What To Consider When You Start A Singapore Company

By Author: Peter Morris
Total Articles: 1
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Starting a business requires a lot of time, money and effort, most especially if you are a newcomer to this venture and aside from that there are also several things to consider. Below are some steps and guidelines to consider in setting up a business in Singapore.

Foremost, procurement of license is important prior to starting the business. But bear in mind that not all businesses require a license to operate. In fact, most of the people who wish to start a Singaporean company are not required to secure a license. Some of the exceptions will fall under the mandatory or compulsory title. A mandatory or compulsory license is comprised of banks, childcare centers and retail liquor establishments. Furthermore, it includes institution such as travel agencies, lending institutions, and private schools. For businesses that belong to wholesalers or importers/exporters, a special permit is needed. If you are thinking of setting up a professional service offering a legal representation, it is necessary for you to apply for an occupational license since such operation needs professionals like physicians and accountants. But if ...
... it is expedient for you to exchange commodities as a business then you should get a license. There are also certain activities that need a license or permit, like for example, making renovations to your business property or building signs or other advertising paraphernalia.

Another essential step to take is to obtain a bank account which is done after setting up your Singapore Company. It will be very convenient for customers to make payments as well as keeping records on your end once you have your company bank account. All in all, making legal transaction and records is possible because of it.

You should also not overlook the importance of marketing your business as it is very essential to your profitability and success. One important aspect of marketing is creating a website for your company. For supplementation, business cards and brochures could also help in your marketing efforts.

With the existence of goods and services tax in Singapore, operating a large business implies that you should register. And if your over-all sales is above one million dollars then you are obliged to pay the goods and services tax.

Since it will be your obligation to secure an employment passes to your employees, you are required to procure for work permits. Also you should take note that spouses and children will need dependent passes as well. Furthermore, as soon as you have incorporated your company, you will be not be required to withhold income tax from employees pay. For local companies, it is a must to pay a fraction of their pay to the Central Provident Fund, or CPF. Also be reminded that permanent residents are counted as local residents. Also, it is a must for you to submit contributions of which fourteen days grace period allowed on a monthly basis.

After all, setting up a Singapore company is easy as soon as you have the clear and simplified guidelines and importantly a jurisdiction that is supportive and friendly to put up business with. As you can see, it is very evident that Singapore jurisdiction has it all. No wonder why a myriad of entrepreneurs assembled in Singapore to open up their businesses.

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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.