Setting up a company in Singapore is a relatively straightforward process, but it does require some planning and preparation. The first step is to decide on the type of business you want to set up and the legal structure that best suits your needs. The most common types of businesses in Singapore are sole proprietorships, partnerships, and limited liability companies (LLCs).
Once you have chosen a business type, the next step is to register your company with the Accounting and Corporate Regulatory Authority (ACRA), the government agency responsible for registering and regulating businesses in Singapore. To do this, you will need to visit the ACRA website and complete the online registration form.
The information you will need to provide includes:
- The name of your company
- The registered office address of your company
- The names and addresses of the directors and shareholders of your company
- The type of business you will be conducting
- The amount of share capital you will be issuing
Once you have completed the online registration form, you will need to pay the required registration fee. This will vary depending on the type of business you are setting up and the amount of share capital you are issuing.
Once your registration has been processed, you will receive a certificate of incorporation, which confirms that your company has been legally registered and can begin trading.
In addition to registering your company with ACRA, there are several other things you will need to do to set up your business. These include:
- Obtaining a business license from the relevant government agency
- Opening a business bank account
- Registering for GST if applicable
- Obtaining any necessary licenses or permits
Overall, setting up a company in Singapore is a relatively simple process, but it does require some planning and preparation. By registering your company with ACRA, obtaining the necessary licenses and permits, and taking care of other administrative tasks, you can set up your business and begin trading successfully in Singapore.
Follow our Instagram @Nomadsaccountinguk or contact us to [email protected] for financial strategies and advice to help grow your business.