10 easy steps to setting up a company in Singapore

10 easy steps to setting up a company in Singapore Singapore is the multi ethnic country and has deep – rooted channels and networks in trade and commerce. Thanks to its umpteen numbers of affordable yet top notch attractions, growing nightlife and diverse culture, the place has evolved into a favorable location for setting up business.

The country has robust trade and investment opportunities, thereby making it the most competitive Asian country and the world’s easiest place for carrying out the business. Setting up a business in Singapore involves certain steps to be followed.

1. Planning: The first and foremost thing is the planning. Having a business idea in the mind and drafting a plan to transpire that idea into reality via blueprint is the fundamental step to start the business in Singapore. Creating the blueprint provides a systematic design to follow as well as guidelines to adhere to, thus eliminating the risk of diverting away from your business plan.

2. Choose the business structure: The country offers loads of legal entity forms available for registration. Refrain from choosing at random as the form of business formation will actually impact a lot of aspects of your business – the liability and credibility of the organization in the eyes of its end users, abilities in borrowing money and expanding the company, perception of banks and creditors etc. Choose the business structure that epitomizes the most suitable option for your company as the right structure catapults the credibility and viability of your company. Sole partnership, limited Liability company, limited liability partnership, private limited company, branch office and representative office are the options of business structures operating in Singapore.

3. Calculate the costs and Finances: This is the most imperative step that has to be followed while setting up a company in Singapore. When you estimate the costs on capital, leases, licenses, entry pass, company in registration and future costs like salaries of the employees, insurance, rent and other overhead costs, you are bold enough in terms of finances. A complete analysis and evaluation of costs and expenses helps in laying a basis for comprehending how to optimally use your limited funds.

4. Knowing the regulations and laws in Singapore: There are seven governing entities in the country that spell out laws and regulations; that set strict guiding principles and which one has to be aware of and adhere to before the setting up of the business.

5. Aid from government agencies: The government of the country is business friendly in its initiatives due to which lot of startups and entrepreneurs tap the opportunities. Agencies like ACRA, EDB, Enterprise Singapore helps the business grow.

6. Company registration: Once everything is set, it is the time to register the company and it should include registration of everything i.e. of the company, of board of directors, address and appointment of one resident director.

7. Obtain Licenses and permits: It is mandatory to obtain all required licenses and permits before setting up of business.

8. Recruiting man power: Because of ease of doing business and high standard of living, the country allures businesses with robust pool of local and international talent.

9. Accounting: Next step is to set up an updated and efficient accounting system that enables optimum usage of budgets and systematic bookkeeping.

10. File your taxes: Taxation in this country is more lenient as compared to other places and so it is duty of the company to pay its taxes in time once it is set up