The business climate in Singapore is favorable for both local and foreign entrepreneurs. The city-state has a lot to offer and is a global hub for many industries. If you want to establish your business in this dynamic city, you need to follow the right steps and make a well-thought-out plan. Incorporating a company in Singapore is not just about filling up a form and submitting it. There are special requirements and costs involved that you should take into account.
One of the first things you need to do is decide what kind of business you want to set up. There are several considerations you need to make, including capital, number of owners, and risk. For example, if you are the only owner of your company, you might consider registering it as a sole proprietorship, which is cheap and easy to set up. However, if you are looking to grow your business into something bigger, you might want to consider registering it as a private limited company (Pte Ltd).
Another important consideration is deciding which type of shareholders you would like to have in your company. The law requires a minimum of one, but you can have up to 50. In addition, you must prepare a Memorandum of Association to outline crucial details about the company’s structure and equity distribution.
Once you have submitted all of the necessary documents to ACRA, it will process your application. Once your application is approved, you will receive a Certificate of Incorporation and a Company Business Profile from ACRA. You will need soft copies of these to open your company bank account and subscribe to office utilities. You can also use them for contractual purposes. how to register a business in Singapore