Incorporation of a company is nothing but the legal procedure of declaring the corporate entity as a separate legal entity. The idea is to separate the entity from its owners due to the advantages that is has. The decision to incorporate a company comes from the various advantages that the process has to offer. The separation of the company’s liabilities from the owners’ assets is possibly one big advantage, allowing for easy transfer of ownership in the future. Not only that, a company registered as incorporation generally has a lower tax rate than on personal incomes of the owners.

The current economic trend is more about entrepreneurial capitalism of sorts wherein the driving forces of the economy are the startups. The decision to register a business or any other entity involves a few basic pointers. Before one goes ahead with registering one’s organization (business/ government) as incorporation, there needs to be clarity on some key things before proceeding with the registration.

While on the one hand it is a well established fact that investment options in Singapore are always thriving, we must also keep in mind that incorporation company registration can be an elongated process and we must adhere to certain rules in order to avoid the hassle. Following are the five things to know before an incorporation company’s registration:

Clearly defining the business activities of the company

The Government in Singapore has considerable control over the business activities. The best way to avoid any unnecessary interference by the authority is to obtain all the required licenses and permits. Specific licenses are required if you are looking to import, manufacture or sell any product within the territory of the country. Prior to the incorporation of your business, you must make sure that you have all these prerequisites covered to have a hassle free operation in the future.

The capital amount

Different business sectors demand for different starting capital. However, in case of most sectors, you are allowed to incorporate a company with just a token amount of S$1. You must make sure that you are adhering to the minimal capital requirement limit for your business. Although you may want to just fulfill the minimum requirement, it is always desired to have a higher capital in hands. Also, the law provides you the freedom to hold your capital in any currency of your choice.

Company name and verification

If your first choice for the company’s name gets approved, it takes just a few hours to register your company. However, in case your first choice is already taken by someone or is not acceptable due to some reason, the registration process may get elongated. Thus, it is always advised to keep more than one name handy with you. Also, in case you are willing to include general words like Bank, school or travel agency, you process may be extended. This is because addition of these words to your company’s name needs the approval of the regulatory body of the company registration.

Shareholders

Singapore’s laws allows for 100% foreign ownership. This implies that you can register the company with just a single shareholder (minimum) to begin with. The shares can also be owned by legal entities. Although the laws don’t put a limit on the number of foreign directors that the company may possess, the law says that the company must have at least one director who is a local resident of Singapore. Similarly, the company must also have at least one corporate secretary of Singapore who holds all the necessary knowledge of the Singapore laws.

Other important documentation

Unlike a number of other countries, Singapore doesn’t allow the companies to keep a Post Office Box address. The company must obtain a registered local address in Singapore. You must also keep adequate time in your hands for other processes such as opening a Bank account and obtaining licenses. The time it takes to open a bank account would entirely depend upon the bank chosen by you.

These were five of the few things to be kept note of while registering an incorporation company. Since it separates the owners from the company, it is important at the end to keep in mind the basic purpose with which the owners come together in the first place.

Every businessperson loves to expand his/her business outside their nation. If you are exploring your options, consider Singapore.  Starting a business in Singapore is lucrative; this is because it is one of the least corrupt nations in the world. The governmental policies are such that they permit businesses far easily than other developed nations. The governments as well as the businessperson’s interests are well taken care of. There are ways to make your life easier if you wish to start a business in Singapore. The following 5 points must be noted before the start of your business in Singapore:

  1. Adhere to the legal conditions that come along with starting a new business

The best way to stay out of trouble is to follow all rules; it is a rule of thumb. This is the best way to begin a new business in Singapore, or anywhere else for that matter. It is best to start the business without legal hassles. You will avoid a lot of roadblocks in the future if legal issues are taken care of right from the start. If you follow all legal procedures from the beginning then it is easier to trace your steps back in case there is some mishap.

