Things to Note When Starting a New Business in Singapore

Things to Note When Starting a New Business in Singapore

Singapore is an ideal location to set up headquarters for global companies. Here, conducting business transactions is easy, and the market is competitive with strong trade and investment.  Furthermore, when you set up your business in Singapore, you benefit from networks of over 50 comprehensive double taxation avoidance agreements. Additionally, you can take advantage of the many free trade agreements and investment guarantee agreements. 

You can easily register a business in Singapore, whether in the foreign branch office, limited partnership or corporation. If you are planning to register a company in Singapore, here are the things you should take into consideration.

Defining Your Business Needs

Business needs are the goals and objectives that business leaders set. These needs may be capability or improvement needs. Your capability needs are your goals of delivering particular products or services or ensuring operational effectiveness. Moreover, your improvements needs refer to your goals of increasing efficiency and decreasing costs or time-to-market. Once these needs are defined, the owners can rally their people to work hard and achieve them.  

You cannot brainstorm for strategies and start working without first identifying goals you want to achieve. To determine your needs, you need to acquire sufficient information on the industry, market, logistics and other essential matters. Once you have these pieces of information, you should think about what you want to deliver, both into short-term and long-term. In doing this, you should also assess your funding and other available resources, whether they can reach at least your short-term goals.

Choosing the Correct Type of Company to Incorporate in Singapore

After identifying your business needs, the next step is to choose the type of business structure you will put up. Getting the right company structure is important because this will affect your liability exposure, your ability to raise capital and how you pay your taxes. It is crucial to choose the type of company that gives you the balance between your legal protection and the benefits.

The most common business structures include sole proprietorship, partnership and limited liability company. The sole proprietorship is the basic and the simplest form of doing business. It requires no doing business as (DBA) registration and business account opening. However, the downside of a sole proprietorship is its exposure to risks as the owner will have a personal responsibility to the liabilities of the business.

Moreover, a partnership is favourable to two or more individuals engaging in business. You can opt to form either a limited partnership or limited liability partnership. In general, business owners usually form partnerships to test their business ideas before starting a formal business. 

Lastly, a limited liability company (LLC) has the advantages of both partnership and corporation business structures. LLC protects its owners’ personal assets and the owners from bankruptcy or lawsuits. It is crucial to identify the advantages and disadvantages of every business type to assess which one will best achieve your business needs.

What Types of Services Do You Need? Accounting, Audit, Company Secretary, All-in-one Etc

The next step in starting a business would be identifying all your business functions. These business functions are the activities necessary to deliver your products or services. Enumerating these activities will allow you to plan the workforce and other resources you will need in running the business. As a starting company, you have to assess which business functions are the most critical and essential to properly direct your funds and efforts. 

The most common business functions include accounting, finance, marketing, administration and operations. Suppose you have the knowledge to do most of these functions, the better. However, if you want to have more qualified individuals, you can hire people to do the job. Further, you also have to think of your capacity, whether you will afford to hire the necessary human resource yourself, or if it is better to outsource these services. 

Documents/Information Required to Submit

In general, to start a business in Singapore, you need to identify the following details:

  • Company Name
  • Registered Address
  • A Description of Business Activities
  • Shareholders Particulars
  • Directors’ Particulars
  • Company Secretary Particulars
  • Memorandum and Articles of Association (MAA).
  • For Singapore Residents, a copy of Singapore identity card (IC); or 
  • A copy of passport, overseas residential address proof, and other information for foreign nationals

Costs Required to Set Aside for Company Incorporation

Upon starting a business, you have to prepare for the necessary expenses you will need to spend. Aside from the cost of kickstarting your operations, you also have to set aside funds to register a business. 

On registering your business, you can either self-register or hire a business registration firm. On average, self-registration will cost you $115, broken down into $15 for name reservation, and $100 for the registration process. Moreover, hiring an agent will range from $300 to $1000. This cost is, of course, inclusive of other services like consultation, and secretarial services for the first year of operations, depending on the package you avail. Further, you will also have to pay for licensing, whose fees vary depending on your business sector.

Incorporation Process and Duration

Starting a business can take days to a week, depending on your business size and structure. Because of the ease of processing in Singapore, you can already register your business within one day. In general, to process your incorporation, you will have to go through a company name approval, verifying your registration requirements are complete and then processing your registration.

Why 3E Accounting Is the Preferred Choice for Incorporation Service

Companies incorporated in Singapore are ever-increasing. More so now that the available facilities are better and opportunities are broader. The demand for incorporation services is at its peak, and 3E Accounting is a top choice for business incorporation services. With our various service packages, we offer only premium business support at reasonable prices.

Are you looking for more reasons to choose 3E Accounting Singapore incorporation services? Here are the top reasons why.

Accreditations & Awards Received, Incorporated >4000 Companies

3E Accounting was founded in Singapore in 2011, and since then, we have successfully incorporated more than 4000 companies in the country alone. The firm has also been awarded Singapore’s Brand Awards as a leading service provider in the country. This only proves that 3E Accounting is a brand you can trust with handling your business activities and other needs. 

One-stop Solution for Business Needs in Singapore

Moreover, 3E Accounting not only handles company incorporation; we also specialise in providing accounting, corporate secretarial, taxation, and immigration services. Our company is your one-stop solution for any of your business needs. Further, you can be assured that our experts are competent and experienced to offer the best choices to achieve your goals. 

Professionals to Look After Your Business Needs

3E Accounting ensures top and quality work with our competent teams. Our expert leaders and staff possess diverse international, cultural, academic and professional qualifications. We ensure that every person handling our client’s businesses are appropriately accredited and well-versed in the industry and market activities. 

Competitive Package Fees With Free Value-added Services

Our company runs a business, too, so we understand that giving value is the key to maintaining a profitable business. Therefore, here in 3E Accounting, we offer only functional and helpful services at reasonable fees. Further, our packages are also inclusive of supplementary services, free of charge. 

Incorporate Your Business With Professional Support

Incorporation in Singapore is within your reach with the 3E Accounting incorporation services. Contact us today for a no-charge consultation before starting your company. You discuss with our experts how to register a company in Singapore quickly and cost-effectively.