Singapore offers significant opportunities for both large and small businesses. Whether you want a startup that will thrive within the first few months or a branch company that is managed by a mother company in a foreign country, Singapore has the best opportunity for you.
However, such a business must be incorporated under the Accounting and Corporate Regulatory Authority of Singapore (ACRA) guidelines. To achieve this, any entrepreneur will need some important resources as provided by this guide. Read on to learn more.
Get an Agent to Help You
There are many authorized business incorporation agents who work in collaboration with Singaporean authorities. The aim is to have them take all entrepreneurs through the business registration process. Always look for an authorized and reputable agent with what it takes to assist you in registering your private limited company. Before anything goes wrong, the agent will make sure that you have qualified in an ideal business area.
Obtain a Work Visa
Before you can even incorporate a business, you are required to have a work visa. It is one of the necessary documents during the incorporation process if you are a foreigner. With this, it is a prudent idea to get an agent to take you through the process of applying for a Singapore visa. EntrePass is the main work permit that is issued to entrepreneurs who want to venture into Singapore.
This is the minimum amount of capital that is needed to start a business. If you research thoroughly and consult with the right business incorporation experts, you will find the minimum share capital that is required. However, additional capital is necessary to set up the business for a strong foundation.
Before you can register a company, you must know who will be the shareholders of the company and their stake in the company. Different business setups have different requirements for this. The agent is the best person to guide you on this so that the right information is ready before the procedure starts.
Local Secretary and Employees
Although the registrar will not ask for all the employees’ details, they will want to know if you have a registered local secretary and other important employees needed to start a company. However, these requirements vary with the type of business that you have. Make sure that you abide by this to make the process a smooth one.
The main reason why Singapore asks for this is to make sure that your business can be located by the authorities if there is a need. Obtaining a physical address might require you to rent a site where your business will operate from. If it is an online business, you still must indicate some form of physical address.
It is easy to incorporate your business in Singapore if you have the above resources. If there is more that is needed depending on the type of business that you want to start, the agent who is assisting you will provide a complete guide. Furthermore, the Singaporean government website lists all the requirements that are necessary.