Set Up A Company
A Guide On How To Set Up A Company In Singapore
Singapore is one of the best countries to do business in. Local and foreign companies alike will enjoy a competitive and stable market that is fueled by the increasing demands of the emerging regional market in Asia. When it comes to business strategy, choosing Singapore is the first big step to achieving success in business.
Singapore’s bureaucracy provides efficient services to get businesses started, whether foreign or local. To make the process of setting up a company in Singapore a breeze, businesses have to familiarize themselves with the major agencies of the Singapore government where they will process everything from their company names to their taxation documents.
How To Set Up A Company: Company Registration
The Accounting and Corporate Regulatory Authority (ACRA; www.acra.gov.sg) is responsible for business regulation. This is where companies apply for incorporation, company name, office address, and all other processes needed to make the company legally existent. Foreign companies who want to incorporate a local company can apply for registration from ACRA as well. All changes to the above particulars are also processed in the same agency.
The ACRA has put up an online filing and information retrieval system called the BizFile (www.bizfile.gov.sg). This allows interested parties to apply for company registration online, making the startup process easy and convenient.
How To Set Up A Company: Taxes and Employment Permits
The Inland Revenue Authority of Singapore (IRAS; www.iras.gov.sg), meanwhile, is in charge of taxation. This is where companies’ taxes are administered, assessed, and collected. IRAS also computes a company’s tax benefit entitlements, including those given to newly incorporated businesses.
The Ministry of Manpower (MOM; www.mom.gov.sg) is the overlooking body of employment practice, including foreign manpower. Foreign companies need to register with the MOM for the necessary working permits. Singapore supplies different kinds of working permits, taking into consideration the residency of the employees, their qualifications, and their salaries. Companies cannot be allowed to operate in Singapore (and likewise, cannot hire employees) without abiding by the MOM’s rules and regulations. Employees devoid of necessary MOM-issued permits are also not legally recognized in Singapore law.