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Company Registration Process

Company Registration Process in 5 Easy Steps

Before getting started with company registration process, one should have knowledge of the process and what should be put in place. Having information about the company incorporation process, the applicable laws and provisions, business structure to settle for and other important requirements is vital. Such knowledge about the various business structures can help you manage your business well and also enable you to take advantage of the benefits that come with such structures.

Here are the 5 easy steps to be followed when registering a company;

Name Selection for New Company Registration

The first step is to identify the business name that will represent your company in the market. The name of the company that you settle for should be unique, descriptive and one that can stand out in the market for the rest of the business life. There are provisions in the in the Companies Act that are associated with selection of company name. The name that you select should not be similar or nearly resemble a name that already exists.

Company Type

The structure of the company to be registered for should be settled on. However, it’s important to note that the business structure that you get to settle for influences everything from the taxes, day-to-day operations, and the amount of your personal assets that could be at risk. When considering incorporation of company, ensure that the structure you settle for provides you with the balance of benefits and legal protections.

Here are the different types of company to be considered for registration;

  • Limited liability company – this is a separate legal entity which means that the owner is considered as a separate from the owners.
  • Private limited company – the company is limited by shares which should not be over 50. The shares of a private limited company cannot be made available to the general public.
  • Public company – there are two types, one that’s limited by shares and another is limited by guarantee.
  • Sole proprietorship – this is one of the most popular types of entity. It only has one corporate owner who is liable for all the business affairs.
  • Partnership – this is where two or more individuals or corporations come together for incorporation of company. The number of partners forming the company should not be over 20.

Directors and other Key Personnel

Once a decision has been made on the company structure, the next step is to appoint some of the key personnel as stipulated in the Companies Act. There should be a local director who is required by law to be a local resident of Singapore. The local or nominee director must be at least above 18 years old and is to be responsible for the day-to-day activities of the company.

Company secretary should be appointed within six months of the incorporation of the company. The company secretary should be a citizen of Singapore and cannot be one of the directors of the company. The auditor should also be appointed within three months of incorporation of company unless the company is exempted from auditing as per Companies Act.

Registered Office Address

While submitting the application for incorporation of company in Singapore; the applicant should also provide a registered business address for the company. This should be a valid physical address where company operations can be undertaken.

Shareholders

It’s a requirement for a registered company to have at least one shareholder and a maximum number of shareholders should be dependent on the business structure. The minimum issued capital must be at least $1.

Working with a reputable corporate service provider such as OneStop Singapore can help in ensuring that the entire process is undertaken efficiently and with high level of accuracy.

Registered Business Address Service In Singapore

Why You Need A Registered Business Address Service In Singapore

When considering the incorporation of company in Singapore, one of the statutory requirements that many find to be challenging is the requirement of a registered business address service in Singapore for company office. A company’s business address contributes a lot to its reputation and can to a great extent impact on how the company’s communications are handled.  The best solution that one can opt for is to rent a virtual office in Singapore for use as a registered business address.

Today’s business environment is rapidly changing and there is great need for flexibility on how to operate a business in Singapore. Instead of renting an office space that can be quite costly and may also tie up your finances, you can consider engaging Onestop Singapore for registered business address service in Singapore. Never risk your business address with a home address or a P.O Box as majority of clients would want to know the actual location of the business address.

ACRA’s criteria of having a registered business address service in Singapore states that the office must be open for at least five hours during the ordinary working hours each day. The office address should also be a physical address that’s located in Singapore and it cannot just be a P.O Box.

Here are some of the reasons for having a registered business address in Singapore;

Statutory Requirement

Having a registered business address in Singapore is a statutory requirement that every entity incorporating a company in Singapore should adhere to. However, instead of renting a building for use as a physical address, there are better options that are flexible and less costly. It is possible for business owners to use a prestigious business address for a virtual office in Singapore. Companies such as OneStop Singapore offer business address services and can provide you with the actual registered business address that can be used when registering a company in Singapore.

Virtual Business Addresses are Cost Effective

Having a virtual registered business address in Singapore is quite cost effective. Apart from being able to meet the statutory requirements; you will not have to bother about servicing a physical place. Foreign investors will find use of virtual office address as the registered business address to be quite efficient and cost effective.

The setting up of a physical business address can be quite costly and renting a virtual registered business address is the ideal option as it takes less effort for one to be acquired.

Ideal Location of Virtual Office

When it comes to having a registered business address, the location of your office space really matters. When you have a virtual office that’s located within the CBD, it comes with some level of confidence as you are certain that it can be easily accessed. Such an office is likely to create a positive impression about your company.

OneStop registered business addresses services makes it possible for company’s to grow their businesses with flexibility through monthly payment contracts that are manageable. Businesses also get to benefit from a range of services.

