Start Company In Singapore Without Hassles

Many entrepreneurs are looking at starting their business. Many people have innovative ideas that can become big businesses. Many agencies are willing to fund innovative industries and businesses. This is why Singapore is seeing a constant growth in the number of private enterprises. The nation has an excellent business atmosphere that is most conducive to the growth of any business. The robust economy and the stable political situation help businesses to run without any trouble. The government in Singapore also offer their full support to new companies by way of tax rebates. Singapore has one of the lowest corporate tax rates, which is another big incentive for businesses. Proximity to various Asian nations and good relations with them helps in expanding the business beyond the shores of Singapore. Starting a company in Singapore is not very difficult.

Fulfilling The Obligations Of Company Incorporation

Forming a new company in Singapore is not difficult. The procedures are simple and straightforward. However, for a new person who is not familiar with the process, it can seem a little overwhelming. What is difficult for most small and medium businesses is to fulfill all the obligations for incorporating the company in the nation. One of the requirements that are mandated by the ACRA is the appointment of a company secretary within six months from the date of incorporation of the company. The company secretary of a company has many duties to perform which requires an excellent knowledge of the company laws. He or she is responsible for guiding the directors to run the company as per the local laws. This is why new businesses will do better to avail of the corporate secretarial services in Singapore provided by business consultants instead of appointing a person themselves.

The company secretary must be experienced in running a company in Singapore. The person must be a resident. He or she must be qualified enough to know all the company laws. The company secretary is responsible for the correct maintenance of all company registers and the custodian of company seals. The year-end for the company is decided by the company secretary and the person must also ensure submission of financial statements and returns before the due date. The corporate secretarial firm will provide a person to act as the company secretary on behalf of the company. The agency will also ensure that all the duties are performed without any deviation and help to keep the company compliant with the local laws.

Know The Company Types First

Those who are planning to start a company in Singapore must know many things before they go ahead with the process. The business consultants in Singapore are the best people for entrepreneurs to get guidance from. The first thing to know is about the company types that one can opt for in Singapore. Depending on your business, your investment, and development plans, there are different types of companies that you can open in Singapore. Each one of them has its advantages. One should know the advantages and requirements before deciding on one of these types before register a new company in Singapore.

When starting a small business in Singapore you can either start as a proprietorship company, a partnership, a limited liability partnership, or a private limited company. For most people who want to expand the company into a large firm, the private limited company offers the best opportunity. The private limited company is an independent entity. The loss or liabilities of the company doesn't affect the assets of the individual shareholders.