Nowadays, business is the primary profession, as this is providing vast revenue. Do you have any idea about starting the business? Don’t you know where to start? Then simply pick the country called Singapore. It is the famous financial hub for the industrialists, and also, this country is in the second position in the world economy. This is because of low tax, and even the government of Singapore depends on these business organizations. It is providing a lot of the schemes and other benefits for the startup companies to start the company here.

Things to do for the registration

- Select your entity

The entity is a must one for the business people to start any kind of firm. There are different types of firms like limited liability partnership, comprehensive partnership, sole proprietorship, and private companies. These kinds of entities will help you and also other governments to provide the necessary revenue, pension, offers, and other things. The entity you have picked will help the government to know about the company well.

- Choose the name

The name of the company is the first step for any kind of business firm registration. It is because the authority in the office will check the business profile, and also they will set the unique registration number for the company. Getting approval is not simple when you did not pick the best and unique name. The name that you have selected should match with the list of the names that are present on the website of ACRA. It will help the business people to pick the best and meaningful name that does not match either in the meaning or name. The approval from the ACRA and IRAS is possible when the name is indicating the business aim and the services.

- Assign the vacancy spot

As per the rules of the Singapore government, a business organization should have shareholders. Are you the person going to run the sole proprietorship? Then you should also have to nominate the shareholder. These are the rules, and also the shareholder is not liable to debt or any losses. They are responsible only for their capital share. It is also necessary for business people to assign the director for the company. If the business person is the local people, then they can stay as the director and nominating the experienced people as the secretary. It is also necessary to note that the secretary also should be Singaporean.

If you are a foreigner, then you need to appoint the local people who are having permanent residence for the director and the secretary post. You also need to submit a physical address of the company. In case if you are going to start the small business, then even your home address will be assigned as the office address for registration. Otherwise, you need to buy the new land and a spacious area for the type of company. Then only the ACRA will approve it.

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Reference:

$185 Singapore Business &Company Registration | Setup - Company...