The Business Registration Process in Singapore

The Business Registration Process in Singapore

In the world of technological advancement, we have arrived in a modern world. Companies are working on their new ideas so that they can make more efficient products in the more affordable price range. People are investing in the companies by purchasing the products or service of the company or taking shares in the company. There are many people wants to make their successful carriers in the business world. A question that many people ask us that is the process of registration of a private limited company in Singapore. There might be many readers who would have two questions rises in their minds that why people want to do business in Singapore and why registration of the company is important. In this article, we would give you all the answers so that if one wants to do the business in Singapore then it becomes easier for them.

Why people are choosing Singapore to do business?

If we talk about Singapore then it is one of the better places to do the business. Government of Singapore has done the business legalities and registration process so simple that now it became easy to do business in Singapore. Government of Singapore has done better works for their people due to which the literacy rate of Singapore is higher. If the product of the company is good then the company can have profits in Singapore.

Why the registration of the company is important?

There are mainly two reasons for which the registration of the company is important that are following •

Tax Submission – If the companies have the annual revenue greater than or equal to the

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limit that is set by the government then the company have to give the taxes. When the companies are registered with the government then the government can calculate the tax better.

Safety Reasons – Many companies start for illegal things. When the companies are not registered and making the higher money then it becomes an illegal activity. One can also do some illegal stuff in the shade of business. The government keeps an eye on them so that the safety of people would be intact.

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What does a person need to submit for registration of the company?

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The physical address of the office in Singapore

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The ID of one shareholder ID of directors Shareholder agreement The ID of company secretary Company business profile Auditor appoint

These above are the things that are must to make the registration process done with the concerned department. One can also go to the concerned department in Singapore that is ACRA so that one can have a lot more information about the business registration as per the business.

Incorporation of the company Many people are searching for company incorporation services in Singapore. It is one of the profitable things for the company. Incorporation of the company means that now the company would become a different entity that would make the owners of the company in a better position.

How incorporation of the company benefits the owner?

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Court Cases – Now if there is any problem with the company to anyone then the person

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cannot sue the directly instead of this they have to sue the company.

Assets – When the company gets incorporated then the assets of the company and the assets of the owner becomes different that is why many owners incorporate their company.