What’s the best way to learn how to register a business in Singapore?
For anyone looking to start-up a business in Singapore, one of the most common problems you’ll have is grasping legislation. Despite being a location that makes it easy for businesses to get started and eventually succeed, Singapore does have a reputation as a place that can be quite daunting. If you are not from Singapore, for example, then meeting some of the various people that you need to get started can be tough. You’ll also need to have some kind of start-up capital to build your business on, but most countries expect that.
What, though, are the best ways to about the challenges of knowing how to register a business in Singapore?
Singapore business registration: it isn’t so hard
The first thing that you should be looking to do is get yourself familiar with all of the business bodies of Singapore. For one, you need to get acquainted with the tax authorities. You have to meet a very specific set of regulations if you wish to form a business in the country, and this often means working out your kind of business first and foremost.
For example, you might wish to look at starting a Public business. This means you will be listed as part of the Singapore Stock Exchange, and you must have more than 50 members at the start-up. Naturally, this means taking the time to find locals who will be part of your business. You could do this yourself or use a company like Bestar to help you make the right choices.
You also then need to think about if you would rather run a Private business. These cannot have more than 50 members, and they must be privately run – i.e. you will not be on any stock market.
That’s a hard thing to get your head around at first, but it’s simply how things work in the Singaporean company registration process. You will also need to be able to get the help that you need to find the right people to do the job(s) that you need.
For example, certain roles have to be fulfilled for your business by using people who are living in Singapore. Unless you know people personally who hold the skills that you need to go about company incorporation in Singapore, you might find it nigh-impossible to get things up-and-running as intended.
You need help from a professional service firm
The first thing to realize is that you should not be trying to learn the complexities of how to start a business in Singapore on your own. You should instead be looking to get help – even the smallest mistake could derail your company incorporation efforts and put you back to the start. For example, are you aware that you will need a corporate secretary?
This often has to be someone who is within the Singaporean region, and who can actually reside in the country. This also means that you need to get help from someone who can act as a director on your behalf when they are within the country. That’s important, as you need to have these two crucial parts of the business set-up in a good time, whether you are going to be public or private.
Both roles will play a leading part in your ability to deal with professional service needs. You will also find that it will help you to get a better idea of what you are dealing with. For example, do you have a company name? If so, good!
However, learning how to register a company in Singapore means making sure you find out if your name can be legitimately used. It has to be approved prior to company incorporation in Singapore. This means spending more time looking around for help to ensure that you can get a company kick-started and set up properly. With the help of a company incorporation service in Singapore, you can easily handle this usually complex part of the set-up process in a fraction of the time that it would normally have taken you.
That’s why we recommend that you look to spend as much time as you can finding the right kind of help. To helping you locate shareholders, directors, and secretarial services to making sure you can actually meet all Singaporean business needs set out by the government, these services will ensure that you can get set up and ready to go in a short space of time.
Setting up a company can feel confusing; daunting, even. If you are eager to work in the Singaporean market, though, you should hire help to make sure you can handle all of the unique requests made of you. With the right help, setting up a successful company in Singapore need not be so hard!