Business incorporation in Singapore can be confusing, especially if you don’t know what steps to take and what documents are required. We’ve made the process as easy as possible, though, and our guide walks you through the different types of business incorporation available and how to get your business set up, so you can focus on the most important part – running your business!
Starting Your Own Company
- Research the market and find out if there is a need for your product or service.
- Develop a business plan (you should already have one if you’re reading this!)
- Form an LLC or corporation
- Decide on branding
- Write a marketing plan
- Determine costs
- Create products 8-11
- Register your business with your city’s Department of Consumer Affairs. If you are starting with no physical location, register as a sole proprietorship with the IRS using form 1040, Schedule C. Keep receipts from all expenses incurred during the first year and make sure to maintain accurate books of account which reflect the income from each customer, whether cash sales or credit card purchases.
How Do I Choose a Company Name?
Choosing a company name is one of the first steps when starting a business. Before you get started, there are some things you should think about and do.
What do I want my company’s name to convey? Do I want it to be descriptive or brandable? Is the domain available? Can I trademark it? What does my logo look like? How will I market my business? How will I choose which products or services to sell? Where will I find clients? Who can help me with all this planning work?
For answers to these questions and more, contact Business Incorporation Singapore today! With years of experience, our experts know how to take your idea from conception to reality and help you avoid pitfalls along the way. We offer packages that cater to any size company as well as additional services such as setting up an offshore bank account and providing legal advice. With our complete package including everything your new business needs, don’t miss out on this opportunity for success!
Who Can Help Me Incorporate My Company?
Business incorporation is a process that many entrepreneurs have to go through. However, it can seem like a daunting task if you don’t know where to start or what you need. Let us take the guesswork out of it for you with this quick guide on business incorporation in Singapore!
There are three ways that businesses can register their company: Unincorporated, Ltd., and Pte Ltd. An unincorporated entity does not legally exist as a separate entity from its owners; it does not own assets independently, but owns them jointly with its owners. An unincorporated entity cannot sue or be sued under its own name and may not hold bank accounts or enter into contracts in its own name (although owners will be liable for debts).
A private limited company (Pte Ltd) must have at least one director and at least one shareholder who must be an individual; they also require approval by the shareholders before they can make any changes to the company structure. The directors must include the CEO and there may only be up to 50 shareholders who are either individuals or another private limited companies.
How Long Does It Take To Form A Company?
It usually takes between 4-6 weeks for us to form a company, but it can take longer if the company name is already registered, or if you want the company to be automatically registered with the Accounting and Corporate Regulatory Authority (ACRA). Once we’ve formed your company, we’ll also set up your bank account so that you don’t need to do this separately. You will be issued at least one share in your company and given a certificate of incorporation which will identify you as one of the shareholders. The founder may appoint himself as director and shareholder, until such time he needs to relinquish his position by appointing other directors/shareholders . Alternatively, the founder could ask a third party, such as an accountant, lawyer or financial consultant to act on behalf of the new company. However, the founder should bear in mind that any appointment should be disclosed when applying for loans, etc.
The company formation process has many stages to it; once incorporated, there are several formalities that must still be done before the registration process is complete:
Registering a trade name with ACRA
Opening a Bank Account Registering with IRAS . . .