A Step-By-Step Guide to Start Operations after Singapore Company Registration

If you are planning to start a business in Singapore, you are on your way to new opportunities for success. While the country offers exciting avenues for business, there are certain formalities that must be completed in order to comply with the regulations of the government and Companies Act. We bring you a guide to help you effectively start operations after your company registration process in Singapore:

1. Obtaining Licenses

Though all businesses do not need a license to operate in Singapore, certain categories of businesses will need to obtain the desired licenses before they can start operations. These include wholesalers, importers or exporters, professionals like legal, accountants and physicians, and establishments like banks, child care centers and retail liquor stores. You will also need permits if you want to make improvements to your business property or want to erect billboards for advertising.

2. Opening a Bank Account

It is extremely important to open a Singapore bank account after your company has been setup. This will make it easier to send and receive payments and will also help in record keeping.

3. Marketing Materials

You will require the necessary marketing supplies to start your business here. This can include a modern business website, sales brochures, business cards, etc.

4. Work Permits

If you are bringing employees with you, it is mandatory to get employment passes and also obtain dependent passes for spouses and children.

5. GST Registration

If you’re running a large business and have total sales of over 1 million dollars, you will have to register for the Goods & Service Tax.

Once you get your Singapore company registration, these simple steps will help you begin your business operations smoothly.

Five Beneficial and Secure Things for New Businesses in Singapore

There are many effective facilities available in Singapore for new business formation like hassle free procedure, company registration, fastest legal process, and tax benefits. Singapore company incorporation can be done through a step-by-step process and you can undergo this process successfully by employing experienced professionals in this field. Firstly, you need the reservation of names including your company title and director’s name and their nature or position, and then you need to sign all incorporation documents like, constitutions papers, forms, and nominee. Thirdly, you have to make all payments and fill the ACRA documents and finally you will get the e-notification of company registration Singapore.

1.    Common Seal: A common seal is mandatory in Singapore and it secures your business. It is just like a signature of your company where your company name and registration number can be embossed. It can protect your company files and copyright and from any illegal issues.

2.    Tax Saving: You do not need to pay any tax up to $100,000 of profit for the first three years of your business, after which tax shall be charged on your rest of the amount as 50 percent ratio. It means you will get fifty percent tax free profit above the stated amount in Singapore. Apart from that, the normal rate of tax is very nominal in this state.

3.    Singapass: If you have Singapass, then you can lodge the company files through your listed website. But firstly company registration in Singapore needs to be done according to the ACRA rules and you have to use the registered site only.

4.    Legal process: The legal authorities of the Singapore provide flexible and fastest procedures to business and corporate houses. Any type of legal issues can be solved by consulting the best business consultant in Singapore within a short time and the charges are also very nominal as per the industry standards.

Choosing the Right Audit Service for Your Organisation

The benefits of a good quality audit include increased profitability and effective implementation of corrective measures. Selecting the right business consultant Singapore for performing the audit function is critical as well as overwhelming. Read on to find out the most important factors to be considered while choosing one for your organisation.

Reputation and Experience
Fees must not be the single factor that controls the decision of choosing an auditing service. A well-recognised firm with the required expertise must be hired. The relationship with an audit firm is for the long term. Therefore ensure you are partnering with someone who has sufficient industry experience and can dedicate resources that are highly committed to the task.

Competence and Professional Scepticism
Astuteness in handling the process and an increased standard of care for the results go hand in hand while choosing the right audit service for your organisation. The two factors are essential to yield high quality judgements from the evaluation.

Ability to Understand the Business Model
The competence of the firm can be showcased through its ability to understand the business model of the organization and through application of nuances specific to the sector. The auditor must have an analytical orientation towards the process and must be able to report ideas in a cohesive manner.

Open Communication
Open, two-way communication between the firm and the auditing organisation is important. Significant issues, areas of risk and mismanagement of resources must be rightly communicated. The audit team must be able to translate the financial technicalities of the firm into effective management decisions.

The Main Grounds for the Hire of Business Consultants in Singapore

At the time of Singapore company formation entrepreneurs are often at a lack of the information necessary to govern their decision making process. They can benefit from the knowledge a business consultant possesses for it can help them grow their organization into one that is profitable. Take a look at some of the top reasons why entrepreneurs and start-ups hire them.

•    Foreign nationals in town find it helpful to have a business consultant in Singapore on board when they set about incorporating a new enterprise in the country. They not only help you understand the business culture in the new country, but save you a lot of resources that you cannot help expend otherwise.

