Singapore is always near the top of the list of countries that are good for businesses. This is because Singapore really is a place to start a company. You can set up a company quickly sometimes in just a couple of days. Just because things seem to be moving fast on the surface it does not mean that everything is simple underneath. There are a lot of rules that make things work efficiently. If you skip some of these steps you might get into trouble. Read this!
First you need to think about the structure of your company. You have to choose between being a Sole Proprietorship, a Branch Office or a Private Limited Company. This is not about filling out some forms it is about how much tax you will pay, if you can be held responsible for things that go wrong and if people will want to invest in your company. Most people who start companies in Singapore choose to be a Private Limited Company. This is a good idea. It helps to keep your belongings safe and it makes it possible for you to get money from the government.
To register your company you have to go through the Accounting and Corporate Regulatory Authority, which is called ACRA. One thing that surprises a lot of people who’re not from Singapore is that you need to have at least one director who lives in Singapore. This person has to be a citizen of Singapore a resident or have something called an EntrePass. This can be a problem for people who want to start a company from another country. There are ways to get around this. You have to think carefully about who you trust to make decisions for your company.
You do not need a lot of money to start a company in Singapore. In fact you only need one Singapore dollar. The problem is that you have to do a lot of things to make sure you are following all the rules. You need to appoint a secretary get a local address and file reports every year. These are not things that you can choose to do or not do you have to do them.
A lot of people who start companies make mistakes because they do not think about all the things they need to do after they register their company. They spend all their time getting everything set up. Then they forget about all the things they need to do to stay in business. You have to have meetings, file reports and pay taxes. If you do not do these things you can get into trouble. Singapore is a place to start a company because the tax rates are low but you have to file your reports correctly to get the benefits.