Start operations
The last step in the company incorporation Singapore process is to start your operations. If you want a successful business launch, you can start by promoting your company days before the set launch date. You can already take pre-orders if possible so your customers can just get them immediately.
Once your business starts operation, make sure all the people and equipment you have are doing their purpose. This is so you can be certain that business operations will continue for a long time.
Also check how to apply for staff work passes.
That is how you build a company incorporated in Singapore. As you can see, it isn’t difficult to start a business in Singapore. That is because the government itself is encouraging Singaporeans, as well as foreigners, to do business here.
However, if you need assistance in incorporating your business in Singapore, you have lots of options. There are many company formation Singapore firms that can help especially for foreigners.
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