Things To Consider In Setting Up A Singapore Company

By Author: Ashley V.
Total Articles: 63
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Several things are done in setting up a company in Singapore. Most of the time, the steps entails some time to achieve. However, once done, there are things to consider also. Here are a few steps that needs to be done in order to set up a business in Singapore.

Before you start your business, a license must first be secured. Not all businesses however need a license to operate. As a matter of fact, most of the people who wish to start a Singaporean company are not required to procure a license. There are a few special cases, however. These exceptions fall into three categories:

Some of these licenses will fall under the mandatory or compulsory title. A mandatory or compulsory license includes banks, childcare centers and retail liquor establishments. In addition to the above, several institutions are included like travel agencies, lending institutions, and schools that are private. A special permit is required for businesses that belong to wholesalers or importers/exporters.

You might be thinking of putting up a professional service who's offering a legal representation. You will need to apply for an occupational ...
... license. It requires experts as physicians and accountants. Furthermore, if for some reasons you wanted to exchange commodities as a business then it is a must for you to procure a license.

Certain activities will also require a license or permit. Like for instance, you may want to create or make renovations to your business property. Or you may want to build a salient signs or other advertising tools. Those activities mentioned do need to have a permit or a license.

Obtaining a bank account is a very important step to take after your Singapore company setup. Payment of bills and receiving payments from customers will be very much convenient if you have a Singaporean bank account. Record keeping will also be easier because of it. With that, it will be easier to make legitimate records of transactions.

Always remember about marketing your business. Setting up a website should be one of your priorities. Printing business cards and brochures is also important in advertising the business.

The presence of a goods and services tax in Singapore is undeniable. If you are operating a large business it is a must that you should register. Also take note that you are required to pay goods and services tax, if your over-all sales reached up to above one million dollars. In addition, it is expedient for you to register for the goods and services tax if you have expected an annual sale of one million.

It may be necessary to apply for work permits. Since it will be your obligation to secure an employment passes to your employees. Do not forget that spouses and children will need dependent passes also.

You will not be obliged to withhold income tax from employees pay once you have incorporated a Singapore company. For local companies, it is expedient that they should to pay a fraction of their pay to the Central Provident Fund, or CPF. Be aware that permanent residents are counted as local residents. On a monthly basis, it is a must for you to give contribution and a grace period of fourteen days is allowed.

Once your company has been set up in Singapore, you only have a few more steps for you actually run the business. It is also wise to make inspection if you are obliged to procure a permit or license. A few more steps include opening a bank account, acquiring marketing supplies and checking into GST registration. Secure employee work permits and figure out about any CPF contributions, if they are applicable.

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Asiabizservices is the leading Singapore Company Incorporation Services Specialists. It has successfully helped thousands of foreign entrepreneurs incorporate a Singapore company. Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD") If you're in our neighbourhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours.

Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions. If you are interested in learning more about Asiabizservices kindly email us at sales@asiabizservices.com or give us a call at +6563034614.