  1. Seek professional help if needed

Legality is not everyone’s cup of tea. The Singaporean system is surely easier than other foreign systems but it too can have its complications. Seek professional help to deal with it. In case you believe that your expertise on legality is not enough to get you through this process a professional accountant and lawyer would make life easier. Make sure you hire someone with adequate expertise and skill to handle this market’s needs.  A professional will save you some time and will take care of the matter as (s)he is more likely to be better equipped to suit the needs of the Singaporean system.

  1. Keep yourself updated with new details regarding your market’s legal needs

In 2010, the Singapore government changed some of its laws regarding the EntrePass and other such trade related activities. This revision was to keep up with new trends so that they as well as the entrepreneur benefits from the move. They made some significant changes then. Do make sure that you keep track of such issues while building as well as after building your business. You can avoid a lot of legal issues if you keep abreast with happenings of such kind. In case you have sought professional help please make sure they are in sync with it and that you know their next actions.

  1. Make sure you get capital upfront

On registering with the Accounting and Corporate Regulatory Authority, if you are a private limited company you need to pay at least $50,000 as paid-up capital. So make sure you have your resources before-hand so that you can avoid last minute hurdles. You do not wish to lose a golden opportunity because you took certain things for granted, not would you? A Singpass might be helpful in such a case and you can get it done online. Insist that you take care of such matters way before the deadline.

  1. Place of business

The Singapore government does not permit for the sale of land within Singapore to a non-Singaporean. Make sure you know this well in advance before you bring your business. Leasing out office space is the only option you have. Remind yourself to invest in such a location that will attract the kind of audience you wish. Land might be cheap in a certain region but if your customers are not present there, you will end up losing much more than you began with. Therefore make sound investment with renting out a place.

We hope that these steps help to achieve the success you wish to find in the land of opportunity known as Singapore. The Singaporean market is exciting and will give the impetus to newer ideas and fresher perspectives. Do realise this and make good use of the opportunity Singapore provides you with, if you chose to pursue with them. Good luck with your new venture. We hope you find this as a progressive step towards your business.

Singapore is a lucrative country to invest, especially since it has been declared as one of the most rapidly growing economies of the world. This is especially lucrative to an expat, who can invest with new innovations in this market, without fearing too many regulations.  Tags such as ‘one of the least corrupt countries in the world’ and ‘one of the most pro-business countries in the world’ make Singapore an ideal investment destination. Is Singapore on your mind as a future destination for your capital? Look no further. We have compiled a short list of things to do before setting up a business as an expat in Singapore.

  1. Applying for the EntrePass

This is a must for any expat to set up his/her business venture, enterprise or business branch. This is a type of visa, special pass that will allow him/her to stay in the region so that (s)he can apply for conducting business in Singapore. This allows you to be actively present in the region as you set up your business. There are some requirements to be fulfilled before you can make the cut.

  1. The choice of your business must be a Private Limited Company. You must also have it registered as such.
  2. Not more than 30% of all shares can be in your name.
  3. A SGD 50,000 paid-up-capital must be available for your company.
  4. There should be at least a difference of 6 months prior to the application of Entrepass and the registration of the company.
  1. An Employment Pass is to be obtained for the resident director and the secretary

Since it is a necessity for an international company to have them residing in the country of business the EP is needed for both the resident director and the secretary.  The importance of the expats CV, business plan, qualifications and work history cannot be overemphasised. Include them in the application form as well.

  1. Procedures before the ACRA

The registration process is simple and short so long as you take care of the following points beforehand:

  1. Adhere to the eligibility requirements
  2. Check if the name of your company is available with The Singapore Network Information Centre (SGNIC)
  3. Each business in Singapore has a Singapore Standard Industry Classification (SSIC) code. Find it for you company.
  4. Locate a suitable place for your business.
  5. Get the required licenses and permits for the business
  6. In case you need help with the process hire a professional
  1. Registering for ACRA.

Follow these steps to form a company in Singapore

Once the entrepreneur registers with the Accounting and Corporate Regulatory Authority (ACRA), his/ her legal company is set up through a web-based filing system, BizFile.  Registering will cost you about SGD 300 – SGD 1,200, plus SGD 15 for the approval of your business name. The businessperson can set up the business based on the following business structures Sole Proprietorship, Partnership, Limited Liability Partnership (LLP), Limited Partnership (LP) and Company. You need to turn to two local agents, who are legal residents of Singapore to act on your behalf while starting a business in Singapore.

