accounting firm singaporePlanning to open new company in Singapore? Well, with numerous effective policies and incentives, things are pretty easy here. At VentureHaven, we intend to offer complete assistance for startups and new businesses for the initial setup. We are also the best accounting firm Singapore, and our services are extremely customizable for different requirements. In this post, we have a checklist for business owners, both local and foreign, who plan to register company in Singapore.

  1. Check your idea again. You might have done your research before selecting a business plan, but we insist that you consider things from scratch again, just to be sure. Evaluate the pros and cons along with the possible hurdles and scope for profits, so as to take the final call.
  2. If you want to start a private limited company, you will need a local director, who is a Singapore Citizen or has an Employment Pass. You also need at least one shareholder for the company, which can be an individual or an entity.
  3. You also require a registered office address. Keep in mind that P.O. Box addresses are not accepted as company addresses in Singapore. So, you must have a physical address, which must be used for further communication.
  4. The minimum paid-up share capital of the company is S$1. You also need a company secretary. The company secretary should be appointed within six months of incorporation.
  5. You also need a list of documents, including KYC papers, proof of residential address, a copy of your passport and a reference letter from the bank. Locals must have a Singapore identity card. For the company, you need the Certificate of Incorporation and other papers related to the Memorandum.
  6. Once you have all these things in place, you can move ahead with the company incorporation process, which can take some time, depending on the various factors and industry matters. You can speed up the process by hiring VentureHaven for the setup and related paperwork. As mentioned, we work with you, so that you can focus on your business matters better.
  7. Finally, do consider the Singapore bookkeeping and tax requirements. It’s wise to start early with these aspects because you don’t want to deal with the complications later. Singapore has Avoidance of Double Taxation Agreements with around 73 countries, and therefore, you can save a lot on your taxes, if you take the right steps.

Open New Company in Singapore

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