In order to set up company in Singapore, there are three basic steps that you will need to take. This article will provide an overview of these steps, as well as some additional information that you will need to know in order to get your business up and running. By following these simple steps, you can be on your way to starting a new business in no time!
Step 1: Know the requirements and procedures for starting a business in Singapore
Are you thinking of starting a business in Singapore? The process is actually pretty simple, as long as you know the requirements and procedures. First, you’ll need to set up a company. This can be done through the Accounting and Corporate Regulatory Authority (ACRA). Once your company is set up, you’ll need to obtain a business license from the Singapore Tourism Board (STB). Finally, you’ll need to register for GST with the Inland Revenue Authority of Singapore (IRAS). Once you’ve completed all of these steps, you’re ready to start doing business in Singapore!
Step 2: Choose the right business structure for your company
When it comes to starting a business in Singapore, there are a few things you need to take into account. One of the most important is choosing the right business structure for your company. There are four main types of business structures in Singapore: sole proprietorships, partnerships, limited liability partnerships, and companies. Each has its own benefits and drawbacks, so it’s important to choose the one that best suits your needs.
Sole proprietorships are the simplest and most common type of business structure in Singapore. They’re easy to set up and don’t require much paperwork. However, sole proprietorships offer no legal protection for the owner’s personal assets. This means that if the business fails, the owner is liable for all of its debts.
Partnerships are similar to sole proprietorships, but they involve two or more owners. Partnerships offer some legal protection for the owners’ personal assets, but each partner is still liable for the debts of the partnership.
Limited liability partnerships (LLPs) offer more protections for the owners’ personal assets than either sole proprietorships or partnerships. However, LLPs must have at least two partners who are liable for their own acts and omissions, and not those of the other partners.
Companies are the most complex type of business structure in Singapore. They offer the strongest legal protections for the owners’ personal assets, but they also require the most paperwork and compliance with certain regulations.
Step 3: Register your business with the ACRA and other government agencies
After you’ve chosen the right business structure for your company, the next step is to register your business with the ACRA. This can be done online through the ACRA website. Once your business is registered, you’ll need to obtain a business license from the STB. You can also register for GST with the IRAS if your business is going to be making taxable supplies.
Additional information:
There are a few other things that you will need to keep in mind when starting a new business in Singapore. For example, you’ll need to make sure that your company name is unique and not already in use by another business. You’ll also need to have a registered address for your business. Finally, you should familiarize yourself with the various tax requirements and regulations that apply to businesses in Singapore. By taking care of these things, you can be sure that your new business is off to a good start!
Conclusion
To sum up, there are three steps that you need to take in order to start a new business in Singapore. First, you need to know the requirements and procedures for starting a business. Second, you need to choose the right business structure for your company. Finally, you need to register your business with the ACRA and other government agencies. By following these simple steps, you can be on your way to starting a new business in no time!
