Registering a company is not an easy process anywhere in the world. More so, when registering a company in the state of Singapore. With a very complicated and deep process of registration, further application, growth and expansion, you will need to do your research when setting up a company in such states.
With more than 536 thousand companies established so far, Singapore is a growing center for companies to start up.
Even after the pandemic, about one hundred and three thousand companies have been set up which is a sign of how sought after Singapore is as a centre for corporate exchange.
Source: ACRA ( Accounting and Corporate Regulatory Authority )
What is the ACRA? What do they do?
The Accounting and Corporate Regulatory Authority of Singapore is the financial ministry of Singapore. This is the regulator of business registration, financial reporting, public accountants and corporate service providing, it also facilitates enterprise. They provide a trusted and vibrant environment for businesses to thrive and flourish.
With an extended reach and great power, they are the body in charge of formation of a business, setting up and register company in Singapore. If you plan to start an industry in Singapore you will definitely have to get your company registered with them.
For any entrepreneur planning to start working in the state of Singapore here’s a few pointer to keep in mind:
Set up logistics:
The first step for any up and coming entrepreneur is to set your logistics and basic infrastructure straight. When entering the market make sure you take the time to be sure of the product you plan to work on, stick to the plan, have a company motto and set up goals accordingly for the coming few months and years.
In such a case it would be more than a single task, from setting up the framework for your company, establishing ground rules and work priorities and most importantly continuity.
When setting up a company, always remember to have a fixed field or domain that you plan to work on. Don’t keep switching between different topics when establishing a company. Stick to a single product and domain and change only when you see the necessity, too much change will lead to badly specialized employees over the long run.
Company registration:
The second step of the process when you plan to register a company in Singapore is the registration, just as stated earlier, company registration is a long arduous process that involves several entities and quite a few documents. There is no workaround to this other than to hire a secretary. The process goes as follows:
- Picking a company name:
This is a relatively simple process however it involves a dedicated search to find if the name you plan to use is taken or not. In case it is unused, you will have to book it for further use during final registration.
- Select your preferred business structure:
With three major business structures to choose from, limited liability, private limited and sole proprietorships. These different types of companies come with their own pros and cons.
- Resident individuals:
When you want to register a company in Singapore it requires you to have at least one resident individual from your company during registration. If you’re not a resident individual this can be solved in two ways:
- Hiring a corporate secretary to do the work and registration or directors from the country.
- Having a business partner in the country who you can convince to work for you.
- Having the required documents:
Registration is not a simple task and having the required documents can prove quite handy for both the officer in charge as well as yourself in ensuring smooth work being done and timely service.
- Final preparation of your company:
Once you have your papers signed and your company approved, the real difficulty begins where you must prepare to compete in the vast and terrifying business world.
Remember to get your company a corporate bank account, file your taxes and maintain your company and you’ll do well in such a demanding world.
Learning to set up your company and going through the effort will only lead to success.
