Starting a Business in Singapore is quite a straightforward process. The ease can be attributed to the country's pro-business environment as well as efficient government services. But, the Singaporean Authority still employs certain legal and regulatory requirements that every willing entrepreneur needs to fulfill to start a Company in Singapore.
Therefore, for your reference, this article will be a comprehensive guide to go through the key steps in starting a business in Singapore. We will detail every major legal as well as regulatory requirement to you in this blog.
To start a Business in Singapore, one needs to choose the right business structure. Here are some of the most common business structures adopted in Singapore:
MostEntrepreneurs in Singapore choose to set up an LLC due as it offers a tonne of advantages, such as limited liability protection as well as tax benefits. However, the business structure that you choose must depend on the following factors:
The applicant must properly file an application to register the Business with the Accounting and Corporate Regulatory Authority in Singapore. For such purposes, you need to prepare the following documents for Business Registration:
The applicant must apply online to start a Business in Singapore through the BizFile+ portal available on the ACRA website. The procedure for Company Incorporation in Singapore typically takes around 15 minutes, and the registration fee is nominal for LLCs.
The registered Businesses, depending on the nature of their business activities, must obtain licenses or permits from the relevant Government Agencies. For instance, to open a restaurant, the Company must obtain a Food Establishment license from the NEA, i.e., the National Environment Agency (NEA).
The licenses sought varies depending on your industry, so you must do your research. You must procure the required licenses before starting your Business in Singapore. The applicant can check the requirements on the LicenceOne portal. It is a one-stop deli for Singapore's Business Licensing applications.
After Business Registration, Company must open a corporate bank account in its name to manage its finances. Most Banks in Singapore luckily offer Corporate Banking services to Companies. Here, the requirements for opening a corporate account can vary depending on the Bank sought by the Company.
Every applicant typically needs the following documents to open a Corporate Bank Account in most Banks in Singapore:
All Businesses starting in Singapore must apply for Tax Registration with the IRAS, i.e., the Inland Revenue Authority of Singapore. The Corporations must register for the following taxes:
You can accomplish the company incorporation process in Singapore online through the IRAS website. However, you must provide the IRAS with your business registration number and other relevant details.
To hire employees for your Business in Singapore, the Company is expected to comply with Singapore's Employment regulations, which include employee registrations for the Central Provident Fund. The CPF is a mandatory social security savings plan for employees working in Singapore.
To know more about the requirements as well as benefits of starting a Business in Singapore, connect with the Incorporation Experts at Registrationwala.