Once again, Singapore retains its top rank this year for ease of doing business, living up to its prestige as one of the leading financial hubs in Asia. Singapore’s economic conditions and ideal regulations on taxes offers are hard to ignore, so if you are an entrepreneur dead set on starting your business here, these are some useful tips to steer you in the right direction and make the process of Register Company in Singapore a smooth and painless one:
Selecting an appropriate business structure
From a number of legal entity forms to choose from— a sole proprietorship, a partnership, a limited liability partnership, or a private limited company—determining the right business structure is crucial as it will have a direct impact on various facets of your business. Some factors to take note of include your credibility in the eyes of your customers as well as the capacity to which your company can grow. For instance, a private limited company works best for a new enterprise in order to transact better with customers and potential investors. Apart from the tax discounts and incentives provided by the government, the flexible nature of a private limited company paves way for more growth and ownership transferring opportunities.
Establishing a business name
Be unique. Think out of the box but avoid anything that is too complex or hard to pronounce, Your business name should be a unique name that reflects your company’s philosophy and personality. Ensure that your business name is not identical to the name of an existing business, does not contain obscene words and does not infringe any trademark. You may want to run a quick name check on ACRA’s online directory to avoid any issues or delays in the process of your registration.
Selecting the right address
In order to have your company successfully incorporated, you will require a physical address where you will be operating from. This would be the official address where all your letters and documents will be mailed to. Using your residential address as your business address is only permitted under the approval of the Urban Redevelopment Authority (URA). If you wish to operate your business from a rented house, permission must be seeked via the Home Office Scheme (HOS), after which you will not be allowed to employ more than two foreign employees and display boards or signs relating to your company. Do note that your address cannot be a post box number
Acquire Permits & Licenses
It is mandatory to possess a permit or license when running specific businesses such as the sale of alcohol, drug manufacturing, transport services and drug manufacturing. After your company has been incorporated, these licenses have to obtained from the relevant authorities depending on your sector of business. This is a very important step to avoid any run-ins or confrontations from the law in the long run. Depending on the nature and complexity of the documentation required, the application process might run from a few days to a few weeks.
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