You have probably thought about incorporating it if you start a new business. Incorporating is setting up a corporation that is legally separate from its owners. And if you want to incorporation of company and register a company, here is our guide on the most commonly asked questions.
Company registration and incorporation of company is not an easy task. There are a number of requirements that you must comply with. Tax and legalities are the crucial part of setting up a business, that is why it is recommended that you seek professional accounting and tax specialists. Here is our guide to help you understand the goods and services tax in Singapore.
To set up a company in Singapore, a company must go through the incorporation of company and company registration process first. Investors and business owners must tie up with a professional provider that offers services on how to set up a company and securing all the legalities of starting a business. Corporate Services Singapore is a provider that has company incorporation services in Singapore. We have professional team to help you out with everything you need to start your business. Here are the tips for foreign companies on setting up in Singapore.
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When thinking about becoming an entrepreneur, you look to the success of veteran or celebrity entrepreneurs, wondering what pushed them towards success.
If you were to examine successful entrepreneurs, you will notice that they share characteristics that enable them to create goals and achieve them efficiently. This is because they understand what they want out of life and design the habits and strategy that allows them to accomplish whatever they put their mind to.
If your goal is to become a successful entrepreneur, developing the 5 following habits will change your mindset and therefore, your ability to achieve your goals.
First things first, you cannot get up at 12:00pm and expect to get much done – the majority of your day is gone, and the daytime is the best time to be productive.
Successful entrepreneurs wake up early so that they can make the most out of their productive hours. Waking up early allows one to get more done in the early hours than the average person does in their entire day.
Most successful entrepreneurs wake up between 4-6am. Since most people are not up at this time, they have the ability to focus on their most important tasks, without having to deal with numerous distractions.
Waking up early will be extremely beneficial with regards to your success as an entrepreneur. More hours of productivity means that you can accomplish a tremendous amount of work, making both your short-term and long-term goals more attainable. By waking up early, you enhance your efficiency and effectiveness, both of which are qualities that play a major role in the success that entrepreneurs experience.
Successful entrepreneurs are always looking for an opportunity to turn a skill set or experience into revenue or a product. Whether it be an existing market that has products and services that are lacking, or the opportunity to be the first to innovate, these people look to capitalize on anything that is open for new entry.
You must always think in terms of a producer – what is something that you can provide that people will be willing to pay for on a consistent basis or for a premium price? This means that you have to constantly study the marketplace to understand the needs and wants of consumers.
Before going all in on your idea, test your product or service amongst a small group of users so that you can produce the best offering possible. Business is all about getting a high ROI for your efforts, so you must decrease the risk you take on as much as possible.
As an entrepreneur, too much planning and contemplation will hold your business back from experiencing growth. If you make a plan, it must be followed up with actions that lead to execution. There is nothing worse than making plans as an entrepreneur that are never accomplished. For all your big talk and aspirations, they must be followed up with hard work that is guided by an effective strategy.
Staying proactive with your entrepreneurship idea will not only help keep the business alive, but will keep your brain active enough to keep evolving your business. Taking too many breaks, or worse, never acting on your business idea, will not result in anything. Waiting for an opportunity to fall into your lap is too risky a game to play, especially if you truly believe your idea has the potential to make major profits.
Sales is what successful entrepreneurs think about every single day. How many customers they have, how much money is being made, are forecasted goals being met – these are the thoughts that push successful entrepreneurs to work extremely hard. And when money is made, they want to keep as much money as possible, so finances are a very important factor also.
As stated previously, your main priority is producing consistent sales. Gain as much knowledge about selling as possible and build up a team of quality salespeople. You want your business to generate money so that it can be recognized as an actual business. As you grow, invest in a CPA to ensure that your money is being managed properly and used to increase further growth.
Implement these traits into your behavior and you will position yourself to become a successful entrepreneur. Remember, success is a process of actions combined together to produce results.
Read more : The 5 common traits of successful Entrepreneurs
As far as launching a new business is concerned, Singapore continues to be a favourite for both local and foreign entrepreneurs. The country has been consistently rated as the best for starting a company in its Doing Business Report by the World Bank Group for the tenth consecutive year. Some major factors that make Singapore an appealing destination to set up a business include quick registration process, SGD 1 minimum share capital requirement, strong economy, zero capital gains tax, low tax rates, excellent infrastructure, and several interesting government schemes and subsidies. Also, the Accounting & Corporate Regulatory Authority (ACRA), a body responsible for the regulatory environment of business establishments, oversees the company registration process in Singapore. Launching or registering a company in Singapore is quick, if done systematically. This article provides step-by-step instructions to register a company in Singapore, in a simple and systematic manner.
