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Every Foreign Entrepreneur’s Guide To Singapore Company Set Up

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By Author: A1 Corp
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Most people would agree that actually getting started, along with maintaining good progress within the first few years is the hardest part about entering an international market. But with the right amount of preparation and careful planning, accomplishing that shouldn’t be too complicated of a feat to achieve. To help you get your bearings, we have made a simple guide to help you through singapore company set up:

The Basics
When you want to set up a foreign company branch, you’ll have to register with the use of a CorpPass or a Singpass after you’ve gotten the company name approved. In order to do that, you’ll need the help of approved/registered filing agents, who’ll submit online applications on your behalf.

Meeting All Requirements for Singapore Company Set Up
To begin with, you’ll need at least one authorised representative (a resident in singapore) within your company branch. This person can either be a permanent resident, a local citizen or someone with an EntrePass. On average, you will need to make two payments: $15 to apply for your company name and $300 to register your company in Singapore after you’ve received approval for the first.

Average Waiting Time
In most cases, the amount of processing time it takes after the name application charges are paid in full would be an average of 15 minutes. But, if your company name needs further approval from other agencies or governing sectors, the processing time can take up to 14 days, or even 2 months if necessary. One classic example would be if the primary activity of foreign company branches involve education (private schools) and such. If you think you might need further approval for your proposed company branch, you can first take a look at the criteria and referral sources included within ACRA’s official site. You’ll also want to take note that your company name can be reserved for 120 days (upon approval) but this time period cannot be extended.

What can be done after singapore company set up?
Your foreign company branch can actually start business once you have completed registration (with ACRA). But you’ll also want to take the additional step in checking if your branch needs further licenses or approval before you properly begin. Now that you’re in the clear, you’ll also want to start looking into opening up a bank account to facilitate transactions. It would also be prudent to look into appointing a corporate secretary for your company branch as well. Since you’ll have to finish most legal formalities after you complete singapore company set up, your appointed company secretary can begin assisting you through them.

Some other recommended steps to implement or start implementing would be to start setting up your statutory books, setting up a functioning accounting system, appointing qualified auditors, and issuing out important share certificates. Though of course, these are just basic suggestions and guidelines on what is recommended for a fuss free business experience here in Singapore. At the end of the day, as long as you have set up a strong foundation for your business branch and are well aware of the compliance regulations you have to meet and consistently make plans to do so, you will be able to smoothly carry on with your business.

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