Incorporation of company in Singapore

4 Reasons for Incorporation of Company in Singapore

Singapore is preferred by many foreign and local investors due to its pro-business environment nature and other factors such as strong intellectual property protection, and low tax rates among other reasons. Before you put your business plan into action, your business should first be incorporated through the Accounting and Corporate Regulatory Authority in Singapore. Incorporation of company in Singapore therefore, provides one with an edge especially when they engage a reputable corporate service provider for the task.

Some of the reasons why investors prefer incorporation of company in Singapore include;

Ease of Starting Business

Singapore has been named consistently in various reports as one of the best places for doing business.  When compared to other countries that are also considered to be business hubs, registering a business in Singapore can easily be done within a day especially when you engage a reputable corporate service provider in Singapore such as OneStop Singapore. Both local and international investors can incorporate a company in Singapore.

Engaging a Singapore subsidiary company is an ideal registration option for both small and midsize foreign businesses that intend to establish a presence in Singapore. Foreign investors are allowed a 100% of the companies that are locally incorporated in Singapore.

Strong Legal System and Personal Safety

Singapore has one of the most stable political environments in the Asian region. It therefore offers investors a humble space to focus on growing their businesses. Singapore’s judicial system is highly recognized as one of the most efficient in Asia when it comes to enforcing anti-corruption laws and that creates a very conducive environment where investors can conduct their businesses without fear of bureaucratic practices.

 The country has persistently registered very low crime rates and provides its residents with a high degree of personal safety. In case of cross border disputes, businesses can effectively rely on Singapore’s reputation as place for world class arbitration. Such reasons make it possible for investors to consider Singapore for incorporation of company.

Extensive Air Connectivity

Singapore has a very extensive air ecosystem that makes it possible for trade to be facilitated through such a dynamic supply chain management alongside an efficient logistics infrastructure. Singapore’s Changi International Airport serves over 10 airlines that fly to over 400 cities in about 100 countries across the world. Every week, about 7,200 flights land and also depart from Changi Airport with over 62.2 million passengers that pass through the airport each year. Singapore is also home to some of the leading logistics companies such as FedEx and UPS.

Foreign Income Exemption

Foreign income exemption is another key benefit that makes it possible for Singapore based holding companies to repatriate dividends directly to their foreign subsidiaries free of Singapore tax. There are however, qualifying conditions that companies are expected to meet. While considering incorporation of company in Singapore, it’s vital that you work with a reputable corporate service provider in Singapore for a better understanding of benefits that are available.

The personal tax framework is also quite appealing and makes Singapore an ideal investment location for both local and foreign investors. Working with a service provider such as OneStop that has an extensive team of experienced professionals can help with making the whole process easy and effortless.

OneStop Singapore has made the process of incorporation of company in Singapore to be efficient and easy. Foreign investors and locals can get access to the unique services the company provides to not only start their business but also ensure that all the necessary steps are accurately executed.

Incorporation of Company in Singapore

5 Advantages of Incorporation of Company in Singapore

As much as operating a small business can be flexible and easy to manage, the model of operating a sole proprietorship can be such a risky venture. One way of limiting personal liability is by considering incorporation of company in Singapore. While the process of incorporation is involving and requires a lot of paperwork, it offers important tax and legal advantages especially when you engage a reputable corporate service provider in Singapore for the task.

Here are some of the advantages of incorporating a company in Singapore;

Protection of Personal Assets

One of the best ways you can use to protect your personal assets is through incorporation of company in Singapore. A corporation is legally capable of owning property, carrying on business; incurring liabilities, and can either sue or be sued. A registered company is considered as a separate legal entity and is responsible for its own debts. It, therefore, means that creditors of a registered company can seek payment only from the company’s assets and not from the personal assets of the directors, shareholders or officers.

It therefore means that the business owners can conduct the business without worrying about risking their homes, savings, or personal property. Owners of partnerships or sole proprietorship on the other hand tend to face unlimited liability for both their personal and business assets.

Easier Access to Capital

Raising capital is never easy especially for sole proprietorship or a partnership. However, the case is different with a registered company as it can issue shares of stock and that makes it easier for the business to grow and develop. Banks also prefer lending money to corporations than other types of business ventures. A registered company has several alternative ways of raising capital which they can use to offset debts and grow their businesses.

Enhances Business Credibility

Another key benefit of incorporation of company in Singapore is that it enhances credibility. Suppliers, business associates, and customers are more likely to perceive a registered company as being credible and more stable. Since the business name convey some element of permanence, stability, and credibility it’s likely to be viewed by many in a better light, unlike the sole proprietorship or partnership. Registering a company also communicates a level of commitment to the ongoing success of the business venture.

Anonymity

Incorporation of a company in Singapore provides anonymity to the owners. If in case one wants to operate a business and doesn’t want their involvement to be public knowledge, the best alternative is to incorporate the company.

Perpetual Existence

Corporations are considered as the most enduring legal business structure as it’s designed to continue indefinitely regardless of what happens to the individual directors, managers, shareholders, or its officers. It, therefore, means that by opting for incorporation of a company in Singapore; you get to avoid legal entanglements that are likely to happen with other forms of business structures.