  1. Taxation

Any income received in Singapore is subject to its income tax. This is subject to the business the expat has set up as well.  There are special taxes that business owners have to bear with along with the usual. They include Goods and Service Tax (GST). This is levied on the import of goods and services. Each type of good or service has a particular tax rate that is based on certain criteria. The following are the tax rates that are levied on the basis of the type of goods:-

  1. Income Tax: depending on the type of business
  2. Goods and Services Tax (GST): 7%
  3. Withholding Tax: 10-20% (depending on the purpose)
  4. Property Tax: 10%
  5. Stamp Duty: depends on the value of your transaction

It is not a bad idea to seek professional help to deal with all the financial issues. A good accountant will surely reduce several forms of hassles one deals with such businesses in Singapore.

Now that you have the required tips, get going! Singapore won’t wait for anyone, so what is stopping you from doing your best todo well? Good luck with the new business.

When starting out a business in Singapore, it is important that you determine the name that it will be go by beforehand. The name reflects the identity of your brand but also gives insight on the kind of services that you offer. Be sure to determine if the name that you have picked is available on the web or it is taken by someone else.

You need to have it properly registered and protected for the long term. Most people use their own names as the business name. It is important that the name that you choose presents a professional image in order for you to build brand awareness.

You need to consider how the name will appear be it on the web or on your logo. Think about it on the social media. Does it provoke interest on a person to pursue your line of business for services? Most people are drawn by the name of a business therefore keep this in mind as you determine a name for your business.

Depending on the kind of business that you are into, the business name should reflect the culture of the business with an appeal to the target users. You need to decide if you want to make it appear corporate or more like a personal business. This will help you decide on the name that you settle on for the business. You need to ensure that the name you choose is not claimed by others either on the web or offline.

Go ahead and search for Trademark search tool to check for a similar name to the one you have picked. It is good to remember that infringement of trademark can earn you quite some for your business.

If you plan on having a web address or URL you need to ensure that it is available using WHOIS database for domain names. This will help you to know if the name is registered online under someone else and a web search will give you results. Make sure that your name is unique and also rich in words that mirror your line of business. If your name is available you should claim it right away and then go on to register a domain.

In case you plan on going corporate, you should contact your state filing office to determine if the name has been claimed yet. You can still go on to use it even with another one in existence as long as the services that you offer are in a different location from the existing one.

You can then go on to register the business name and to be able to do this you need to notify the government of the presence of your business with the name other than your own name. This is in case you are using a name for your business that is not the same as your personal name. This step does not apply in case you pick your personal name for business.

Next you then apply for trademark protection which protects names, symbols and logos. Remember that your name is one of the most important business assets therefore you need to protect it. There is a charge to filing a trademark which needs to be met.

When starting a business in Singapore you need to pick a catchy name to be able to hook your customers to your business. Think about the appeal that the name you choose will have on your customers and go that way. Since you want to have a name that will remain in the minds of customers without forgetting, you can settle for one that is short and to the point.

Your business name is the top consideration when starting a business in Singapore since you want to make an impact on your users. To be able to get noticed in the myriad of other businesses in the country it is therefore important that you select a name that is well thought out so that at the mention of it your customers get a vision of what is on offer to them. This will draw them to come to your business without hesitation bringing growth to it.

Singapore is appealing to most people who wish to set up business due to the fact that it has open market views. It is the easiest place among other developed countries for an expat to be able to set up business since its corporate tax is reasonable. The wide cultural diversity that is found in Singapore makes it one where it is easy to have access to talent based on the available workforce that collects there.

