As with most jurisdictions, starting a company in Singapore has a certain amount of preliminary and ongoing regulatory and compliance requirements, both local as well as foreign. These are some fundamental guidelines to ensure that all necessary requirements, procedures, and timelines are met while registering a company in Singapore, inclusive of licenses, permits and registrations required to legally operate a business.
Step 1: Determine the Legal Structure of Your Business
A business is a legal entity, and it can take a number of forms. As an entrepreneur, you may establish a corporation, a sole proprietorship, a partnership or a limited liability company. You will have to determine which will be the most appropriate structure for your business whereby all have diverse legal, financial and tax considerations.
Concerns that need to be weighed and balanced are the need for ease of management, the protection of personal assets, vulnerability to lawsuits and the costs of running the organization. Upon determining the legal structure of the business, you will have to file in the registration forms with the state and/or local government. http://www.rikvin.com/
Step 2: Get Company Name Approval
To set up a business in Singapore, the proposed name for the company must be approved. Company name approval is obtained by filing the application with the Company Registrar. The service firm you have chosen to incorporate your company will do this for you as the first step in the incorporation process. http://www.rikvin.com/
You can check the availability of business names by searching ACRA’s (Accounting and Corporate Regulatory Authority) online directory of businesses on BizFile. One of ACRA’s most qualified registration agents in Singapore is RIKVIN. It can fulfill the constitutional requirements of incorporating a company in Singapore as legal entities with ACRA, Singapore.
Step 2: Open a Bank Account
A bank account can be opened in any of the international, foreign or local banks in Singapore upon registration of your new business entity. A business can choose to open separate accounts of various currencies or a single multi-currency account. The following documents will be required:
• Account Application
• A copy of the Identification Card or Passport
• Latest print-out of the business profile for sole-proprietorship
• A minimum deposit (varies by bank)
Step 3: Obtain Your Central Registration Number
CR Number refers to a Central Registration number issued by the Singaporean Customs (ICA). An organization that intends to import goods into or export goods out of Singapore, or submit permit applications on behalf of the traders, must register for a CR number.
The CR number enables the Singaporean Customs to identify the trader company and thus facilitate a smoother and faster clearance of goods. All active business progressions will be required to state their CR number in all documents related to its import or export activities. An Employer Identification Number has to be obtained for employers with employees, business partnerships, corporations and other types of organizations.
Other requirements:
Registered Office Address
A Company must have a registered office address situated within Singapore and provide a valid mailing office address. P.O Box numbered addresses may not be applicable.
Top-Up Your Medisave
You must first ensure that your Medisave contributions are up-to-date with the Central Provident Fund Board (CPF Board) if you intend to register a sole-proprietorship, partnership, LLP or an LP.
Register (GST)
The Goods and Services Tax (GST) in Singapore is a tax on domestic consumption. In general, goods sold or services performed in Singapore are taxable. Not all companies are required to register for GST. If you are required to collect a sales tax from your sales products, you will likely need to obtain a Sales Tax Permit or Vendor's License from your state or local government (or both). GST registration for companies with an annual turnover of less than S$1 million is not mandatory.
Obtaining Licenses and Permits
Depending on your company's business activities, you may need to obtain business licenses after incorporating your company. Certain types of business activities are controlled by government agencies and require necessary approvals and license from the relevant authorities before commencement.
For more information on business licenses, you may refer to the relevant licensing body in Singapore.
RIKVIN is a professional company incorporation service specializing in company incorporation, registration and business setup. If you need to incorporate a business or company in Singapore, please visit us at http://www.rikvin.com.