•    They help start-ups get on the map of well-known companies in the market so that they can step up to the competition and make a name for them. It is only with the aid of such experts that start-ups can ooze professionalism and gradually become a name to reckon with.

•    That being said, organizations that have a fixed plan for the future of their firm can benefit most from the services of such consultants. This is because they use their experience and skill to turn distant plans into fixed objectives that the firm can work towards.

•    The best part is that these consultants need not be a permanent hire for firms can work with them for a certain period until they gain sufficient foothold in the business environment of Singapore and are comfortable with it.

•    At times firms may face certain problems that they do not have technical know-how or experience to overcome. Experts can offer solutions to such issues creating a favourable working structure again.

These professionals can facilitate efficient working for your firm in a matter of months setting the base for a strong business stronghold.

How Companies can Cash in on Corporate Tax Exemptions in Singapore

Famous for presenting newly incorporated concerns with leeway so they can break even; Singapore is an excellent country for budding companies to thrive in. When it comes to corporate income tax you will be astonished to find that the rates simply keep lowering with the government introducing new schemes and deductions to benefit corporate entities.

This is apparent with a peek at the mandatory percentages going down each year from 26 percent in 1997 to a much lowered percentage in current years.With the services of a skilled business consultant in Singapore you can cash in on a lot of exemptions for your business.

•    Options Available to Resident Concerns

Businesses that are small-scale concerns can ensure that they pay no tax at all in the years that they happen to earn as much as or less than S$ 100,000 in three consecutive years after their incorporation.

Companies can go in for experienced taxation services in Singapore to learn about their eligibility for several other exemptions.

•    The Territorial Flat-Rate System

The single-tier system introduced a little over a decade ago has introduced fixed percentages of income tax that is territory based.Even after setting out to pay the minimum necessary headline cut on their revenue, companies can opt for further exemptions.

A closer look at allowed incentives and seeking loopholes in depreciation laws will let them secure their concern’s interests with a much lesser tax burden.You can cash in on such benefits by securing the services of skilled tax consultants for your organization.

Help with Establishing a New Startup in Singapore

Entrepreneurs forever seek new and better markets in which to start up their ventures. When the markets in their own countries get saturated, or filled with tough competition; entrepreneurs often prefer to make it big in another land altogether. In cases where their country’s government has come up with stringent tax laws and trade practices that hamper their workings, they prefer to move to a place that has a more conducive environment for startups.

Singapore is one such place that welcomes entrepreneurs with open arms when they wish to do business in Asia.

•    Singapore’s Pro-Business Approach

With a mindset that welcomes new-comers on the business scene, the city-state is where people start when they intend to do business in Asia. This is because the government has forever been attentive of the wants of the industries. Their pro-business environment creates few or no obstacles for registration in Singapore company formation. It offers startups a place comprising of wonderful communications and transportation that have laws to defend intellectual property.

•    Necessary Aid from Consultants

If you happen to be a foreign entrepreneur new in the city; hiring a business consultant in Singapore would be quite prudent, as it would let you cash in on their expertise and they will help you maximize the lucrative pro company policies to your advantage. Such a consultancy service can help you avail tax benefits offered to new enterprises for your corporation that you didn’t even know existed.

Moreover, such specialists can best help your corporation make its presence felt in the city and also the rest of Asia.

Trademark-ing Your Territory

If you are businessman, then you will definitely debate upon the saying that refers to a name having a lot of significance in any business. Customers recognize you by your company’s name and logo. This calls for a good trademark that adds to your brand value. In the steps linked to your Singapore company formation, remember to tread across the trademark-ing stage carefully.

Protect your Brand

Protecting your brand, right from the very first stages of a Singapore company setup, is crucial. These tips will help you overcome this specific concern of company formation with ease.

-    Cross check if the selected name is unique. It should not clash with any other company, especially if the products or services are the same. This could lead to legal complications, apart from a lot of confusion due to similarity in names.

-    Don’t incorporate the name of any popular or well established company in the brand name chosen for your business. For instance, it’s incorrect to have a trademark name like Royal Gucci Bags.

-    Remember that two companies can own the same trademark as long as the offered products or services are different.

-    Don’t delay the process of trademark application as you might lose out on a brilliant name if someone registers it before you.

-    The date for renewing your trademark is essential, so that you don’t have to change the name because you fail to own it anymore.

Make a Mark

Put on your thinking cap, come up with a creative name that reflects your operations and leave a substantial mark behind in the world of business. Today!