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.
