This guide will shed insight into the difficulties you might face when registering a company in Singapore. Singapore is built to help businesses grow and develop. However, business operations are not without challenges and having local help is more than crucial.
Singapore is built on its ability to help businesses grow and develop by harnessing globalisation, and maintaining the enforcement of intellectual property rights. However, smooth business operations are not without challenges, and having local help is more than just crucial. Company incorporation in Singapore is the dream of many entrepreneurs, and it is a dream that we at Paul Hype Page have helped to fulfil.
Singapore is ranked number one on the ease of doing business scale that is mainly due to its many assets, which play an important role in the economy. Added to that is a favourable tax rate and a strategic location for which the country is largely preferred by aspiring entrepreneurs and businessmen. The vast potential for various business activities, the attractive corporate tax and tax exemption schemes have made company formation in Singapore a lucrative business option for investors.
Nevertheless, doing business in Singapore has its challenges, and demand from global businesses is providing tough competition and reducing margins, as well as increasing business costs, mostly in rentals and a squeezed labor market. Here are some difficulties that you might face at different stages of incorporating your business:
Starting A Business
If you are planning to start a business here in Singapore, you must first register with the Accounting and Corporate Regulatory Authority, where you are required to conduct a name search. This an important part of the Singapore company registration process, as your name will represent you in the eyes of your clients. The name search can be a daunting task at times as it needs to be unique, and is not taken. Next, once you have decided on a name, you can file for company incorporation and General Sales Tax number. Moreover, a worker’s compensation insurance at an insurance agency should also be completed.
Although the process should take less than a month, there are over 11 construction permits to deal with. Businesses are required to have a written permission from the Urban Development Authority before requesting approval for structural plans, obtain technical clearance, and consult the Central Building Plans Unit of the Ministry of the Environment and Water Resources, as well as the Land Transport Authority and Commissioner for Workplace Safety and Health.
Once you are setup, it may take more than a month to secure an electricity connection for your office. Most of this time is spent in signing up for an electricity account and paying the fee before SP Services Ltd carries power grid operations.
Although Singapore ranks 12th in the world for ease of getting credit, business owners should be aware that individual business owners and companies are not part of the public credit registry with information on their borrowing history from the past five years.
These are just some of the difficulties you might face along with filing taxes, trading outside Singapore and many other complicated issues to deal with. If you are planning to start operations here and register a company in Singapore, be sure to give us a call and we will guide you from the start, right until your business is operating seamlessly!