How to set-up your small business in Singapore
Business stories are indeed motivational and overwhelming that make circulate on social media and other platforms to motivate people. But, have you ever thought how much grounded and unseen hard work and patience it takes to become a successful businessman? We all heard stories of dropped out students, and likeminded people who want to contribute their role in the field of entrepreneurship, do you really think that dropping out is an easy thing to do? It takes a lot of courage and confidence in yourself.
If you are one of those people who want to start your business, then Singapore is offering the best destination for starting a small business in Singapore. All you need to register for the Singapore company incorporation with employment pass. Singapore is known to be the biggest financial hubs in the world where the percentage of corruption is very low. As per the reports of the Department of Statistics, Singapore showed, about 77,379 business units were developed in 2004 and a momentous gush from 60,201 new trades listed in 2013.
If you want to grow your business and looking forward to starting a small business in Singapore, then let us help you. In this blog, we will tell you three ways that will help you to set your business.
- Choose your business unit
Whether you are a foreigner business or a local one in Singapore, you need to register your business with ACRA (Accounting and corporate regulatory authority) as a private limited company. Designated with Singapore company incorporation with an employment pass, your company would be recognized as a taxable unit.
- Set Up Your Company
The Private Limited Company is ruled by the Singapore companies act and should obey with its law under accounting and corporate regulatory authority.You should engage professionals if you need help in company incorporation services in Singapore as the laws and guidelines for creating one can be complex.
- Open your bank account
After getting a Singapore company incorporation with employment pass, you will able to open your bank account in Singapore.
Business procedures that trail incorporation:
- Permits and Licenses
Some business actions needed approval and license from govt. authorities.
- Registered office hours
It is essential to register your office hours along with the address.
- Registration Number
The registration number of the business is issued by Accounting and corporate regulatory authority should be on all your documentation which you will use for business communications.
- Customer Registration
If you have a business of exporting and importing, you need to register your business with the Singapore customs.
- Goods and Services Tax Registration
Goods and Service Tax which is in short known as GST is a tax on the supplier of goods and services in Singapore and also on the importation of goods in Singapore.