Singapore Company Set Up Guide: Starting Your Business Right
Did you know that almost 60,000 companies are registered in Singapore every year? Establishing a business in Singapore is very accessible.
Thanks to its low tax rate, skilled workforce, business-friendly government, and vibrant economy. Learn how to set up a Singapore company and benefit from the business opportunities that this wonderful island nation offers.
Are you planning to start your company in Singapore but don’t know what you need? Read on to learn about the Singapore company set up guide.
Choose a Business Structure
Choosing the right business structure is a necessary step toward establishing your business in Singapore. There are various business structures to consider, such as sole proprietorships, partnerships, and limited liability partnerships. Each type of business structure has its advantages and disadvantages.
For example, if you’re a one-person business, a sole proprietorship might be the best choice. But if you have multiple business partners, a limited liability partnership might be a better fit.
So it’s vital to choose the one that best suits your business. If you want to increase efficiency and drive business growth, you can use the Best ERP Software in Singapore for your business.
Register Your Business
If you are a Singapore citizen and want to set up a company, you need to register your business with the ACRA. This can be done online through the Singapore business registration portal.
You will need to provide some basic information about your Singapore corporation, such as its name, address, and contact details. After your business has been registered, you will receive an Entity Number, which is a special identification number.
Open a Corporate Bank Account
You will need to open a corporate bank account to manage your company finances. This process can be done online or in person at most banks. When opening a corporate bank account, you will provide various documents, such as your business registration certificate and company constitution.
You may also need to provide the contact details of your company directors and shareholders. This can ensure a successful transition to a corporate bank account.
Obtain the Licenses and Permits
Before you can start your business in Singapore, you need to obtain licenses and permits from the relevant authorities. Depending on your business, you may need to apply for different licenses and permits.
For instance, the Singapore Business Federation will require that you register for a business license if you want to open a retail store. Once you have obtained all the licenses and permits, you will start your business in Singapore.
Hire Employees
If you want to set up your company in Singapore, you need to hire employees. Hiring employees in Singapore is similar to other developed countries. You will need to advertise the position, screen candidates, and conduct interviews.
To find the best candidates, you can use online job portals. You can also post your vacancy on your company website or social media platforms. An employment pass must be given to a newly hired employee who is not a Singapore resident to work for your business.
Consider This Singapore Company Set up Guide Today
Starting your business in Singapore is an exciting journey. It requires a good set-up guide. This includes choosing a business structure, registering your business, opening a corporate bank account, obtaining the necessary licenses and permits, and hiring employees.
With the right approach and using the Singapore company set up guide, you can be sure to start your business the right way. Connect with experts to make the process easier.
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