When starting a business it is almost factor that company registration is a very important procedure. In Singapore, the registration process usually considers the legal entity to provide shareholders protection. The rule can be set with Singapore companies act by means of registration policies. A limited or private owned company must have a separate legal entity. It provides the most efficient tax structure for a Singapore registered company. Thu, it permits anyone to register a company in Singapore. Before register keep in mind the following things to make a legal registration procedure.
- Company Name
- Company secretary
- Paid Up capital
- Registered Address
Procedures to do business registration in Singapore
The individuals will be realized that business registration in Singapore is fully digitalized procedures. You have to submit the application and normally incorporate with business in the same day process. At first, you may reserve a company name to register at the same time when filling an application. The following steps are followed whenever you are registering a limited or private limited company in Singapore.
- Reserve Company Name
However, the Singapore Government will approve your company name once you register it. It may overseas the process by taking 3E Accounting and fill out with necessary application form on the behalf. It quickly takes decisions and notifies with the right process. Singapore Government Authority approves the registered name and may delay the process for verification.
- Register Company
After approval of the company name, the Singapore Government will process your application and verify the documents. 3E Accounting makes sure all documents are valid as it has company directors and shareholders signed all forms. At a certain point, the application will be delayed due to additional interrogations. Individuals must pay registrar fees which are applicable for upfront services. The fee is included in the Singapore Company Incorporation Package by 3E Accounting.
- Post registration formalities
You will receive an email in case of verifying company registrar after company registration in Singapore. The email confirms that your company is associated with norms and conditions to the Singapore government. There will be no longer uses paper certificates as it prevails to make processing time which is from 3 to 5 days. After that, company registrar will create a company business profile after the procedure completed. Download and view in PDF forms which contain key information.
- Open corporate Bank account and apply for a license
After the post-registration process completed, you must apply for a license and open corporate bank accounts. There are some reliable banks in Singapore offering business accounts. See the details and apply it as soon as possible. The authorized bank will evaluate facilities for registration. You might need a special license which could perform the activities for registration purpose.
- GST and annual filing requirements
3E Accounting certainly provides annual company revenue to fix value added tax or sales tax. Once you receive GST registration, the company must charge customers on an additional percentage of goods and services. You can also refer to a Singapore GST guide for further verification. In addition to this, you must see the annual income tax filing requirements and formalities.