Set up a company in Singapore? Here are the things you need to know
Setting up a company in Singapore is a relatively easy process and can be completed in a few weeks. Late In Filing My Corporate Taxes? Don’t worry! This guide will outline the necessary steps to take, including incorporating your company, opening a bank account, and obtaining the necessary licenses and permits. With a little planning and help from experts, you can have your business up and running in no time.
The process of company formation
Anyone looking to set up a company in Singapore will need to follow these four steps.
- Choose a business structure
The first thing you have to do is decide on the legal structure of your business. The most common types of business structures in Singapore are sole proprietorships, partnerships, limited liability partnerships (LLPs), and companies.
- Register your company name
The next step is to register your company name with the Accounting and Corporate Regulatory Authority (ACRA). You can do this online through the BizFile+ portal.
- Apply for a business license
Depending on the type of business you’re running, you may need to apply for a license from the relevant government agency. For example, businesses in the food and beverage industry will need to apply for a license from the Singapore Food Agency (SFA).
Paperwork: what you need to prepare for company formation in Singapore
Setting up a company in Singapore is a relatively simple process, but there are still some important steps to take and paperwork and documents to prepare.
-Your passport or other identification document
-A business plan
-Proof of address in Singapore
-Proof of capital (if any)
You’ll also need to decide on a few key things for your company, such as its name, structure, and purpose. Once you have all of this information ready, you can begin the incorporation process.
Costs: how much it will cost you to set up a company in Singapore
A company in Singapore will typically cost S$1,500 to set up. This includes the fees for incorporating the company, filing the necessary paperwork, and acquiring the business license. Additionally, you will need to rent office space and hire staff. The total cost of setting up a company in Singapore can range from S$5,000 to S$50,000.
The first step in setting up a company in Singapore is to incorporate the business. This can be done online through the Accounting and Corporate Regulatory Authority (ACRA) website. The process takes about two days and costs S$315. Once the business is incorporated, you will need to apply for a business license from the Singapore Economic Development Board (EDB). The cost of this license depends on the type of business you are doing, but it typically ranges from S$100 to S$1,800.
So, if you’re looking for a company formation in Singapore, you need to first decide on the type of business you want to create. The key to success is to have a clear understanding of the requirements and to make sure all the necessary paperwork is in order.