The challenges you face in Singapore business incorporation
For anyone trying to find a place in Asia to run their business from, Singapore is often the ideal choice. Boasting very favorable rates for a corporation and income tax as well as a great business set-up opportunity, Singapore is among the best places in Asia to set up a new company. However, the main challenge that you will find when going through the process of Singapore business incorporation is finding the right kind of help. You have a fair amount of hoops to jump through, so you need to be prepared to do just that. Where, though, do you start?
While starting a business in Singapore is still much easier than it is in other major competing Asian markets, you do have some very important factors that you need to consider. For example, do you have all of the data, details, and documentation to get started? If not, you need to get it.
You also need to get some very important people onside, namely a Corporate Secretary and a Directorship. Let’s take a look at the complexities and challenges you will need to overcome.
What do I need to go through Singapore business incorporation?
So, the first thing to note is that you will need to deal with a Singapore business incorporation package. This means that if you wish to set up a company, you need to be able to answer the following queries:
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- What kind of company or business are you setting up? It could be either Private or Public. Public companies are floated on the Singapore Stock Exchange, while Private companies are kept under 50 members and are managed privately.
- What is your company name? Very important. Your name must be legitimate, it must be unique, and it must be approved by the Government before you can start trading under that particular business name. Keep that in mind.
- Do you have/need shareholders? Depending on your company set-up, the answer to this will change. You will want to know and work out if you are going to need any shareholders. If you are running a Private company, you need 1-50. Public companies need 50+ members.
- Do you have a Director? Do you have a company Director? You need at least one resident director in a Private They must be aged 18 or over, have local residency status, and must be free from any bankruptcy and/or criminal records in the past.
- Do you have a Secretary? This is hard to fill without knowing someone in Singapore who can do this role. However, you can also hire corporate secretarial services from Bestar, and we’ll make sure that you have people on-board who can keep your company operating.
- Do you have your start-up money? Every business must have some form of start-up capital, with a minimum of S$1 needed to get started. This can be added to and increased at any time post-registration, so this is not something you must immediately concern yourself with moving forward.
Why do I need corporate secretarial services?
This is a question that many people looking to go through with Singapore business incorporation will want to ask. It’s a hard one to answer, too, without simply saying that without a secretary, your business cannot start. And most of the time, you will need to be able to find someone who is both a resident of Singapore and is a qualified secretary for a company. Unlike a Director, where you need only meet residency and legal matters, being a secretary takes something else.
That’s why we recommend that you use the corporate secretarial services in Singapore available to you. Trying to do this on your own is impossible if you are not a Singaporean resident. And given the job of a secretary is so important, it is not recommended that you leave this job to anyone else. Most of the time, a secretary for your company will be expected to:
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- Deal with annual returns filing, making sure your company manages its taxes.
- Recording and managing all board resolutions and meetings with minutes.
- Upkeeping and managing the company register without fail.
Anyone who takes up this role for your company must meet the Singapore Accounting and Corporate Regulatory Authority (ACRA) regulations. They must also be appointed within six months of your company being set-up. A sole director or shareholder cannot act as your secretary, too, so keep this in mind
If you are looking to build a business in Singapore then you must follow the rules if you wish to benefit from the business-friendly atmosphere that this country provides. To make sure you can meet your requirements and play by the rules, be sure to consider giving us a call. We can set up a clear plan of action for you to help you understand entirely what you should be looking out for when it comes to Singapore business incorporation, as well as fill in key roles.