Things to Consider When Starting a Business in Singapore
Looking to setup a Singapore Business? While you take your time to study, understand, and analyze the economy of Singapore, we at Paul Hype Page and Co are here to make your Singapore Company Incorporation a reality. This guide looks at all options Paul Hype Page will be able to assist you with.
Singapore is the place to be when it comes to starting new business ventures. With among the lowest corporate tax rates in the world, along with attractive tax structures, incentives and benefits, it’s no wonder investors can’t wait to establish a business in the country. Company incorporation service providers, like Paul Hype Page, have helped hundreds of entrepreneurs from all over the world start their business in Singapore. We can do the same for you.
To begin your Singapore company incorporation process, all you need to do is go to the website of the Accounting and Corporate Regulatory Authority (ACRA) and apply online. Registering a Singapore company can be done from the comfort of your own home. However, if you are thinking of starting a business in Singapore, then you need to consider a lot of requirements before the registration of your company. This article will try to guide you and address some of the problems that you might be facing trouble find the solutions of.
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2 Main Factors to Consider for Your Business Incorporation in Singapore
To incorporate a company in Singapore, there are several things you would need to consider.
Clarity of business objectives.
You need to be clear on what exactly it is you want. Knowing that you want to work as an entrepreneur is not good enough. For example, if you want to trade in Singapore, then find a professional broker or brokerage firm. Some of these brokerage firms can be found online, and they offer easy, accessible stock trading. All you have to do is search for them to gain valuable information.
As an alternate example, if you want to explore different investment options, then you could go for an investment portfolio that focuses on the Singaporean economy, because it is expected to experience big gains in the future. You could go for currency, commodity trading, Singapore stocks and security trading, or exports. You could also go for exchange traded funds (ETFs), since one can keep track of them very easily online, or you could go for mutual funds, which are a combination of a variety of equities and securities. Be sure to hire a consultation firm that can help you with all the filing of documents, forms, applications, the technical terms, tax requirements etc.
A reasonable business plan.
You need to first draft a reasonable business plan that can answer some of the following questions:
At what time of the year will you establish the financial year end, or hold the meetings?
There are many other questions like these that your business plan should be able to answer. Your business activities should be clearly defined in your business plan. Your business profile should also be clearly defined.
Those local residents or foreigners who are looking at how to invest in Singapore will need to deliberate, and strategically place their funds in order to reap profits from the ever-strengthening Singaporean economy. Here are some practical and useful tips for those who want to know how to invest in Singapore:
Get together all of your available capital in a single liquid account.
Determine how much to take out of your savings or active checking accounts, and how much to leave in order to live on. Budgeting your initial investment is very important because it will tie up your money for some time.
Consider options such as equity partners, seed or venture funding, overdrafts and loans to get started. There are also plenty of government programs in Singapore that offer financial aid such as angel investor funding.
Shareholders’ or partnership agreements.
Agreements between partnerships or shareholders are crucial to the smooth running and operations of companies. With this, expectations and compensations of the members will be better managed and development of relationships will take place.
Locating a business.
Where you want to establish your business and where you want your offices to be depends on the type of business.Your registered address must be ready as part of your incorporation process. P.O. Boxes are not allowed, but residential addresses can be used as your designated business address. You could decide to have one international office, or have multiple branches in different countries. You could choose to expand when substantial returns have accumulated. It all depends on how feasible the scenario is.
The Final Steps
Once you have a registered company with ACRA, you will be issued with a certificate of incorporation. You will then need to set up a corporate bank account for official business transactions. You will also need to appoint a company secretary, who will handle all your corporate secretarial business needs. There must also be one local resident director in place among your directors and shareholders. If you need to relocate to Singapore to run your business, you should ensure the relevant work passes – like the Employment Pass – have been prepared for your arrival.