Company Setup In Singapore
Company Setup In Singapore: Knowing The Right Type Of Business
Knowing which type of business you are going to establish is an integral part of company formation. That is because a company set up in Singapore comes in various forms. Each form, or company setup, demands a different set of requirements and procedures. It is important to learn about this because having the wrong company setup can impede the growth of your enterprise.
The Types Of Company Setup In Singapore
The Accounting and Corporate Regulatory Authority of Singapore, commonly referred to as the ACRA, recognises five business types. These are the company, limited liability partnership, limited partnership, partnership and sole proprietorship. Although business types have similarities, they also have differences. And these differences also have their own advantages. That is why it is best to weigh the options before deciding which type of business you want your enterprise to fall under.
The company is perhaps the most complicated among all types because it is further divided into three sub-categories. This includes the Public Company, Private Company and Exempt Private Company. And apart from being complicated, a company is the most expensive type to establish and maintain. Setting up a company may require you to ask help from a company registration expert in Singapore.
The primary differences between these business types are the tax duties, the quantity of the owners and amount of setup fees. For example, the registration fee for a sole proprietorship costs S$65 while the registration fee for a company can go up to S$315. To get counsel about the differences as well as the advantages and disadvantages of each type of business, it is advisable to consult a corporate advisory agency.
The Benefits Of Knowing Your Company Setup In Singapore
Knowing the right setup for your company gives you the opportunity to register your company without hassles. You will know the required documents and the right steps to take, the right government organisation to apply to, how long the registration process will take, as well as the expenses. So to make sure that your business is on the right track, choose the company set up in Singapore that is appropriate for your enterprise.