Even though it is simpler to create a business in Singapore in contrast to the overwhelming majority of other countries, you should nevertheless make sure that you are well-prepared for the method. Before you begin the process of incorporating your business in Singapore, there are five things that you absolutely need to be aware of.
Determine the optimum organisational structure for your organisation.
Before you start conducting business in Singapore, you need have have a firm notion of the ideas you have for your organisation. You should have at least a general idea of how to react to questions such, “What are your planned business activities?”
How many persons do you expect to have as partners or shareholders in the company?
When you begin the process of incorporating your business, it is vital that you have this information in order to determine the suitable legal structure for your organisation. Choosing the right company incorporation firm in Singapore can be helpful here.
Businesses in Singapore may select from a broad number of legal entity structures, including sole proprietorships, partnerships, limited liability companies, subsidiaries, branch offices, and representative offices, amongst others. There are a number of potential outcomes that might be affected by your decisions, including client satisfaction, tax advantages, and the simplicity with which you can expand your company.
You may opt to seek the support of a provider of incorporation services while going through these possibilities. On the other hand, if you have a well-thought-out company plan, you’ll have a much simpler time deciding on the best legal form for your needs. In this regard, Morrison Management provides professional corporate solutions for your company incorporation in Singapore.
Make sure the name you choose is appropriate for your company.
The next step is to give your company a name that clearly communicates its mission and the services it offers. The Accounting and Corporate Regulatory Authority (ACRA), Singapore’s corporate registration authority, has a few standards that must be met before it can approve your company’s name.
- No profanity should be used under any circumstances.
- No trademarks may be violated under any circumstances.
- It’s important that your company’s name be distinct from that of competitors.
- At least three names should spring to mind as possibilities for your company.
- Whether you plan on launching a corporate website soon, now is a good time to check if the domain name you’ve had in mind is still available.
- Get a registered office for your company.
If you want to incorporate your business in Australia, you’ll need to provide the Australian Corporate Registry (ACRA) a physical location for the firm. In order for this to be the definitive address for all of your communications, it must meet the following standards:
- The company must be accessible to clients for a minimum of five hours every day, Monday through Friday.
- It must be a commercial, industrial, or office space in Singapore.
- It must be a real address, not a PO Box.
Know that in Singapore, virtual offices and co working spaces are viable alternatives to traditional office sites. You may want to consult with a business that provides incorporation services before making a final choice. Along with Secretary Service @ $598 / year you can now incorporate your company.
Get a full-time resident manager
The following is a crucial step for any foreign firm planning to incorporate in Singapore. Choose a director who is either a citizen of Singapore, a permanent resident of Singapore, or who holds a Singapore Pass, such as the Entrepreneur Pass, in order to go through to the next step.
