Bright Reads

  • Home
  • Editor’s Picks
    • Featured

      Important Designing Tips for X Stand

      March 23, 2020

      Featured

      Promote Your Business with Stylish Designed Pull Up…

      December 6, 2019

      Featured

      Going to Start a Company in Singapore? Here…

      March 19, 2019

      Featured

      Features of Single-Sided Visiting Cards

      March 14, 2019

  • Business
  • Featured
18.8 C
New York
August 14, 2022
  • Sign in / Join

Login

Forgot your password?
X

Register

Have an account?Login here
X
  • Home
  • Editor’s Picks
  • Business
  • Featured
FacebookTwitterInstagramGoogleYoutube
Bright Reads
Business

Quick and Easy Steps to Set Up a Business in Singapore

by Tina KeahApril 4, 2019June 26, 201902102
Share0

Singapore is one of the best places to do business in the world, according to the World Bank. It is known that Singapore has a pleasant tax regulation and system that makes it easy for entrepreneurs to start their companies in the country. It only takes approximately three days for someone to start a business in Singapore, as long as the applicant follows the rules and regulations accordingly.

To set up a company in Singapore, you must first go through a company registration in Singapore process and get approved by the law. But in order to do that, there are certain documents and prerequisites you must fulfill.

1. Decide on a Business Entity

Before anything else, you must determine what type of business you are going to run in Singapore. There are a lot of different options where the laws also vary for each. Commonly, many new companies register as private limited companies with the Accounting & Corporate Regulatory Authority (ACRA). A private limited company is a business which shares are held by a maximum of fifty people. It is not available to the general public. It is the type of business entity that’s advanced, scalable as well as flexible, that’s why it is the most preferable in Singapore especially for serious entrepreneurs.

2. Incorporate Your Company

Now that you’ve decided on a type of business entity, you will need to register it with ACRA and the Inland Revenue Authority of Singapore (IRAS). Private Limited Companies in Singapore are governed by the Singapore Act. To have your company set up, you must fulfill the requirements of:

Having a company name that’s approved by ACRA

Having shareholders of a minimum quantity of one person

Having a director appointed of the company who is a Singaporean and resides within the country

Hiring a company secretary that’s also a Singapore resident

Paying up capital of at least S$1

Create a registered address that’s a physical office and must be located in Singapore

It is recommended for a newly incorporated Singaporean company to purchase a Business Profile that can be acquired from ACRA. A Business Profile contains information and report details of your business such as registration number (UEN), registration date, the name of shareholders, and other important data. A Business Profile is also required for opening a bank account for your company and apply for licenses and permits if necessary.

3. Open Up a Bank Account

After getting your company registered within the required boards, you may open a bank for your business, whether it is a local Singaporean bank or international banks depending on your necessity.

4. Additional Steps After Business Incorporation

You may need to get your business related licenses and permits, depending on the type of business your company runs. You will also need to register office hours and acquire a registration number that’s issued by ACRA. You might also need to register with the Singapore customs if your business involves the activities of import and export, as well as registering for Goods and Service Tax (GST).

Share0
previous post
Going to Start a Company in Singapore? Here Are the Three Main Types of Local Company Setups You Need to Know
next post
Four Ways to Ensure the Success of a Printing Business
Tina Keah

Related posts

Advantages of Employing Provider of Secretarial Services

Anita LaurenJune 18, 2020June 17, 2020

What Are The Steps To Start The Personal Import Business?

Tina KeahJuly 4, 2019June 29, 2019

What is DVS in Malaysia and the Animal Products Certification like VHM & GVP?

Wahn YoonJuly 7, 2022July 8, 2022

Recent Posts

  • How To Get The Most Out Of Your Rubber Stamps August 14, 2022
  • What is DVS in Malaysia and the Animal Products Certification like VHM & GVP? July 7, 2022
  • Malaysia: National Pharmaceutical Regulatory Agency (NPRA) July 5, 2022
  • Everything You Need to Know about Pro Yellow Laser February 25, 2022
  • Researchers And Marketers Who Will Help You Understand And Promote Your Product With Mandreel Approach September 1, 2021

Recent Posts

  • How To Get The Most Out Of Your Rubber Stamps
  • What is DVS in Malaysia and the Animal Products Certification like VHM & GVP?
  • Malaysia: National Pharmaceutical Regulatory Agency (NPRA)
  • Everything You Need to Know about Pro Yellow Laser
  • Researchers And Marketers Who Will Help You Understand And Promote Your Product With Mandreel Approach

Archives

  • August 2022
  • July 2022
  • February 2022
  • September 2021
  • August 2021
  • January 2021
  • July 2020
  • June 2020
  • May 2020
  • March 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • May 2018

Categories

  • Branding
  • Business
  • Content Marketing
  • Creative
  • Design
  • Featured
  • Health
  • Printing
  • Uncategorized

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Categories

  • Branding (1)
  • Business (28)
  • Content Marketing (1)
  • Creative (1)
  • Design (8)
  • Featured (4)
  • Health (3)
  • Printing (3)
  • Uncategorized (1)
Bright Reads
About US
Bright Reads
Contact us: contact@brightreads.com
Follow us
FacebookTwitterInstagramGoogleYoutube
@2019 - www.brightreads.com. All Right Reserved. Designed and Developed by Bright Reads
PenNews
FacebookTwitterInstagramGoogleYoutube
  • Home
  • Editor’s Picks
  • Business
  • Featured