What are the steps to starting a business in Singapore?
Incorporating your company
The initial step to starting a business in Singapore is to register your company. The process of incorporating a company in Singapore is simple and straightforward. When you are starting on the registration process of a private limited company then you will be required to avail the following information:
- A company name that must be approved by the ACRA.
- Shareholders at least one and at least one director who must be a Singapore resident.
- A company secretary who must also be a resident of Singapore
- You should also have at least SGD 1 as a paid-up capital
- A physical registered office address is a requirement.
Again, you do not need to worry since Paul Hype Page will provide you with all the essential services to enable you to register your business in Singapore.
Obtaining Necessary Licensing and Permits
After the incorporation process, you will have to obtain all the necessary licenses and permits for you to operate your business. The type of your business and the industry under which it lies will significantly dictate the kind of business permits and licenses you require. Singapore’s government requires all the businesses within the jurisdiction to have permits and to license to allow them to operate their businesses. Licensing ensures compliance and certainty that it is operating in accordance with the Singapore law and requirements.
Therefore, obtaining licensing should be part of your plans when starting a business in Singapore.
Recruiting of Employees
The process of recruiting employees for your business can be a nightmare. However, that is not usually the case in Singapore since there is a pool of qualified and professional employees. You can hire either local or foreign employees in Singapore. Besides, there are employment agencies in Singapore that can assist you with the hiring process.
If you want to hire your employees from abroad, you must ensure that the valid work permits, and passports enable them to work in the country. Still, you have nothing to worry about if you had the plans to hire employees from abroad. PHP will help you process the necessary work permit and Visas for your prospective employees to enable them to come to Singapore. Starting a business in Singapore might not be complete or successful without hiring qualified employees and workers.
Compliance and Tax remittance
Singapore has Double Taxation Agreements (DTAs) with over 73 countries globally. Besides, the country has a unilateral tax system with the countries that it has not signed the DTAs with. Thus, the tax system in Singapore is lenient and simple. Nonetheless, you must ensure that you file all your relevant tax requirements correctly. It might be challenging for start-ups who are not familiar with all the tax requirements in Singapore. However, you must realize that the process of filing your taxes can be simpler if you hire our professionals who can help you file to avoid penalties and fines.
Generally, the process of starting a business in Singapore is fast and efficient if you work with qualified and professional personnel. Therefore, you need to consult with us so that you can start your business in Singapore with ease.