Entrepreneurs who want to start a business venture in Singapore will find the task simple and stress-free. With the country’s strong economic status, foreign businessmen can enjoy plenty of opportunities for growth.
Once you satisfy all the requirements and are able to submit the documents, you are ready to set up your new venture. You will need to get some permits or licenses depending on the kind of business you wish to set up, apart from a regular company registration.
According to The Portal, here are some things you need to prepare:
- You have to decide on the type of entity or structure you want to incorporate. This will affect your taxes, ability to borrow, your image and its perception, the paperwork needed, your own personal liability and ability to later expand your company. The choices are sole proprietorship, partnership, Limited Liability Company (LLC) or a foreign company registration.
- You have to choose a name for your company. Make sure it is available and valid. Along with the chosen name, create a company logo and seal. You need a corporate seal for stamping all official documents.
- You can complete an online registration form with the country’s accounting and corporate regulatory body. To submit this, you should be a permanent resident or hold a valid work permit. In case of a corporation, at least one director should fulfill this eligibility. There is a registration fee to be paid in the local currency when you submit the registration form.
- Depending on the structure of your venture, you need to open a bank account at a local bank. This is necessary when you are applying for a loan.
- Hire an insurance agency to get work injury compensation cover for all workers and employees earning less than $1600 SGD. This is mandatory under the Ministry of Manpower. Other employees need not be covered.
If necessary, you can hire a consultant to help you with the registration and other tax formalities. A consultant can advise you on other related matters and make sure you meet all the statutory compliance criteria. There are wonderful tax benefits for small companies and startups in this country. Some startups have tax exemptions, too.