The process of Singapore company registration is easy and can be completed within days. However, it needs to be handled carefully as there are steps and procedures that must be done right in order to avoid any potential long-term business complications and financial losses as a result of non-compliance.
Below are 4 tips to help you successfully and seamlessly complete the process of Singapore company registration in a way that will make your business prosper and profitable in the long run.
1) Choose a business entity type that is aligned with your business goals
Singapore has different types of the business entity including sole- proprietorship, limited liability company, partnership company and, public limited company.
It is recommended that you read up and research about the different types of Singapore Company incorporation and which entity type suits your business.
There are also options for foreigners when incorporating a company in Singapore
If you choose an incorrect entity type, it can cost you losses on the long-term as the business may be limited in its activities or growth. It is advisable to always consult someone from a qualified Singapore incorporation firm before finalizing which company type you would choose.
2) Choosing company name can be time-consuming
One of the things that take time in the process of Singapore company registration is thinking a suitable name and getting it approved. As much as it’s difficult to come up with a good name, it’s equally taxing to get it approved. This is especially if the chosen name is already taken or that the name may be sensitive in nature.
Always come up with names that are unique and research to see if it already exists before filing name approval request. You may also want to take note if the name had been trademarked or that the website domains are unavailable.
3) Understand the required documents for Singapore company registration
When registering a company in Singapore, you would be required to provide a number of details and documents that are essential for Singapore company registration.
Before starting the process of registration, consult your Company incorporation provider firm about the documents that you would need and to be certified to ensure a smooth incorporation process.
You can also take a look at our Handy checklist foreign entrepreneurs need for incorporating a company in Singapore here.
Choose a multifaceted professional services firm
Incorporating company in Singapore is the first step in starting your business. After you have incorporated your company in Singapore, you will need to ensure your compliance requirements are fulfilled, Such as doing your annual filing of your financials, taxes, and holding of an annual general meeting. There are also various other documentation needed throughout the course of your company’s lifecycle.
As you begin to research for the best company incorporation service provider in Singapore, it is advisable to choose a company that has an in-house team of not only company incorporation experts but also accounting, auditing and tax specialist so that you can get a dynamic advice that takes into consideration of all aspects of your compliance needs. That will also allow you to save the hassle of working with multiple providers. Although prices may vary between different firms but the premium to be paid for a quality and dedicated firm may outweigh the cost, as you can be assured that your timeline and filing requirements will not be neglected, saving you from any penalties or breaches.
At Precursor, we reserve a dedicated team for our clients and provide them with quality services not only for company incorporation Singapore but also for accountancy, auditing, corporate secretarial and other outsource business services.