Singapore has become an extremely popular business location for incorporating companies. The incredible tax benefits for companies and the ease of doing business offer companies the freedom and flexibility to run their businesses more efficiently. According to ACRA, Singapore is home to more than 400,000 registered business entities.
Whether you’re a local business owner or a foreign individual looking to register your company in Singapore, company incorporation services Singapore help you follow all government guidelines and compliance requirements for the successful incorporation of your company. Read more for five valuable tips for registering a company in Singapore.
- Figure out your business structure
Every business requires a structure to run efficiently. Before you start running your business, you should have a clear idea about your business structure and how you will run and expand your business.
You need to know your business activities, the amount of capital you’ll need, revenue projections, number of stakeholders or active and dormant partners, and how you plan to scale your company. These factors will help determine the proper legal structure when you incorporate your company.
Thankfully, you can register your company under various legal entity structures according to your preferences. There are different legal entity structures such as partnerships, sole proprietorships, subsidiaries, limited liability companies, branch offices, etc.
The type of entity structure determines your ease of doing business, tax exemptions, and your customer’s trust. Company incorporation services in Singapore can help you assess your options and determine the right entity structure for your company.
- Choose the right company name
Your company name is a large part of its identity. It should represent your business activities and help you identify your company in all legal procedures. ACRA (Accounting and Corporate Regulatory Authority) is the regulatory body that controls corporate entities and requires all companies to have a legal entity name. ACRA has specific criteria for company names, including:
- The name shouldn’t contain any obscene and vulgar words
- It shouldn’t infringe any copyrights or trademarks
- It shouldn’t be similar to any existing company names
- You should have at least three other company name options for backup
Along with the company name, be sure to check website domain name availability for the name if you plan to make a website for your business.
- Have an official business address
During your registration process, you need to submit an official business address. It’s the location for your business communication and mailings. Here are some business address criteria:
- The business address location must be accessible for at least five hours during business days
- It should be a commercial or industrial property
- It should be a physically present location
You can use the address of your coworking space or virtual office, but it has different procedures. Your company incorporation provider will guide you in the right direction.
- Get a company director
You need to choose at least one director for your company who is 18+, a person who resides in Singapore, holds a valid entrepreneur pass or Employment Pass (EP). They should have no criminal background and haven’t been bankrupt before.
- Hire a company secretary
A company secretary (CS) makes sure you follow all corporate compliances set forth by the Singapore government. The CS guides the director with various compliance issues and is familiar with Singapore’s corporate practices.
Registering for your company in Singapore could be a strong business decision to help you grow your company. Be sure to hire a licensed and trusted company that supports incorporation services to help you register your company in Singapore.