Singapore Company Registration – Some Rules and How to Choose the Right Service Provider
Singapore allows very simple registration formalities to form a business in the country. If correct documents are submitted then the business incorporation can be done in 1 or 2 days. The registration procedure takes few hours for completion and the owner can immediately move to the post company registration procedures. This article will give a brief overview of Singapore company registration and how to choose the right service provider to achieve the same.
Singapore Company Registration (step-by-step):
- Company name Registration: This is the basic step and can be completed within an hour. The company name should not conflict or violate any copyright issues of the other companies. Plus, it should not use the vulgar and provoking titles.
- Registering the company: This step involves the registration of shareholders ,directors, and company secretary. A Singapore company formation requires at least one individual director who must be a local resident person in Singapore. This registration procedure costs very few Singapore dollars. A company secretary must be a Singaporean citizen or on Singapore permanent residency under the section 171 of Singapore company act. For certain nationalities, the registration can be delayed. But it happens rarely. In these cases the authorities may ask for additional information.
After the registration, company needs to open a corporate bank account. It can be opened in some international banks. For this, the company owner or majority of directors/shareholder need to be present in person. Some banks allow opening bank account without a physical presence of owner. Post registration, entrepreneurs also have to apply for business licenses and Good & Service Tax (GST) registrations.
An important point here to understand is that, there should be at least S$1 of paid capital to form a company
How to choose a right service provider:
- Find a company who has enough experience in the corporate solutions. Choose the one, who is familiar with regulations and follow the deadlines of Singapore company registration rules.
- Search generally online, for business registration companies in Singapore. Compare the prices for choose the best one. Also ask for friends, relatives or colleagues.
- Read internet reviews for to choose the best service provider. This is a step where people generally fail to take the decision because of lack of knowledge. Try to get on what specific point people are saying good/bad about any service provider. The business owner has to use his/her own judgment here to understand business needs and choose the correct service provider.
- Meet different service providers in person; so that you can understand better. Directly ask them about their few clients and the service provider must give sensible answers regarding the same.
- Finally, the service provider firm should apply reasonable charges for their services.
These are some general tips which would be helpful for ease of your registration of company.
About SBS Consulting:
SBS consulting fulfill all the requirements those are needed for business registration.
SBS consulting was formed in the year 2010 and has become currently one of the leading corporate solutions firm. It is growing rapidly and maintaining its quality of services. The clients are satisfied with the services provided and can be seen in the client testimonials.