The Singapore government provides motivation and help to some industries of those who start a business body there. This comes in the form of tax and financial incentives given to the development schemes listed by Economic Development Board of Singapore to assist businesses. Provision is made for assistance that relates to financing, capabilities and management development. Innovation in addition to technology and the access of the start-ups to markets is also provided by Singapore for young start-ups as well.  The assistance that an expat gets from the Singapore government while starting out in the country is a good initiative to get him on his feet soon enough.

There are free trade agreements in Singapore that is made with major world economies that benefits international firms in the country a lot since it helps reduce the tariffs on imports. Since there no tax imposed on capital gains in Singapore also works to draw expats to invest in the country. A company can have as many Employment Passes as they like despite how big or small it is and this is issued purely on merit.

As much as it is relatively easy for one to set up a company in Singapore, the special pass that enables one to be able to get authority to transact business in Singapore known as the EntrePass is a requirement. This enables one to set up a business branch and enterprise or even a company by allowing an expat to be able to stay in the region and make an application to do business there. The EntrePass is a basic requirement to enable the incorporation of a company since registration with Accounting and Corporate Regulatory Authority is necessary. This is done through the filing system available online known as BizFile.

Before starting out an application to set up a company in Singapore, an expat needs to have some details on his fingertips. This is what is required to fill out the application form and consists of details such as his CV and business plan. His qualifications and work history need also be included in the application well articulated with no spelling mistakes and in a clear way to enable the one who reviews it give good points to the expat. It is required that the expat makes copies of his qualifications and previous work certifications which should all be attached to the application.

An expat is also required to give reasons and also his mode of doing business in the country. He should also set up a fixed term savings account while awaiting the EntrePass. After a week’s wait and having been given the Banker’s guarantee letter from Ministry of Manpower he will then submit his guarantee, letter and passport to the MOM with a small fee that is charged. He is then issued with a green card and given a month within which to submit particulars about his new company to the Ministry of manpower.

The ease with which one is able to get a permit to set up a company in Singapore makes the country an accessible place of business with the right resources that are needed for business startups. It is for this reason that the country enjoys global attention from expats who seek visas so as to be able to successfully send applications to do business in Singapore.

The facilitation of a system to enable expats eyeing prospects of running business overseas within structures that offer competitive activity in the business world works to bring more of them to Singapore. That, coupled with the conducive business environment successfully sets the country apart among others in Asia for global trade to take place within its borders.

Singapore has a reputation as a port with most activity for foreign investment and business both for the Singaporean as well as foreign entrepreneurs. There are many business opportunities lined up in Singapore for any of these parties that might be interested in investing here. The smooth registration process for business here makes it an attractive place for foreigners to come do business with guaranteed growth.

It is important for one to understand the way of setting up a business in Singapore from scratch as a foreigner to Singapore. To start with, one needs to ensure that he attains the correct visa. A foreigner coming to do business in Singapore has to get a work pass called the EntrePass  that is for foreign business people to launch a business in Singapore and to maximize the usage of business opportunities available in Singapore.

The ministry of manpower together with the Standards, Productivity and Innovation Board Singapore usually process the application for the EntrePass and those with approved EntrePass applications will have the benefit of the working pass up to two years. This period is renewable on expiry if one meets all the requirements. On expiry of the EntrePass on condition that it is feasible for a renewal of the work pass a three year validity period will constitute the EntrePass.

The registration of a company is done through Bizfile which is a system for use by the Accounting and Corporate regulatory Authority to register businesses in Singapore. Bizfile also caters for registering of the expansion of business in the country, which could also include any branches of a company.

Appropriate procedures and information on the subject of the registration process can be accomplished through agencies as Monetary Authority of Singapore (MAS) as well as the Attorney-General Chamber’s. All the information that is needed to aid in the financial and accounting and also legal businesses is offered by these agencies. Any other information need on how to venture into business is available at the International Enterprise of Singapore. This makes it easy for a foreigner to find his way into the business world of Singapore for investment purposes.

Locations in Singapore that one can position or place his business offices and company can be provided on request by the Economic Development Board that has wide-ranging facts about industrial and business parks setting in Singapore. This is used to give out to foreign people who are keen on finding suitable locations for the operation of business in the locality. This makes it easier for foreigners to pick out opportunities available to them to place their business activity. Depending on the kind of business that one is interested in putting up he can then decide on the most suitable region to ensure growth of his business.

