What’s next after a Singapore Company Incorporation
Are you an individual seeking business opportunities in Singapore? Are you a foreign company planning to start a subsidiary in the country? Good, because in either case you should be familiar with what comes after you have gone through the process to register a Singapore company, as there are certain formalities that follow the registration phase. Singapore company registration is an easy and straightforward process, and as long as you have all your documents in order, work visa and a registered address for your company, you will be ready to commence business activities in Singapore in no time.
Documents Issued to You
When you are done with company incorporation in Singapore, you will be awarded with certain documents. This is the standard procedure and there is no need to worry as it is rather straight-forward. First of all, when the Company Registrar is finished with you, you will receive an e-mail from them. Within the e-mail, there will be a confirmation that you have successfully formed a company in Singapore and it will also inform you of your Company Registration Number, which is an official number assigned specifically to you. Please make sure you save this message to your hard drive, because the number is rather important and you had better not lose it. It used to be the case that the Registrar would automatically hand you paper certificates, however, that is no longer the case and you must pay a fee of S$50 in order to obtain them. It seems a lot easier (and less expensive) to simply receive the e-mail and print it out.
Furthermore, the Company Registrar will take the next step of making a company business profile and assign it to you after the registration of company in Singapore has been completed. It is only after you have been given this profile that you can start entering into contracts and perform your business in compliance with the law.
Opening a Bank Account
Opening a bank account as a businessman is a must in today’s world. Chances are many people will only be willing to pay you for your goods or services electronically so you’d better be prepared to obtain such payments. The fact is there are many good and reliable banks in Singapore. Just to name a few, let’s mention HSBC, Citibank, UOB and Standard Chartered. Some of these banks offer the option to open a bank account for you without requiring your physical presence. In this case, all it take on your side is to simply pick up the phone and call them. This comes in very handy when you are a busy foreigner and do not have the time to arrive in Singapore in person and go to a local bank just to open a corporate bank account.
Application for Business Licenses
In the case of certain types of business, there is a need to apply for a business licence in order to run the business in a legal and ethical way. There are many ways to set up a Singapore company and many of them require such a licence. Companies active in any of these areas will need it: restaurants, companies importing or exporting goods, employment agencies, travel agencies, educational institutes and financial services.
If the annual revenue of your company exceed the limit of S$1 million, there is a necessity to register for the GST, which is short for Goods and Service Tax. This is a specific name given to this tax by the Singapore government and it is known in many other countries as either VAT (Value Added Tax) or Sales Tax. If your company does not exceed the mentioned limit, there is no need to register for the GST. Once it does, you need to register and from that point onwards, you must charge your customers an additional 7 % on all of your goods and services sold. You may not keep this sum, you must pay it to the government.
This article was meant to be a brief introduction to what follows the Singapore company incorporation. Hopefully you have found it helpful and have become familiar with the necessities of the post-registration phase.