The easiest way to set up your business in Singapore is through Koh Management.
Many entrepreneurs look toward Singapore when considering where they would like to establish their businesses within Asia. The reason why many entrepreneurs choose Singapore over other countries in Asia is due to its stable government, low taxes, and ease of access to the global market place. Entrepreneurs who wish to open up a company in Singapore need to understand that simply having a great business idea will not suffice. They need to go through the proper steps to register their company and comply with the regulations of the country. A practical way for entrepreneurs to have help throughout this entire process is to Setup business in Singapore with Koh Management.
Start With the Right Business Structure
Before you register your business as a company, determine what form of company best fits your business objectives. The majority of businesses formed in Singapore are private limited companies. A private limited company has its own separate legal identity from its shareholders, and therefore limits the liability of each shareholder to the amount of capital he/she/it invested into the business.
In addition to a private limited company, other business entities that may be formed include Sole Proprietorships and Partnerships. Each of these forms of business has different requirements for taxes, legal responsibilities, and ownership structure.
The selection of which form of business is appropriate for your situation depends on several factors, including:
- Your business activity(ies)
- Number of shareholders/owners/investors
- Expected earnings/growth of the business
- What level of personal liability you are prepared to assume
Reviewing these considerations will allow you to make an informed decision about what type of business entity is best for your business without having to change your entity type at some later date which can be expensive.
What Does Company Registration Involve?
Singapore’s Accounting and Corporate Regulatory Authority (ACRA) manages the incorporation of companies. There are several key steps involved in the company incorporation process.
- Name approval: Find an available business name that is approved for registration by ACRA.
- Document preparation: Collect all of the pertinent data regarding your company’s directors, shareholders, registered office location, and the type of business activity that your organization intends to engage in.
- Company incorporation: Submit the application through ACRA’s Bizfile portal.
- After you’ve registered your company: Establish the formal documentation for your company, open a bank account(s) for your company, and establish a bookkeeping system for your company.
In order for a company to be registered in Singapore, there has to be at least one director that meets the local resident requirements. Also, a company has six months from its date of incorporation to appoint a company secretary.
Why Consider Professional Assistance?
New business owners may be unaware of Singapore’s corporate law and filing requirements. Failure to provide a necessary document or failure to meet a compliance requirement may result in delays to the overall process.
When you setup business in Singapore with Koh Management, you may use their professional assistance to complete the incorporation process, as well as any administrative requirements associated with it. Prior to selecting a service provider, you should review the company’s prior experience, the range of services offered by the company, the cost of those services, and the continuing support offered by the company.
Clear guidance will be able to aid business owners make informed decisions from the start.