Singapore is no doubt one of the best countries to start a private company in Asia Pacific region. The government offers great incentives to foreign entrepreneurs who would want to start a business in the country. The company registration process is automated and only takes a matter of days. Today we will look at four things that you should expect after your business is registered.
Unique Entity Number (UEN)
A unique entity number (UEN) is automatically generated and used to identify your company. It is similar to the standard identification number and should be used when corresponding with various government bodies such as MOM, ACRA, CPF, and IRAS.
Letter from ACRA
The ACRA will send a congratulatory letter to all the directors of the company. The letter will also highlight their specific responsibilities and roles. The letter will also remind them of all the future ACRA compliance requirements that they need to fulfill to comply with the set regulations.
Letter from IRAS
IRAS will send you a perforated letter with details of EASY access codes that you can use to get information about your private company tax matters. EASY is an e-services authorization system that was implemented by the government to allow an incorporated company to authorize specific employees or third parties to access e-services on its behalf.
The username that is required to perform E-filling for the tax is the unique entity number of the company, and the password will be provided in the letter. You will be needed to change the password within 60 days after the date indicated in the letter as that it is set to expire after two months.
There are professionals that can help you register a company in Singapore at ease and without charging you an arm and a leg. All you need to do is consider all aspects such as the reputation, credibility, and total cost of the service to choose the right one.
More importantly, make sure that you provide accurate information about the private company that you intend to start from the word go to avoid any inconveniences down the road. The good with starting a business in Singapore is that the company registration process is fully automated and only takes one or two days to complete provided all the information required is submitted to the registrar of companies.