Establish Your Business with Ease

Posted by sgincorporation02 on May 23rd, 2019

Establishing own business is everyone’s dream. But it is not as easy as you may like to think. There are many things that you must attend to before you can start the business. You must formulate a good business plan and have an innovative business idea to make it successful. You must have the finance for that or make arrangements for it from available sources. You must also get the necessary infrastructure in place for the business. When you are busy if there is anything that you can hand over to someone else, it will be good.

Let the Professionals Complete Your Registration Process

When you have so much to do for yourself there is no point in taking up the registration process yourself. Though it is possible to register your company yourself in Singapore if you are a citizen, the procedure is cumbersome and it is better to hand over the job to a professional. There are many agencies to do your Singapore company registration at very affordable rates. They will complete the job quickly without any hassle for you.

Company Types You Can Open In Singapore

While you may be ready to start your company, you may not be aware of the various types of companies that you can start in Singapore. The consultants will be able to advise you in this regard. If you want to be the owner and take all your decisions yourself you can start a proprietorship firm. This company will be solely yours and you will be responsible for all the eventualities.

You can start a limited liability partnership where your personal assets are safe from any attachment even if the company suffers a loss or owes money to others. This partnership is good for professionals of the same field looking to work together. A private limited company with a maximum shareholder limit of 50 is the ideal form of company in Singapore. It offers a lot of freedom and flexibility to grow and develop.

Conditions for Starting a Private Limited Company

There are certain conditions that you must meet for setting up a company in Singapore. The company must have one director that is a resident of Singapore. This director must either have citizenship in Singapore or an employment pass. Only then can he or she become the resident director of the company. The company can additionally have as many directors as it wants, both local and foreign.

The company must have a registered office address to receive communication from the authorities. This has to be a physical address. The ACRA doesn't accept post box numbers for this purpose. A registered office must also work for a certain number of hours as specified by the ACRA.

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