Steps to Register a Company in Singapore
Step 1: Finalize the Establishment Type
First and foremost decide on the legal structure that is ideal for your business, keeping in mind the tax benefits. In case of a Private Limited Company establishment type, you need to consider the higher registration cost, complex compliance requirements post registration, and risks involved. A Private Limited Company establishment type is recommended to businesses that involve higher risks, long-term plans, and high profits. On the other hand, Sole Proprietorship is ideal for a small business with minimum risk factors and less post-registration compliance requirements. Another option is Limited Liability Partnership (LLP), where the funds and resources are provided by two or more partners. The chargeable profits of Sole Proprietorship and LLP will be accessed as per the owner’s income and subjected to personal tax rates. Although a Private Limited Company attracts more investors and provides better financial options, the existing compliance cost for this entity is higher compared to that of Sole Proprietorship or Limited Liability Partnership Company. Go through the registration process for a Private Limited Company before finalizing the establishment type.
Step 2: Finalize a Company Name
Naming your business can be quite an exciting affair. However, we suggest you choose a name that is relevant to your business. While deciding names, be mindful not to use undesirable names or those that are identical to other companies. After you shortlist probable names, check if they are available or already taken up by other companies. An easy way to check if the name you have chosen is still available is by using the Singapore Company Name Checker Tool. After short listing the name, apply for approval with ACRA. In case there are no discrepancies and the selected name meets all requirements mentioned in the guidelines, it will be approved immediately. To avoid delay in the registration, we request our clients to provide two additional names apart from the preferred one.
Step 3: Keep the Necessary Details Ready
Keep the following list of items ready before proceeding with the registration process.
• ACRA approved company name
• Brief description of business activities
• Personal identification and address details of at least one resident director in your company
• Personal identification and address details of shareholders
• Local company office registered address
• Details of the appointed Company Secretary
• Paid-up initial capital of minimum SGD 1
Step 4: Register a Singapore Company
After ACRA approves the name of your company, the next step is to register your company. Submit the duly signed application form along with relevant documents and registration fees. If all your documents are in order, the Registrar will approve the registration within one working day. However, if additional information or documents are needed, then the registration process might take longer.
Step 5: Issuance of Certificate of Incorporation
On approval of your registration application and completion of the Singapore Company incorporation, you will receive an official email notification containing the Certificate of Incorporation along with the company’s registration number from ACRA. For a hard copy, place an online request to ACRA along with a payment of SGD 50 per copy. You can collect the hard copy from the ACRA office the next day. Post incorporation, your company will receive a Business Profile, a PDF document, containing vital information like company name, registration number, previous names for company, if any, incorporation date, principle activities, paid-up capital, registered address, shareholder details, director details, and company secretary details.
Step 6: Post Incorporation Tasks
Post incorporation, the company must ensure that the following are in order:
• Shareholders’ share certificates
• Share register containing details of shares allotted to each of the shareholders
• Company seal
• Company rubber stamp
Step 7: Opening a Corporate Bank Account
Opening a corporate bank account in Singapore is a quick and simple process. Singapore offers a huge choice of banks that include international as well as regional banks. Due to the strict international regulatory regime, we suggest that you are physically available to open your corporate bank account. However, if it is not possible for you to be physically present, we will guide you through your corporate bank account opening process. Click here for more details and documents required for opening the bank account.
Step 8: Get a Business License
All businesses need a license to operate. Some businesses may even need more than one. After receiving Certificate of Incorporation, you must apply for your company license with the concerned government agencies.
Step 9: GST Registration
All companies with annual revenue above SGD 1 million must register for the Goods and Service Tax (GST) with the Inland Revenue Authority of Singapore (IRAS). Companies with annual revenue below SGD 1 million need not register. GST is charged on goods and services sold to clients, which is then remitted to the tax authorities by the company.
Step 10: Filing Annual Returns
It is mandatory for Singapore registered companies to prepare their annual financial statements in accordance with the Financial Reporting Standards of Singapore. They also have to file the Estimated Chargeable Income (ECI) form with Inland Revenue Authority of Singapore (IRAS) within three months of the financial year-end. Apart from this, the company must also file annual returns with ACRA within a month of its Annual General Meeting, which must be held once every calendar year.
All the steps mentioned above must be executed systematically. To avoid penalties and prosecution, it is advisable to appoint a corporate service provider to handle your company’s annual filing and ongoing compliance obligations.
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