Setting Up Business in Singapore – The Easy Processes
Known for its moderate business regulation, clear tax structure, accessible business registry process, competitive business environment, and highly efficient government services, Singapore is an ideal destination for establishing a business.
The small size of the country allows small and medium sized enterprises (SMEs) to enjoy maximum potential in the global markets. In addition to these advantages, Singapore remains a great place for business formation due to the low costs of starting a business registration.
As it is one of the fastest developing economy in the world, a company can enjoy the benefits of cutting-edge economic development without any major external capital investment. Business in Singapore is also enjoying rapid globalisation due to the numerous outsourcing and offshore outsourcing centers located in the country.
We spoke to a Singapore company formation specialise, Startup Genie at www.startupgenie.com.sg, on what it takes to start a business in Singapore. So, if you are interested to know more about Starting a business in Singapore, continue to read on…
If you are thinking about how to start a company in Singapore then consider the following points.
A company secretary general plays a key role in the company registration process. An in-depth knowledge of statutory requirements, current company laws, and company documentation is essential to become a company secretary. Companies generally prefer to appoint company secretaries from among their existing employees, as this ensures continuity in the performance of the company. Other than being a qualified accountant, a company secretary must also have strong communication skills and a background in business management.
It is necessary that the company secretary not only possess strong communication skills but also possess the knowledge of incorporating companies. One of the easiest ways to register a company in Singapore is by using the Online Company Formation Services available online. This service has been especially designed for the convenience of both the company secretary and the company promoter. All documents required for company registration and other legal matters can be downloaded for immediate use. Moreover, company secretary would have to follow all company rules and regulations regarding the filing of annual reports, payment of fees, and contribution to company stockholders’ plan.
The next step to incorporate a business in Singapore is to appoint a secretary or director. Assuming you are starting a new company, the most important person you would require to appoint is the company secretary. This would be followed by the company secretary general, who will be responsible for the company’s accounts, budget, management policies etc. If you are running a well established company, it may be necessary to appoint a secretary or director. A director can be appointed even if you are not a Singaporean.
Guidelines to following when starting a Singapore business.
There are certain guidelines to be followed in every country when it comes to the formation of a company. For instance, in Singapore, before you can appoint a company secretary, you need to make a statutory register. The statutory register is the paper containing information about your company, its objective, registered office, directors, shareholdings, and paid-in capital. Furthermore, it contains information about your company’s partners, registered office, shareholdings etc. You can appoint one director for general administration purposes and another for financial matters.
The salary matters.
When it comes to paying the annual salary or salaries, it is essential to make sure that you have enough staff to meet these requirements. It is essential to appoint an accountant or a controller to ensure that you pay the salary as per the regulations. It is also essential to appoint a bookkeeper or a payroll clerk to ensure that the company has accurate records. In addition to these core responsibilities, you would also have to make sure that the company complies with all the local, state and federal laws, including: the Taxation Law, the Corporations Act, the Charitable Registration Act, the Savings and Investment Act, the Trade Registration Act, the Employment Security Act, the Public Service Act, the Pharmaceutical Products Regulations, the Construction Industry Regulations, the Hazardous Drugs and Pharmaceuticals Act, the Shipping Act, the Consumer Product Safety Act, the Building Act, the Consumer Debt Act, the Memorandums of Association and other rules.
Business licensing matters
When you have set up your company, you need to issue the Employers’ Certificate and the Employer’s Licence. These are important documents for the company to operate. You need to issue a business journal and a register of corporations. These things will help you run the company smoothly. After these documents have been issued by the government, the next step is to register your company at the Companies Registry.
Once your company has registered itself at the Companies Registry, it will be easier for you to handle its affairs. You can appoint your company secretary within the company to handle the company’s affairs on behalf of the company. The company secretary within the company is an expert in handling the day to day issues. You can appoint one person as company secretary within your company and you need not pay for a company secretary within your company.