Singapore5 Steps to Set Up a New Business in Singapore

September 11, 2023by Tetra Consultants0
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  • Commencing a new business in Singapore is very easy nd time efficient and also one of the best decision anyone could make. The country has list of various successful businesses and is considered to be one of the best place to commence the business. The ease of doing business ranking in 2020 conducted by world bank shows the singapore as the place where the business can be conducted easily. There have been various key factors which made the singapore top the record which includes ease of incorporation, stable and favourable tax system, strategic location, skilled and qualified workforce, immigration policy and a good infrastructure of the country. 
  • Any individual who wants to commence a new business in Singapore must consider various aspects of the business. To register company in Singapore an individual needs to meet certain criteria and must carry out or perform such activities for profit only. An individual most importantly needs to register a business with the Accounting and corporate regulatory authority (ACRA). The accounting and corporate regulatory authority (ACRA) has ruled out some exemptions under which an individual can be exempted to be registered under ACRA which are using the full name of ownself or of the partner(s) as per the Singapore National Registration Identity Card (NIRC) as the business name. These exemptions and registrations are managed under the  Business Name Registration Act. 
  • A new business in Singapore when gets registered have various advantages associated with it. These advantages includes legitimacy which shows the authenticity of the business and its owners, it also makes it easy to identify, find and transact with the business. Another advantage which a business get is the access which includes the various business access such as government funding such as Singapore grants and also provides the chance to participate in the government tenders along with that the important advantage which it provides includes the protection to the intellectual property rights of the business. 
  • Further, for the hassle free incorporation of company Tetra Consultants can help you with it. Along with the offshore company incorporation the Tetra Consultants have been dealing with various other aspects of business which can help the clients to set their business without any worries. 

Setting up a business in Singapore

There are various steps which is required to be fulfilled in order to set up a new business in Singapore. The steps for setting up a new business in Singapore are as follows: 

Step 1: Deciding the business structure for your business:

  • There present various types of business structure such as the sole proprietorship, limited liability company, partnership, limited partnership, limited liability partnership and so on. Thus, the business structure is needed to be decided before commencing any other thing. The business structure plays an important role in the future of the business. The structure defines the legality, members to the business, eligible tax exemptions, tax exemptions of dividends are the few aspects which vary from the business structure to another business structure. The business structure depends on the kind of business and the number of people associated with the business. Thus, deciding a right business structure is an important for any business expansion nd growth in the future. Tetra Consultants can assist you with deciding for the business structure which can be helpful for the expansion and growth of your business.  

Step 2: Deciding the name of the business: 

  • The new business in Singapore is to be named for the recognition. The new business entity must be named which indicates its uniqueness and the products and services offered by the business. While deciding the name the guidelines set up by the Accounting and corporate regulatory authority (ACRA) must be adhered to. The guidelines specify the name to be unique and must be different and not be deceptive of already existing businesses. The name should not contain any element which must be offensive or hurts any individual sentiments and lastly the name should not represents the correlation of business with any government agencies. Thus, the business name should be crafted and designed with much precaution and care. 

Step3: New business registration: 

  • The individuals who wishes to register business in Singapore have to adhere with the rules and guidelines prescribed by the Accounting and corporate regulatory authority (ACRA). ACRA is a governmental agency who manages and oversees the new business registration in Singapore. To register business in Singapore the business must have a director who stays in Singapore, have a registered office in Singapore, have a company secretary appointed within 6 months of the incorporation, have a appointed auditor within 3 months of incorporation. Tetra Consultants can help you with nominee directors and shareholder services which are an important aspect for registering company in Singapore.  

Step 4: Open a corporate bank account:

  • The new business in singapore needs to open a bank account to manage their funds and financial transaction. As the company needs to trasact with the customers, business partners, government and suppliers they need to open a corporate banka account which will be helpful for management of financial transactions of the business. It is also a best way to protect the personal assets of the company that is money to kept in a safe place. The singapore’s banking system is one of the finest banking system including big and reputed banking institutions. It may become hard for some people to open a bank account in the Singapore reputed banks because of complex documentation Tetra Consultants can help you with the corporate bank account opening for the businesses which can assist the business owners to open account hassle free. 

Step 5: Setting up the business: 

  • After the incorporation of the business the management and the owner must set up an office at the location determined and must secure office address and mail respectively. Along with that employees must be hired for the expansion and growth of the business knowledgeable and experienced staff can contribute more to the business. These set up and hiring must be done in order to fulfill the key needs of the business such as insurance, legal obliggations, IPR laws, compliance with other laws. 

Conclusion: 

  • The setting up of a new business in Singapore might seem easy but it is a complex procedure which can be made easy through the Tetra Consultants. There needs specificrequirements and procedure which are needed to be followed in order to set up a business. These procedure and requirements may vary depending on the nature of the business and the business structure chosen by the business management and owners. If put all together the main two key procedure to set up a business in Singapore are the incorporation or registration of the business and opening of the business account. If these two things are satisfied it becomes easy for a new business in singapore to set up. 
  • Contact us to know more about how to register a company in Singapore and our team of experts will revert within the next 24 hours. Tetra Consultants are always available to provide their clients with comprehensive incorporation services which includes various ancillary services such as offshore financial licenses, corporate bank account opening, nominee director and shareholder services, international trademark registration and many more services. Our dedicated and knowledgeable team can handle the clients projects effectively and efficiently. 

Tetra Consultants

Tetra Consultants is the consulting firm that works as your advisor and trusted partner in your business expansion. We tell our clients what they need to know, instead of what they want to hear. Most importantly, we are known for being a one-stop solution for our valued clients. Contact us now at enquiry@tetraconsultants.com for a non-obligatory free consultation. Our team of experts will be in touch with you within the next 24 hours.

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