How To Setup A New Company In Singapore
Small and Medium Enterprises (SMEs) are anything but small in Singapore. They are a major contributor in the overall economic output and create employment opportunities in the island. The government actively supports the SME sector in successfully starting and operating a business with ease through different initiatives, programmes, and schemes. For one, Company Setup Singapore is a relatively easy process. There are comprehensive information sets on starting, operating, and managing a business that are readily accessible to interested individuals. An example of helpful sites for both local and foreign entrepreneurs are ACRA (Accounting and Corporate Regulatory Authority) and EnterpriseOne. The business registration forms are available online for S$50 and an additional S$15 for each business name registered. The forms must be completed and requirements must be furnished through ACRA.
If you are looking to register a business in Singapore, simple steps can help you to set up a new company in the city-state and follow your entrepreneurial dream:
Registering your business name: Interested entrepreneurs must log onto BizFile using their Unique Identification Number (EIN) and SingPass in order to successfully conduct transactions. The name registration fee is at S$15. Usually, the business name application takes only 15 minutes. Take note that the business name must not be obscene, offensive, or already taken by another business.
Obtaining the licenses and permits required to run the business: The government launched the Online Business Licensing Service (OBLS), a complete online licensing portal, to assist entrepreneurs in looking for the relevant permits and licenses relevant to their respective industry. The fees may vary depending on the permit. Similarly, the application process differs depending on the governing body handling the license or permit applications.
Incorporating your business: The company incorporation process requires providing your registered business address, information on shareholders and company directors, auditors and such. These information must be provided through BizFile.
Filing taxes: All Singapore companies must satisfy their respective corporate tax requirements. Every Financial Yearend, companies must declare their chargeable income. In order to comply with statutory requirements, you may hire an auditor and tax professionals.
Hiring employees: Now that you have gone through the steps above, you may start hiring eligible individuals to help your business operate and grow.
For entrepreneurs who need assistance in registering their business, seeking the services of a professional services firm to help you set up your company may be ideal. Outsourcing specific areas of your business can not only be efficient but also be cost-effective. Other corporate solutions services you may consider outsourcing include accounting and bookkeeping to ensure all your books are well-maintained, secretarial, and tax services.
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