Incorporating Your Singapore Company Is Easy

by Ebos Singapore Cloud Accounting

Singapore attracts a lot of investors from the world over. It is an excellent market for all products. Being a trading market Singapore has become a paradise for import and export of goods from all over the world. This has made it a preferred business destination. There are various other advantages of starting your company in Singapore. The government of Singapore has made doing business very easy. The incorporation of your company can be done very quickly and at a very affordable price. Many competent service providers can do the Singapore business incorporation without your having to put in any effort at all.

Understanding The Singapore Business Incorporation Procedure

The procedure to incorporate a business in the nation is very simple. It can also be done very quickly provided all the documents are correctly filled and submitted. You must also meet all the conditions that are laid down by the ACRA. The investor who is planning to start a company in Singapore must understand the various available options. There are different types of companies that can be started in Singapore depending on the requirement and type of business. The procedure and requirements are similar for both local and foreign investors.

The first step in the incorporation process is the registration of the company name. The investors must select a name and apply it to the ACRA for registering the same. If the name is already in use or not acceptable to the ACRA as per its guidelines then you must apply again for another name. The best way is to hand over a couple of names to the corporate consultants who will do a name check and let you know about their availability.

Requirements For Company Incorporation In Singapore

Certain requirements must be met for incorporating a company in Singapore. Every company that is incorporated must have at least one director who is a resident of Singapore or a holder of an employment pass. The company must have a registered office address which is not a post box number. Every company incorporated in Singapore must appoint a company secretary within six months of incorporation. It may be difficult for many companies, especially foreign companies to fulfill these conditions. This is where corporate consultants extend their support.

Many of the consultants offer an incorporation package where you can get services to fulfill these requirements. They offer nominee director service which will fulfill the condition of a resident director. Foreign companies are finding difficulty in finding a local person as a resident director can use this service. The service providers will also offer their address as the registered office address.

A company secretary must be well-versed with the existing company laws in the country. He or she is expected to guide the directors in running the company as per company laws and the constitution of the company. This person must be a Singapore resident and experienced in running the company. The corporate secretarial service offered by the corporate consultants will include all the functions that the company secretary will perform.

Maintaining The Company Accounts Properly

The company accounts must be maintained properly. This is essential for your own sake and for following the mandate of the ACRA. Maintaining accounts properly will help you know the exact financial position of the company. It will also be greatly helpful if you are planning to raise funds by bringing in an investor or seeking a loan from a bank. When you have your accounts maintained correctly it is easy to get any updated information on your financial transactions.

The best way to maintain your accounts is to outsource your accounting work to a service provider who can offer you QuickBooks Accountant cloud accounting software. This will help you maintain the accounts easily and also prepare your GST reports on time.