Singapore is a good place for starting a global business. You can find strong trade and investments in Singapore. This makes Singapore the most competitive Asian country to do business and you can also make it the headquarters of your business. If you can place the international headquarters of your business in Singapore you will receive several advantages such as a network of double taxation avoidance agreements, several free trade agreements, investment guarantee agreements, and you will get protection for your innovations due to the strict enforcement of the intellectual property laws.
Knowing the mandatory requirements for company incorporation
Before you proceed into the actual procedure of company formation, first you need to learn about the mandatory requirements for the Singapore companies for successful incorporation. You will need at least a single director residing in Singapore. It is also required to have a single shareholder that can either be a corporation or an individual. It is necessary to have at least one company secretary or you need to engage the services of someone from Singapore. The registered office of the company has to be located in Singapore. You will also need an initial capital of at least S$1.
Learn and acquaint yourself with the structures of businesses
First, you will need to decide the kind of corporation you are going to form. It is an invaluable decision not only for your business but for the company’s long-term future. The most common kind of company formed in Singapore is a private limited company. These companies have separate legal statuses and they create shareholders and directors from their stakeholders. These corporations also have limited liability when it comes to losses and debts. You can also get a name registered and own properties with the name by including Pte Ltd in it.
Another simple kind of business is having a sole proprietorship. In this case, the owner of the company is the decisive authority and is responsible for all the assets and liabilities of the company. This kind of business is open for Singapore residents, citizens, and employment pass holders. The foreign individuals and businesses need to register as a proprietor but they will need to appoint a resident manager from Singapore. When your business expands you can convert it to a private limited company by using the services of company incorporation firms.
Getting started with the business incorporation procedure
There are several tedious and complicated procedures involved in setting up the business such as compiling the documents and records before moving on with the process. Here are the steps you are required to take for the business incorporation process in Singapore,
– Decide on a company name.
– Decide the business areas of the company.
– Make sure that all the details are completed.
– Received the registration and business name confirmation.
– Sign all the incorporation of business documents.
PEO Services in Singapore
PEO or Professional Employer Organization is an institution that provides help in regards to outsourced HR services. They provide services including recruitment, immigration, insurance, payroll, HR advisory, EOR or Employer Of Record, and consultancy. EOR is a service that legally offers employment on behalf of the client by using an agreement. The advantage of the PEO service is that it aids you in hiring employees in Singapore without having to set up local companies where the employees will have to be managed by you. The PEO acts as the employer of record.
The services of PEO are particularly useful if you feel the maintenance of business costs are too high in Singapore. If you are a foreign national who does not have the intention of starting a Singapore-based company immediately but you are looking to hire staff for some work, a PEO such as NH Global Partners is the company to choose. You may need some temporary staff for market surveys or small-term projects or a local company that is facing limited quota or having to wind down but needing to retain local employees.
Getting help from professionals
Generally, it takes a painstaking amount of time, effort, and attention for setting up a business however it doesn’t have to be that way. There are professional services available that can help with the administrative requirements for business incorporation in Singapore. These services provide help with:
– Document submission for business start-ups in Singapore.
– Reservation of business name.
– Remote incorporation of the business.
– Visiting Singapore.
– Registration of business in Singapore.
– Meeting the bankers for the account opening process.
Final word
You can also use the services of government agencies for growing your business in Singapore as the place is known for a smoothly operating bureaucracy. You can find seamless inter-agency cooperation that is helpful for your business. You can use the services of the agencies such as EDB, Enterprise Singapore, ACRA, and SMEPortal.sg for various purposes.
The Perfect Place To Set Up A Global Business