As much as considering the incorporation of a company in Singapore is beneficial, it’s advisable that your company’s engage a reputable corporate service provider in Singapore for the task as there are a number of factors to be considered during the registration process.

Originally published by onestop-audit.com

incorporation of company in Singapore

Importance of Company Incorporation: Everything you need to Know

The number of business owners that are opting for incorporation of company in Singapore is on the rise and this can be attributed to a number of factors. Incorporated companies tend to offer the shareholders personal asset protection since the companies exist as separate entities from their owners. Business owners who operate unincorporated businesses don’t benefit from personal liability protection which means that in case of any issue arising in their business, they are considered liable.

It therefore means that creditors can claim their assets and personal finances to clear pending debts. Owners of incorporated companies can however, conduct business without having to risk their personal property as us their savings, homes, vehicles and other personal assets. As much as the process of incorporation of company in Singapore can be involving due to the various statutory requirements that has to be met; there are a number of benefits that makes every process worth the effort.

Here are some of the reasons why incorporation of company is important;

Tax savings

The majority of business owners who opt to incorporate their company in Singapore are normally influenced by the conducive tax policies that are available in Singapore. Singapore income tax is normally levied on income that’s locally generated. The income that’s earned by foreign subsidies of such companies are exempted from tax. Singapore also charges no tax on capital gains and the dividends received by holding companies is also tax-free. In order to realize maximum tax benefits, it’s advisable that a company works with a reputable corporate service provider in Singapore such as Onestop CA Singapore.

Credibility and Ownership

Corporations tend to enjoy better credibility when compared to other types of businesses. From the suppliers, customers, landlords, financial institutions and statutory authorities they tend to view the choice for incorporation of company in Singapore as a serious and long-term commitment. Having corporate identifiers such as Corp, Inc. or Ltd tends to convey a sense of permanence, credibility and stability. Corporate business owners can easily transfer ownership to another person. They can also sell or even assign their shares to a partner or family member.

Ease of transfer is a key thing that contributes to the perpetual existence of corporations. The operation and life of a corporation is never affected by death or withdrawal of one of the directors. Such a status helps the owners to avoid legal entanglements that in most cases arise in other business structures.

Investment and Management  

The setup of an incorporated company provides a well-structured management where decision making is centralized and the shareholders have a vested authority in the board of directors. It’s normally easier for incorporated companies to raise capital whenever needed. They can choose to issue shares of stock and that helps with making the growth and development of the business to be quicker.

Working with a reputable corporate service provider such as Onestop CA Singapore for incorporation of the company helps with ensuring that all the measures are taken to make the entire process seamless and fast.

Originally published by onestop-audit.com

Incorporation of Company

Steps to Follow with Incorporation of Company in Singapore

Incorporation of a company in Singapore doesn’t have to be a complex process especially when you engage the services of a reputable firm that offers corporate services such as Onestop Assurance Singapore. Singapore has become a thriving business destination especially for foreigners seeking to extend their business base. 

Here are the steps to be followed when registering a company in Singapore;

Company Name Registration

The first step to get started with is to check for availability of the proposed company name. Once the name has been confirmed as available, an application can then be made to Accounting and Corporate Regulatory Authority (ACRA) for approval so that the name can be used for incorporation of company. There are certain guidelines that the names chosen should meet and these include;

  • The name chosen should not include a patent name or a trademark.
  • The name should not be similar to any other existing business name
  • There should be a signed consent to change the name in case it’s found to exist somewhere. 

During the company registration process, ACRA will require that they get furnished with the proposed activities of the company being incorporated. Licenses from other government bodies that are proposed before the business begins may also be provided. 

Appointment of a local director

It’s a statutory requirement that all of the companies registered in Singapore should have one local director. Working with a reputable corporate service provider  in Singapore that offers nominee director services can help with ensuring that a reputable person is engaged for the task. Foreigners considering incorporation of company in Singapore should work with a local director who clearly understands their role and position in the company. 

When appointing a nominee director in Singapore, it’s important to note that any person who is above 18 years of age can be appointed. 

Shareholders

When considering registration of company in Singapore, the minimum number of shareholders should be one and a maximum of 50. The minimum paid up capital should be S$1 and a person can either become a shareholder by purchasing the company shares or by subscribing for shares. Working with corporate service providers in Singapore such as Onestop Assurance Singapore can be of great help as they are well versed with the process and will be able to carry out the registration process in a very efficient and cost effective way.

Company secretary services

It’s a statutory requirement that every registered company have a company secretary who should also be in charge of ensuring statutory compliance. Working with reputable service providers that offer company secretary services in Singapore can be quite cost-effective and also helps in ensuring that the company gets quality service. 

Registered Address

It’s a requirement that the company being registered have a physical company address where various registers that should be maintained by law are kept. 

Incorporation

Once all the steps have been observed, the person responsible for the process can then goes ahead and submit the relevant documents and execute the registration process.

Originally published by onestop-audit.com