how to set up a company in Singapore? A Step-by-Step Guide to Setting Up a Company in Singapore
by acefinancial

How-to-set-up-a-company-in-singapore? Setting up a company in Singapore is a straightforward process if you follow the necessary steps. In this guide, we will provide you with a step-by-step process to help you register your company, apply for licenses, and comply with Singapore’s laws and regulations.

  1. Decide on the Type of Company: Choose the most suitable company structure for your business needs. Consider factors such as liability, ownership, and taxation when deciding on the type of company.
  2. Register Your Company Name: Register your company name with the Accounting and Corporate Regulatory Authority (ACRA). Ensure that the name is unique and does not infringe on any trademarks.
  3. Appoint a Director and a Company Secretary: Appoint at least one director who is a Singapore resident and a company secretary within six months of incorporation.
  4. Prepare the Company Constitution: Draft a company constitution outlining the rules and regulations that govern your company’s operations.
  5. Register Your Company with ACRA: Register your company with ACRA via the BizFile+ portal. You can complete the process online.
  6. Apply for Licenses and Permits: Depending on the nature of your business, you may need to apply for licenses and permits from various government agencies. For instance, food and beverage businesses need to apply for a license from the National Environment Agency.
  7. Open a Corporate Bank Account: Choose a bank that offers suitable products and services for your business needs and open a corporate bank account.
  8. Register for Taxes: Register for taxes with the Inland Revenue Authority of Singapore (IRAS), including Goods and Services Tax (GST) and Corporate Income Tax.
  9. Hire Employees: If you plan to hire employees, you need to comply with Singapore’s employment laws and regulations. Register your employees for the Central Provident Fund (CPF) and provide them with medical insurance.

how-to-set-up-a-company-in-singapore? Setting up a company in Singapore requires careful planning and attention to detail. By following these steps, you can ensure that you comply with Singapore’s laws and regulations and set up a successful business. If you require assistance, consider engaging a professional firm that specializes in company incorporation.