Are you planning for company incorporation in Singapore? You’ll love these tips
Singapore is a country that welcomes entrepreneurs to start a business in the country. Company incorporation in Singapore is not a difficult thing to do because the country is economically sound and politically stable. It has a skilled manpower that is available at a cheap rate. The country’s tax system is transparent and flexible.
Overall it is a country favourable for investment and will reap benefits. Company incorporation Singapore is a simple task that only takes around 3-4 working days if all the papers and documents are in place. The registration of a company is overseen by Accounting and Corporate Regulatory Authority (ACRA) of Singapore.
If you are planning to incorporate a company in Singapore you must follow the checklist given below.
Business idea
Every business starts with an idea. If your idea is solid and appeals to the investors then it will become a hit. A good idea can change your life for good. Like Amazon started an online marketplace when everyone thought it was foolishness. He had an idea and materialised it. Now Amazon is present in every country around the world. When you think of an idea do in-depth research and create a business plan.
A business idea must be feasible and unique. Many a times people think of ideas that are not practically possible of commercially feasible. For instance, in cookery shows thousands of dishes are prepared by contestants but only a few of the lot make it to hotels and restaurants as they are the only ones that can are commercially profitable.
Business Plan
A business plan is a detailed outline of the idea you have thought. It is the business plan that lures investors as it contains practical figures. It depicts the profit ratio, investment required, life of business, return on investment and other financial details. A business plan is like a first step of company incorporation. Since everything is in writing, figures can be verified and cross-tallied with existing sectors.
A business plan provides feasibility to the otherwise shapeless idea. It lends credibility to the idea and provides projections like target customers, geographical location chosen, expected turnover, etc. A business plan can be formulated with the assistance of a professional public accountant or a consultant who has knowledge and expertise in a particular field. A well structured business plan prevents fraud and clears all the doubts.
Constitution
Before a company is incorporated you need to formulate a model constitution. A model constitution consists of the rules and regulations the company will follow internally. For instance, appointment of a manager, director, selection of suppliers, employment terms, procedure, internal control system etc. Every company needs to have a model constitution which consists of its internal working rules. The model constitution should also mention the objects of the company, their name, address of registered office and capital invested.
Upon registration of company its model constitution is submitted with ACRA for approval.
Company Incorporation in Singapore
Company incorporation isn’t a tough task in Singapore. It is easy and can be completed in a few days. Company incorporation consists of two steps, viz. approval of name and company registration. Getting your name approved and reserved is a biggest task as the name should not be identical or similar to an existing one. Secondly, it should be as per the rules of ACRA. Once the name is approved, the company registration documents are submitted with ACRA. In Singapore, you can start a private limited company with a minimum capital of mere $1. The rules are simple and system is transparent. Follow them and you will not have any trouble.
Singapore authorities allow entrepreneurs to follow their own financial year as well. You can follow any calendar you want as long as it remains consistent.
Hire a consultant
If you face any problems, hire a professional consultant who has years of experience in company law and company registration. Avail his services and he will take care of all your troubles. You can either go to a professional consultant, lawyer or public accountant. He will formulate all the necessary documents for you and file them with ACRA. Going through a registered ACRA agent saves time and money. He knows the procedure by heart and will get your work done in a single go.
Comply with laws
Singapore is strict when it comes to compliance of statutes. You must comply with all the relevant provisions of Companies Act. You must also remit taxes and other statutory dues on time without delay. Tax evasion attracts heavy penalty and so does ignorance towards laws. Follow rules and you will be benefited.
Singapore is favourable for company incorporation. Very few people know it but Singapore Government offers permanent residency to investors who can invest $2.5 million or more in a span of 5 years. Come to Singapore today and start your business!!!
