If you are planning to start a business in Southeast Asia, then Singapore is definitely the best destination for it. Not only is Singapore the financial hub o the entire region, but the government is super supportive of foreign investments. And when making arrangements for starting a company in Singapore, you need to keep the following points in mind.
Type Of Company
One of the first things to decide is the type of company you wish to form. Generally, you will have three options – a private company, a public company, or a public company limited by guarantee. Both private and public companies are similar to their counterparts from other countries. A public company limited by guarantee is a structure to be used by entities planning to engage in non-profit activities. As such, this will be inapplicable to you. Companies can be registered as a subsidiary company in Singapore with 100% foreign ownership. You can also set up the company as a branch or representative office. While a branch office is usually seen as an extension of its parent company abroad, the representative office is only a temporary setup that allows companies to understand the Singapore market first before investing their money and starting their operations.
Any business setup in Singapore needs to have a physical address. Post office boxes are not considered as valid addresses, and any application with such an address will be rejected. Plus, if you plan on using a residential property as the address for your company, then make sure that the property has received the approval of Urban Redevelopment Authority. Else, it won’t be considered a proper business address.
When incorporating a company, you will need to submit many documents, including your proof of residence in your home country, your passport, reference letter of the bank, and so on. Make sure you that you arrange for these documents well in advance so that the company registration process moves along at a fast pace.
You will also need to get an SSIC code for your business. The SSIC, which stands for Singapore Standard Industry Classification, is a coding system that is used to classify and categorize the businesses operating in Singapore. This code is assigned by the Accounting and Corporate Regulatory Authority (ACRA). Businesses without an SSIC will not be sanctioned by the ACRA to operate in Singapore.
Finally, check whether your business will need additional licenses in order to start operations. If your company will be engaged in things like alcohol, drugs, and so on, then special licenses will be required. Most of them can be obtained online. As such, getting these licenses shouldn’t prove to be too much of a headache.
And if you need any help with registering your company or getting any license for your business in Singapore, then be sure to reach out to Sandhurst Consultancy. With years of experience on their backs, they will make sure that your business registration and license procurement is done as quickly as possible.