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.