8 Important Facts About Company Incorporation In Singapore For The Entrepreneurs

Is task of a company incorporation in Singapore too, difficult? Some of the entrepreneurs may be under the impression that it is. Moving to a different economic zone to start a new business is sometimes tricky. It is very true, especially, when the entrepreneurs or the investors are planning to target a market that is radically different to their own. In general, if they do not have firsthand experience of the market and are banking on what they came to know about it from the others, things might get difficult for them.

Factors Affecting the Moral of Entrepreneurs

What could stall a Singapore business incorporation? The language barrier, pro business attitude of the government, corruption in the bureaucracy, trained workforce, infrastructure, tax rates and ease of doing business in the targeted market place are of very much importance to a newcomer.

If the individual is also thinking of relocating, then, the factors like, social environment, acceptance of foreign nationals, medical facilities, quality of education, social safety and etc., also counts. If one considers Singapore on the basis of the factors discussed above, it is hard to miss that it is one of the most ideal market to base one’s business in.

Guts of a Singapore Company Incorporation

For more than a decade, business minded individuals have preferred it for their Singapore business incorporation ( http://www.sbsgroup.com.sg/ ). The organizations and experts, in the know, have rated it very high for the ease of doing business. Its multilingual workforce, most of which knows English, has a lot offer to the multinational as well as to the small and medium business owners. However, the main pulling-force is exerted by the lower tax rates that are applicable in Singapore. The personal and corporate income tax rate max out at 20% and 17%, respectively.

1. Legality of a Private Limited Company in Singapore

The process needed to incorporate a company in Singapore ( http://www.sbsgroup.com.sg/ ) is simple and call on the business owner to complete only 2 processes. The private limited companies are registered under the Chapter 50 of the Companies Act of Singapore. These business entities offer protection to the shareholders and other stakeholders by limiting their liability to the capital they have used to buy the shares. It exists as a separate legal entity from the stakeholders and enjoys the status of a natural born individual. It can buy and sell real estate for its own purposes.

Singapore company incorporation services like, SBS Consulting, lend useful assistance to the local and foreign entrepreneurs. Accounting and Corporate Regulatory Authority (Acra), the agency that governs Singapore registered companies, advises the foreigners to take assistance from the external Singapore incorporation services.

2. Incorporation Process in Singapore

The Singapore incorporation services employ experienced and certified professionals to set up their client’s company in Singapore in 1-3 days. On their client’s behalf, they file an application of incorporation with the Company Resistrar i.e. ACRA and also supply Memorandum and Article of association giving details about the company’s operations and its management structure.

3. Company Name

The entrepreneurs and business owners need to check the availability of a company name for their business and get it approved by the Company Resistrar. This agency has the authority to reject offensive names as well as those resembles the existing ones. The Singapore business formation takes more time, if it intends to operate in the regulated areas like, the banking, casino, education, finance, insurance, etc. Such business formations are more often than not, are approved at the ministerial levels.

4. Minimum Registration Requirements

Following are the minimum requirements for a successful business incorporation in Singapore:

-> Minimum capital of S$1

-> At least one shareholder

-> At least one local resident director

-> At least one company secretary

-> A registered local address for Singapore office

5. Certificate of Incorporation

At the end of a successful incorporation of a company in Singapore, ACRA emails the certificate of incorporation to the service provider. In Singapore it is sufficient, on the other hand, payment of a small fee is required to get a hard copy of this certificate.

6. Corporate Bank Account

Professionals employed by the incorporation services in Singapore also help their clients in opening a corporate bank account. They also order company seals and stamps which then are handed over to the company secretary for the safekeeping.

7. Annual General Meeting

It is binding for a new Singapore company set up to hold its first Annual General Meeting (AGM) within the 18 months of its incorporation. The time duration between consecutive AGMs should not be more than 15 months at the most.

8. Licenses and Permits

There are not that many business activities in Singapore that need permits. If the nature of a company’s business makes it necessary for it to obtain licenses and permits from government agencies, these must be applied for and obtained before starting the business activities.

The top incorporation services in Singapore like, SBS Consulting also offers relocation, immigration and visa services to its clients. The firm assists its clients with the EntrePass, Employment Pass and other visa related issues. SBS is also renowned for its corporate business services like, company secretarial, bookkeeping, accounting, taxation, auditing, XBRL filing, ECI filing and GST filing.

The top incorporation services in Singapore like, SBS Consulting also offers relocation, immigration and visa services to its clients. The firm assists its clients with the EntrePass, Employment Pass and other visa related issues. SBS is also renowned for its corporate business services like, company secretarial, bookkeeping, accounting, taxation, auditing, XBRL filing, ECI filing and GST filing.

Author Bio: The top incorporation services in Singapore like, SBS Consulting also offers relocation, immigration and visa services to its clients. The firm assists its clients with the EntrePass, Employment Pass and other visa related issues. SBS is also renowned for its corporate business services like, company secretarial, bookkeeping, accounting, taxation, auditing, XBRL filing, ECI filing and GST filing.

Category: Business
Keywords: incorporation services in Singapore, company secretarial, bookkeeping, accounting, taxation

Related Articles:


Post Footer automatically generated by Add Post Footer Plugin for wordpress.

Website Pin Facebook Twitter Myspace Friendfeed Technorati del.icio.us Digg Google StumbleUpon Premium Responsive

Leave a Reply