The Types Of Business Setup In Singapore
Choosing the right organisational structure for your business endeavor would depend on your circumstances and the blueprint you have in mind. A rule of thumb, however, when establishing a business in Singapore is to incorporate a business that would work to your advantage. This means establishing a business that would not be too risky for you or held you liable for bankruptcies or legal issues.
If you’re a resident and you’re looking into registering a business in Singapore and if your product doesn’t have any foreseeable liability problems, then you can register it as a sole proprietorship. But because you’re the only person responsible for your business, claimants can take your personal assets should you have debt or finance problems.
The next two options are a bit safer since they involve a group and are not too risky. You can also choose to incorporate your business as a Limited Liabilities Partnership (LLP) if you have partners and if you make money off your profession by the services you can do; or you can also create a Private Limited Company with shareholders. These options will not hold you accountable for any claims and will leave your assets untouched.
What You Need To Take Care Of For Your Business Setup
You have to prepare several documents and information to be able to incorporate your business in Singapore. These include your business name, a brief description of what your company offers, details of your company shareholders or board of directors, details about your company secretary (corporate lawyer), a registered address and memorandum and articles of association. You also have to present proof of your residency, if you’re a local and a copy of your work pass or passport if you’re a foreigner.
Business Setup Advice From Professional Consultants
If you’re still lost about setting up the right type of company that would serve your requirements and purpose, you can always consult with the experts. Let a company advisory service take care of your needs and arrange everything for you—from company registration to hiring your corporate secretary and personnel.