Steps involved in registering your new business in Singapore

[David White]

Starting and running your own business is a smart way to increase your income. If you want to acquire the full benefits of your company, it is advised to choose the right location. There are many destinations suitable for starting a business, but Singapore gains more fame among people due to various reasons. It includes:

- A completely robust economy

- Excellent infrastructure

- Strategic and attractive geographical location

- Rational tax facilities with reduced tax rates

- An efficient procedure for setting up and running your new company

- A productive and well-trained workforce

- Well-developed financial system and capital markets

- The stable economic and political climate

These are the key highlights of Singapore that encourage many people to consider company registration in Singapore. It is highly recommended to learn the procedures to start your business in this country, which explained below.

Reserve the company name

The first step is to apply to the Singapore Registrar of Companies. The registrar will incorporate your company surprisingly on the same day. There is an excellent facility available for everyone to reserve the name of your company and register it at a time. It is good news for everyone that the government of Singapore approve the company name before registering it. If you desire to expedite this process, you can choose the company based on these following guidelines.

- Make your company name unique from existing local business names

- Avoid using obscene, rude or dirty names

- Avoid infringing with other trademarks

- Ensure that the company name is not previously reserved

If you experience any challenges while selecting the name, you can make use of professional company registration services.

Register your business

After approving the company, Registrar of Companies processes the incorporation documents and application as soon as possible. The experienced service providers ensure that the documents are entirely in order.

Open a separate account for your company

It is a known fact that there are lots of banks available in Singapore. It includes UOB, OCBC, DBS, Citibank, Standard Chartered, HSBC, and more. Choosing the right bank is not a simple task so that you can get better assistance from trusted service providers. They not only guide you on company registration process in Singapore but also help you to choose a perfect bank.

Apply for your business license

Regardless of your business type, you need a license. If your company perform any one of these following activities, you should apply for a business license. It includes:

- Travel agencies

- Employment agency

- Financial services

- Employment agency

- Educational institutes

- Restaurants

- Export/import of goods

GST registration

The business registration company helps you to earn more income. If you want to manage your business revenue, you can register for the GST. It is as important as company registration in Singapore. If you grab the GST registration, there is an excellent chance for charging your buyers an extra 7% for offered services and products.

Yearly filing requirements

Handling the yearly filing formalities and requirements is a difficult job, so you can let the experts manage these processes. It not only save time and money but also ensure that you run the business in this destination peacefully and smartly.

A1corp.com.sg is a comprehensive guide to the company registration requirements, procedure and costs for registering and operating a private limited company in Singapore.

Reference:

$185 Singapore Company Registration, Formation, Setup & Incorpo...