A Step By Step Instructions On Setting Up A Singapore Company

By Author: Aaron Gibsons
Total Articles: 1
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Some process are involved in setting up a Singaporean company. It takes some time to accomplish such things. By the time it is done, several things should be taken into consideration. A few steps needs to be done in order to set up a business in Singapore.

A license may be required before you set up your business. However, a license is not needed for all businesses before they can operate. As a matter of fact, most of the people who wish to start a Singaporean company are not required to procure a license. The foregoing principle, however fall into three different 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. Furthermore, a lot of establishments are involved such as travel agencies, lending institutions, and privately run schools. For those businesses that belong to the category of wholesalers or importers/exporters, they are required to secure a special license.

You might aim on putting up a professional service whose offering a legal representation. So, it is vital ...
... for you to secure an occupational license. It is required for experts such as physicians and accountants. Also if you plan to trade in commodities as a business you will need to be licensed.

A license or permit is needed for several reasons. 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. A permit should be attained before doing the said activities.

After being able to start a Singaporean company one must acquire a bank account. 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. You can have official records of transactions, for example.

Always remember about marketing your business. Setting up a website should also be one of your priorities. It is also important for a business to create advertising materials such as brochures and business cards.

There is a goods and services tax in Singapore. If you are operating a large business it is a must that you should register. If your total sales are more than one million dollars, you will be subject to goods and services tax. Also, if you expect annual sales of one million, you should register for the goods and services tax.

Applying for work permit may somehow be necessary. Since it will be your obligation to secure an employment passes to your employees. Also, take note that spouses and children are also required to have dependent passes, if for some reasons employees wants to have their family in the country.

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. Take note that permanent residents are regarded as local resident. 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. Opening a bank account, procuring marketing supplies and making GST registration are some of the steps that should be accomplish after company incorporation. It is helpful to obtain employee work permits and observe any CPF contributions to see if it is useful.

Author Bio:
Rikvin has been assisting clients from all over the globe in their Singapore immigration and company incorporation matters. We assist local and foreign entrepreneurs who want to form a Singapore company. Our Singapore company setup success rate is phenomenal, and all most all of our enterprise clients have entrusted us, with the routine management tasks such as book keeping and secretarial services and we continue to impress them beyond our promise. Rikvin has successfully helped foreign entrepreneurs register a company.

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 Rikvin's Services kindly email us at info@rikvin.com or give us a call at +65 64838887.