All that you need to know about setting up a company in Singapore

company formation services in Singapore

Why Singapore is a great option for business setup?

There are many reasons why Singapore is a great place to set up a business.

For one, the city-state has a very stable and pro-business government.

Additionally, Singapore’s legal system is based on English common law, making it easier for businesses to operate here.

The country also has a highly developed infrastructure and is home to many world-class universities, which makes it an attractive destination for talent.

Finally, Singapore is strategically located in Southeast Asia, making it a perfect gateway for businesses looking to expand into this rapidly growing region.


Who is eligible to set up a business in Singapore?

Anyone who is at least 18 years old and has the relevant qualifications, experience, and skills is eligible to set up a business in Singapore. The process is relatively simple and straightforward, and there are various government agencies and resources that can provide support and assistance along the way. There are also a number of incentives and programs available to encourage entrepreneurship and help new businesses get started.


Can a foreigner set up a business in Singapore?

A foreigner is also eligible to set up a business in Singapore if they meet the following criteria:

  • They must be at least 18 years old.
  • They must have a valid passport.
  • They must have a registered business address in Singapore.
  • They must have at least one local shareholder who owns at least 30% of the company.
 

What are the other things to take care for a company owner in Singapore?

 

#1 Accounting

Small businesses in Singapore must maintain accurate financial records to stay compliant with the law. Good accounting practices also help businesses keep track of their expenses and income so that they can make informed decisions about how to grow their business.

Having a clear understanding of one’s finances is essential for any business owner and hiring a professional accountant can ensure that your books are kept in order. Staying on top of your finances can save you money in the long run, and help you make sound decisions about your business’s future.

#2 Hiring a company secretary

A company secretary is a key member of any company, providing essential support and advice on a range of legal and compliance issues.

For businesses in Singapore, hiring a company secretary is essential to ensuring compliance with the myriad of rules and regulations that govern businesses in the country. A company secretary can provide invaluable guidance on everything from corporate filings and annual returns to shareholding structures and board meetings.

In addition to ensuring compliance, a company secretary can also play a vital role in providing advice on strategic decisions, such as mergers and acquisitions, and helping to resolve disputes between shareholders.

For businesses operating in Singapore, hiring a reputable and experienced company secretary is vital to ensuring smooth operations and avoiding costly penalties for non-compliance.

#3 Income tax filing

In Singapore, it is mandatory for every business to file income tax through an appointed accountant. This requirement ensures that businesses are accurately reporting their income and paying their fair share of taxes. Having an appointed accountant also provides businesses with peace of mind, knowing that their taxes are being filed correctly and in a timely manner.

Why should you hire an accounting firm for your income tax filing?

 

There are many reasons why you should hire an accountant to do your taxes, but here are the three most important ones.

First, an accountant can make sure that you take advantage of all the deductions and credits that you’re entitled to. They know the tax code inside and out and can make sure that you get the biggest refund possible.

Second, an accountant can help you if you get audited by the IRS. If you have to go through an audit, having an accountant on your side can be a huge help. They can represent you and deal with the IRS for you.

Finally, an accountant can help you plan for your taxes throughout the year. They can help you set up a system so that you’re not scrambling to get everything done at the last minute.

Recommended post: Why do small businesses in Singapore need to hire an accounting firm?

#4 GST filing

GST is a tax on the supply of goods and services in Singapore. Businesses charge GST on the sale of most goods and services in Singapore.

Your company will be liable for GST filing in Singapore when your company’s taxable turnover exceeds S$1 million in a calendar year. If your company is registered for GST, you must file your first return within 1 month from the end of the quarter during which your company becomes liable for GST.

Who can provide you with GST filing services?

 

You can hire an accounting firm in Singapore that can help you with all the GST filing-related issues.

Recommended post: 8 Things to consider before hiring an accounting firm in Singapore

#5 Business loan processing

When you start a new business in Singapore, you may need a business to expand your services & operations.

An accounting firm in Singapore can also help you with business loan application services. The firm can help you gather all the necessary documents and information required for the application, as well as provide guidance on which type of loan would be best suited for your business. With their assistance, you can be sure that your loan application has the best chance of being approved.


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