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Follow on Google News | 3 Steps to Successful Singapore Company IncorporationSingapore’s strong and stable economy is set against a backdrop high standard of living, low-crime environment and situated right at the heart of Asia’s financial region.
By: Satish Bkahda The government allows both residents and non-residents to incorporate a Singapore company and run the business. If you are a non-resident who is planning to register a private limited company in Singapore, there are minimal guidelines that you need to follow to set up a successful business, relocate here and run your operations. To set up a company in Singapore, you’ll have to meet the basic requirements such as eligibility, procedures, and compliance regulation that will be discussed in this article. Incorporating a Singapore Company All foreign entrepreneurs or companies must hire a Singapore-based professional firm such as Rikvin Corporate Services, to incorporate a company. When choosing a professional firm, make sure that they have a full range of incorporation services that will see your Singapore company setup from start to finish as well as offer post-incorporation support. 1. Minimum Requirements for Company Incorporation To incorporate a Singapore company, you need a minimum of one resident director, one shareholder (your company can have a maximum of 50 shareholders) 2. Register an Office Address You must use a physical address in Singapore to incorporate a Singapore company, and not use a PO Box. Certain businesses are allowed to use a residential address. 3. Open a Corporate Bank Account You can open a corporate bank account with any of the major banks in Singapore. However, most banks require you to be physically present when opening an account with them. You should compare and consider the features and facilities offered by different banks and decide on the one that’s the most suitable for your business needs. All Singapore banks will require your company M&A and incorporation certificate, while some banks may ask you for further documentation such as bank reference and a proof of residence. Other considerations- Certain business activities in Singapore require regulation by government authorities. This means that if your business requires a licence or permit for its operation, you’ll need to get the necessary approval from the relevant government authorities before you can start any trade. Private schools, video companies, travel agencies, liquor distributors, moneylenders, banks, financial advisers, childcare centres as well as importers, wholesales and retailers of liquor licenses are some examples of business that need permits to operate. Post-Incorporation Matters As your newly incorporated Singapore company grows, you’ll have to ensure that your company is meeting ongoing compliance requirements. You may need to register for Goods & Services Tax (GST), contribute to Central Provident Fund (CPF) and Skills Development Levy (SDL) for employees, or register for Customs Registration (CR) if your business is involved in the import or export of goods. Once you’ve done everything required in the incorporation and post-incorporation process, you can simply focus on building a successful company in Singapore! Since 1998, Rikvin consultancy has been providing highly professional company incorporation services, both in attractive standard packages as well as customised services. Online incorporation being a hallmark service, other services of Rikvin include Offshore Incorporation, EntrePass/Employment Pass/Personalised work Pass application, GST Registration, Accounting Services, Tax Planning & Consulting, and Business Plan Drafting. Visit http://www.rikvin.com for more information about this topic and the services we provide for company incorporation in Singapore. http://www.rikvin.com/ # # # Since 1998, Rikvin consultancy has been providing highly professional company incorporation services, both in attractive standard packages as well as customised services. Online incorporation being a hallmark service, other services of Rikvin include Offshore Incorporation, EntrePass/Employment Pass/Personalised work Pass application, GST Registration, Accounting Services, Tax Planning & Consulting, and Business Plan Drafting. Visit http://www.rikvin.com for more information about this topic and the services we provide for company incorporation in Singapore. End
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