Whenever do you think about the global expansion of business at the most demanded corporate destination in the world, which country or city’s name clicks first in your mind? If you are thinking about Singapore, you are on the right track to going. It would be wise to establish a new business in Singapore, as it is counted amongst the most deserving business destination in the world. Moreover, this city is reckoned for its beauty and modern lifestyle, colossal buildings, stunning infrastructure, and burgeoning corporate world, which fascinates global investors and all level enterprises to start trading with brands in Singapore too.
Moreover, the business taxes and GST tax in Singapore is also low up to 17% as compared to the other nations. With such parameters, global businesses attract Singapore to launch their new ventures and start the deal with leading brands and corporate firms to excel in their businesses to earn more profit for them. So, if you are also planning for company incorporation in Singapore, there are many legal formalities and other things required to be done in advance and afterward too.
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Let’s explore some essential requirements for setting up a company in Singapore in a genuine way such as:
Find Right Place to Start the Business
In Singapore, you can find many fully furnished and registered corporate office spaces, where you can start your new office or branch of business easily. Also, you should choose a place for the new office set up in Singapore, which is the nearby bank, post office, bus stand, etc. So, it would be a good idea to hire any registered office space in the middle of a corporate hub for setting up a new company in Singapore and deal with international brands too.
Hire Skilled Manpower
After finding the right office space in the city, your next step should be to hire skilled staff or employees for a new branch of business. For this, you need to apply for corporate secretarial services in Singapore offered by the best-known business registration agencies in the city. By availing such services, you can hire a skilled corporate secretary for your venture to manage its all operational, legal, and rest of the business management requirements with ease. In Singapore, you can hire a corporate secretary and other management staff for a full time and part-time basis through business registration companies in the city.
Open Bank Account
For every new business in Singapore, it is mandatory to have a legal and registered bank account number for financial transactions and corporate taxation needs. For this objective, you need to consult with genuine banking professionals in the city and follow their instructions carefully to know what documents are required for opening a new corporate account of the business in Singapore and proceed accordingly for the intended purpose.
Take Affiliation with ACRA
For setting up the accounting department legally in Singapore and make it functional, you need to do affiliation of business and its account with ACRA (Accounting and Corporate Regulatory Authority) in the city wisely. This is a corporate accounting board in Singapore that plays a significant role in providing an environment for corporate businesses and accounting development entities to work smoothly in the city.
Register Office Address
You also need to register the proper address of the office in the corporate regulatory authority office in Singapore. Make sure, your office is located in the prime commercial place in the city and should be versed with all required official requirements at certain distances or under the office premise.
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License or Work Permit
After setting up a new business in Singapore, it is also necessary to apply for a valid license or work permit in the city. For this objective, you need to approach the Singapore employment corporate authority to get the legal work permit for business in the city. So, you need to arrange all legal documents to apply for the same in advance. For more aid, you can get in touch with any authorized business registration agency in Singapore and avail of its genuine business registration services wisely.
Company Naming and Privatization
You should not forget to register the legal name of the company in the records of the Singapore government. After that, you need to apply for the company’s privatization through corporate regularity authority in Singapore. However, it will give legal identity to your new venture along with a personal identification number to operate legally in the city.
Thus, you need to follow above all necessary steps one by one to make your company incorporation possible in Singapore in a legal way. For more assistance in documentation works and other legal procedures to know, you can also consult with the finest business registration agencies in the city or may avail any corporate secretary in-house or part-time basis to get your business registered in Singapore through genuine ways.
For instance, you can call the “AI ACCOUNTANT” in Singapore, which is one of the finest business incorporation and accounting service agencies in the city. The company aims to deliver the best-in-class services for the client’s new business setup, accounting, finance, and taxation related needs according to the legal norms in the nation. For this purpose, the company has also been appointed skilled corporate consultants and business legal advisors too. They can help you better in setting up a new company in Singapore and make its registration feasible in the city legally.