If you are starting a company you will likely have many questions. What product should I offer? What services can I provide? How will I get start up funding? How do I write a business plan? One of the first questions for every entrepreneur is where to locate your business and how to arrange it once you registered a company.
Some people prefer to start a company in their local area. They want to maintain it from the comfort of their home. Others want to start a business in a foreign country and eventually move there. Still some companies want to start a company in a foreign country and manage it remotely. This decision is based on things such as your financial situation as well as local and international laws and lastly on your niche. Your company may succeed in different areas better than others based on the niche. For example, if you are thinking of starting a fishing company and want to register a boat, you may have more success with registration of a company Singapore based. This location will provide you with a unique market and access to a diverse set of ocean highways.
There are many requirements for companies whether they provide a service to residents or are a business full of corporate accountants. Information on registration and getting foreigners registered is readily available from government websites. Starting applications for limited liability partnerships in Singapore and filing them immediately will ensure you are approved quickly.
In addition to incorporation information the government websites address personal work questions, how to employ foreigners from your home country, how to set directors within the company, as well as banking and tax information. You can contact the local government authority office and provide them with the necessary information. They will pass it on to the appropriate personnel within the office and act immediately to give you answers.
The process for registering your company in Singapore is very simple and very cost effective for both residents and foreigners. Foreigners must appoint a local resident manager to handle their registration while they live outside of Singapore. They can register so long as there is a local resident partner in their company. If every partner in the company is a foreigner then a local resident manager has to be appointed. As a foreigner you can set up a business in Singapore and manager the operators from the local area or from your home country. Once you register with the government websites as a foreigner you have to pay an additional foreign registration fee between three hundred and twelve hundred dollars.
Before You Register
Before you register as a permanent resident or citizen you need to apply for the SingPass which is used for all government transactions. Then you need to prepare all necessary documents for registration. If you are a foreigner you must apply for the EntrePass then the SingPass. You must also prepare the same list of documents.
If you are registering a partnership in Singapore you have to go through the Accounting and Corporate Regulatory Authority. The company has an electronic filing and information system which enables you to submit your application online. You can register with a personal identification number and your SingPass online. You can do this at a local office or at home. You can then engage services for professional accountants or lawyers to help submit the application on your behalf.
Fees for Registration
There are various fees associated with each aspect of the filing process. For the name approval you must pay fifteen dollars. For the business registration you must pay fifty dollars. Your partnerships are often registered within fifteen minutes of paying the associated fees. However it can take authorities an additional two to eight weeks to refer your application for approval.
Overall this process is very fast and very simple. If you want to start a company in Singapore the fees are reasonable and there are many services and agencies ready and willing to help you through any part of the process along the way. You can start your dream company today!