Singapore has done a lot to make it easier for your business to get off the ground and going as fast as possible by cutting down the red tape. Step-by-step instructions for dealing with the numerous stuff you’ll encounter, as well as some advice on how to do so. After you get a company registered office you can have the best choice right there.
How to Start a Business in Singapore for the First Time?
Set up your company with a name
Choosing a company name and having it verified by your filing agency with ACRA (the national authority responsible for the registration and monitoring of companies) is the first step in setting up a business.
- Having the same name for two businesses is banned in Singapore. Your company name will not be different from the present one if the fundamental nouns of your company name and the current one are the same, even if you add a definite article (Pte Ltd, Limited, etc.) or a generic word like “corporation.” As a result, you need to look for an original keyword or phrase.
- Your company’s legal name may be different from its trading name, which is something to be aware of. A quick Google search should enough in determining whether or not the trading name you choose infringes on someone else’s intellectual property or trademark rights.
- If you want to get your name out there as rapidly as possible, avoid using phrases like “school,” “bank,” or “media.” Your application will be sent to the appropriate authority for review if the conditions relate to a business category that is not within the jurisdiction of ACRA. Even if the company name is approved, the process might take weeks longer.
It’s time to make a decision on the company you wish to become involved in
Many people who want to start their own company already know what they want to accomplish with it. ACRA, too, is curious, so you’ll be prompted to choose an SSIC code and provide it to them. A mission statement is a statement of what your organisation does and where you do it. You can find Singapore – The Global Business Hub in this case.
Assemble the squad members
Participation is open to everyone, including companies, as a shareholder. In order to be termed private in Singapore, no more than 50 people may own a company. Individuals and companies from other countries may also own stock.
Many directors may be nominated, but at least one must be a local resident. If there is a second director in the nation, a foreigner can only take on the post. This problem could be solved by appointing a Nominee Director. For now, he is just there to fulfil the requirements, not to be engaged in any decision making. It is common practise in Singapore to use nominee services to safeguard one’s assets.
The corporation’s secretary It’s mandatory for every company to have this officer, who maintains track of changes inside the organization as well as compiles documentation and files government reports. Your business is required by law to have a secretary within six months of its inception, but you may find yourself in need of one much sooner.
Select a postal address that is registered
An address is necessary for every Singaporean company. It should be a valid work mailbox that you check on a regular basis.
These kinds of mailboxes may be rented from companies. Send them your messages and they’ll do the scanning and emailing for you.
Establish how much equity has been put up
Most of the time, one Singapore dollar per share is all that is required. Many currencies may be used to hold paid-up capital. Once your company is established, you have the flexibility to acquire funds and switch to a different currency at any time you choose.