There is a vast local talent in Singapore that any foreigner desiring to set up can take advantage of in the running of his business. This can be accessed through recruitment portals as well as recruitment agencies that help the human resources division of a company. EntrepriseOne is a website where one can get information on the training as well as accessibility of manpower for employment. In case one is interested in the provision of training programs to equip the local labor EDB helps to provide the relevant ones to the business.

Beginning a business in Singapore is relatively cheap and all that is needed is a valid business address and credit card as long as you have valid employment pass for yourself and dependants that you wish to bring along. Additional requirements are the need for a minimum of two directors to be able to start a business. A co-director of convenience with little say about the running of the company can be found.

You will also need someone to audit your books and this can be found locally from the abundance of manpower in Singapore. Alongside that you also require articles of association and then pay some capital which is not much by any standards.

The process of establishing a company in Singapore is an easy one compared to other business hubs in the world and this is the reason that many foreigners from all over the world are drawn here to set up various business enterprises.

The Innovation and Capability Voucher (ICV) is given to small and medium sized enterprises also known as SMEs to help them to establish their operations. The amount that is awarded is $5000 which gives them enough to increase the competence of the enterprise through upgrades. The areas that are covered for the upgrade are productivity and human resources as well as financial management. As a replacement of the Innovation voucher scheme the ICV however still the technological benefits such as development services.

These vouchers need to be applied for through service providers who support the ICV scheme who can be found on the SPRING website on the ICV segment. One can apply for two vouchers to cover the innovation and capability which is supported by the ICV. There are also other programs that are available for the SMEs to seek out for assistance. It is mandatory for an enterprise to complete a project that covers the sectors that the ICV covers once the vouchers are used up to be able to apply for another one.

There is an online portal through which SMEs are able to apply for the ICV through a process that takes two days. There is an email notification that is sent out to successful applicants even though a report needs to be put forward to the standards. Productivity and innovation Board(SPRING) on conclusion of the project which was funded by the ICV.

Certain requirements need to be met by a local enterprise in order to be qualified to apply for the ICV. In the first instance they have to be locally registered as residents of Singapore with a minimum of 30% of local shares. The size of the enterprise needs to fit the characteristics of an SME going by the annual sales which should not exceed $100 million and with not more than 200 employees.

There are those areas that are covered by the ICV and these include Innovation which is a segment under the ICV. This covers technological development, technological assistance and includes aid in business design. The upgrading of the company’s products, goods and operations are covered by the ICV.

Productivity is also covered by the ICV and it encompasses the implementation and achievement of the ISO 9001 and HACCP software. Aid and assistance in productivity management and aid is also provided to help the enterprise head for service distinction. This covers classifying chance for enhancement and expected results in productivity and resource needs as well. It also seeks to go over the main points on findings and future steps to maintain improvement. Setting improvement targets such as sales per staff and ability of staff to answer customer enquiries thus deliver great service is also looked into.

Human resources are another segment that is supported by the ICV and this features services in the planning of manpower and recruitment. Career management as well as learning and development aid pertaining to employees is also covered. It seeks to upgrade the SME’s pool of human resources.

It aims at conducting an analysis of the strengths and weaknesses of the company before the start of the project. This is a good avenue to be able to offer advice on areas that need to be addressed before the project begins to ensure a successful take off of the same.

Yet another supported segment by the ICV is financial management which covers services for financial planning such as budgets and capital management. Included also are financial controls that can be implemented by the SMEs.

Once you are done with the application for ICV it is important that you make sure that the project is listed among the supported services and scope of projects. This will involve contacting the service provider to talk about your selected service before reaching an agreement to engage their services. All this needs to be done before you can submit the ICV application online.

The ICV targets offering help to SMEs to be able to improve productivity in the long run. By offering consultancy services the government seeks to reach out to the enterprises that are not yet aware of the ICV to facilitate growth in their business.