Registering company in Singapore is an important milestone for you to begin business operations here in Singapore.
In addition to the various legal and policy-level steps such as business licenses, opening bank accounts, registration in various schemes or policies, there are things that you need to do in order to successfully doing business in Singapore. Although these things are not obligated by any law/act/policy, but they are important for any company to implement.
Following are 5 essential things you should do after registering company in Singapore.
1. Start hiring employees
It is difficult to imagine smooth operation and implementation of a company without employees. Once the process of registering company in Singapore is completed, the next logical thing to do therefore is to start building team. There are number of human resource consultancies and agencies in Singapore that you can contact for hiring suitable employees. Mediums such as newspaper advertisements, online job posting and other conventional/non-conventional methods can be considered for finding appropriate persons.
While hiring, it is important to ensure that:
- You are following the rules for hiring local employee and the additional rules for hiring foreign staff in accordance with Singapore employment act ,which the act is administered by the Ministry of Manpower (MOM).
- You understand the different hiring procedures for full-time, part-time and contract staff.
- You are aware of the levies, Central Provident Fund contributions and other costs you will have to pay.
Here at Precursor we are able to provide client employment pass applications service, payroll services and managing your company's accounting matters.
2. Start development and marketing
Business development and marketing is the lifeblood of any business and its extremely difficult to prosper and scale business without these. Depending on the type of business, its also important to develop the technological solution and interfaces for client interactions such as website, portal and channels. such as Search Engine Optimization, Social Media Platforms, Trade-shows and various B2B events for businesses to pitch their ideas and innovations. To generate sales for the company is the objective for any business. Hence business owners must be aware on how to get sales from various marketing channels required. Companies may also take reference from the Singapore Economic Development Board's website for the latest business trends in Singapore.
3. Comply with legal requirements
Business is ultimately about serving clients and any company that wants to be successful must focus on the same. After registering company in Singapore, serving clients and their needs has to be the core focus and any obstacles that come in between must be carefully and tactfully dealt. Challenges such as business licensing, industry research and knowledge, appropriate human resource availability and various legal and statutory requirements must be dealt, preferably with the support of a corporate advisory company like Precursor.
By becoming acquainted with the various industrial and compliance knowledge, businesses can then better serve their business clients better. This then can create good reputations and strong word-of-mouth marketing for the business’s products and services.
4. Claim the government incentives and assistance
Singapore being a country that encourages business-conducive environment and provides opportunities for all sizes of Singapore companies to prosper, there are various schemes, programs and policies to support Singapore companies. Considering that funds and incentives from government can help you in building better resources and profitability, advantages of various government schemes including business improvement fund (BIF), capability development grant (CDG), career support program (CSP) and others can be taken
The process of taking grants should ideally be planned at the time of registering company in Singapore, so that appropriate incorporation type and legal procedures can be done in order to get better and faster government support.
5. Claim tax exemptions
In addition to funding support, there also are various tax incentives and exemption schemes made exclusively for new companies, which you can save on heavy taxes thereby increasing the profitability of your company.
Start-up Tax Exemption Scheme (SUTE) that was introduced in 2004 was a scheme that provides newly-incorporated qualifying companies exemption on their taxable profits in their first three years of operations. Under SUTE, tax exemption is given on normal chargeable income of up to S$300,000 for each of the first three consecutive years of operation as under:
- For first S$100,000, after 100% exemption, the exempt amount is S$100,000
- For next S$200,000, after 50% exemption, the exempt amount is S$100,000
- Thus, the total exempt amount for income up to S$300,000 is S$200,000
In addition to this, there is Partial Tax Exemption offered by Singapore government using which companies can save taxes.
At Precursor we specialize in supporting businesses end-to-end in all the processes including consultancy about registering company in Singapore, assistance in creating legally compliant contracts and sub contracts with employees as well as clients, developing innovative technological solutions, knowledge and guidance about claiming various government grants and advisory on saving taxes.
Precursor is committed to help you in growing your business so that you can smoothly run your business operations in accordance with Singaporean legal framework.