How many times have you heard people say that they had a hard time registering their company? Some may even tell you that they started getting anxious because of the hardships they incurred.
In Singapore, if you are a foreigner, you need to hire a registered filing agent to register your company. Even if you are a local, it is always the best idea to hire a registration services provider. After all, the time during registration is busy for the business owner, as they are planning their idea and giving it final touches.
In this article we look at what is the simplest way for setting up a company in Singapore. We also tell you why you should do it that way.
The Easiest Way to Register a Company in Singapore
Singapore, for the last decade, has developed itself as a business hub. Hundreds of companies are being registered everyday, and this has led to registration service providers becoming extremely busy in the country.
Registration service providers are companies that help other people register their companies. They don’t only take the documents to the government, but also offer other services that are essential for the client company to operate or run its daily activities.
Registering a company by yourself is time-consuming and confusing. Even missing a single document can force you to wait double the time, and sometimes, you may have to stop yourself from registering your company because you don’t fulfil the regulatory requirements.
Registration service providers make sure that you don’t have to wait unnecessarily for registering your company. Since Singapore is a competitive market for such companies, their costs are very low as well.
The Requirements to Open a Company in Singapore
Before you register your company in Singapore, you have to be clear about all the requirements:
- A company name. It should be unique and not vulgar.
- A resident director.
- A resident secretary.
- A physical registered address. It should be a real address and not a P.O. Box Number.
- Documents required:
- Particulars of the secretary
- Particulars of the beneficiary and shareholders
- Particulars of the Director
- Company Constitution
- A Brief Description of the Business activities
- Other documents as per the business nature
- Annual audits to be done
If you are a foreigner trying to open a company in Singapore, you need to present a well-laid out application where you prove how your company will be helpful to the locals.
Finally, if you want to move to Singapore to run your company, you also have to apply for an Entrepass. Employment pass is also available, and you may also require professional consultancy for applying for them.
Depending on the nature of your business, you need various business licenses.
Post Registration Requirements in Singapore
Conducting business and running a company are two very different things. Only because you are an expert entrepreneur doesn’t mean that you are going to run your company flawlessly.
Even after registering your company, you have to fulfil the regulatory requirements. You have to hire the essential staff, and do your accounting and audits. You need to register for taxes and VAT when applicable and you also have to pay the taxes. You have to take care of your staff and provide them with their salary, leave, and other benefits.
With so much for you to do, it is not recommended to try and run a startup yourself without professional support. Of course, you can do so if you want to, but when you have helping hands or a guide, you will find it easier and more manageable.
Hence, you have to look for a registration service provider who not only helps you to register your company, but guides you with your office functions post registration.
3E Accounting is a One-Stop Corporate Service Provider
If you have already thought about registering a company in Singapore, then you probably are on the lookout of a dependable registration service provider. If yes, then contacting 3E Accounting can be the answer for you.
3E Accounting is one of the well-known and biggest registration services providers in Singapore. They have a team of experts who will not only help with the incorporation, but also with the operations after the registration.
Aside from helping you register a company in as less as two hours, they offer every other service that you need while running your company. They are:
Before registering a company in Singapore, you will need to obtain the essential passes. 3E Accounting helps you with Entrepass, Employment Pass, PR, and Dependent Pass. They can also help with other short and long-term visas.
Corporate Secretarial Services
Since having a secretary is a must in Singapore, 3E Accounting’s corporate secretarial services are helpful not only for operations, but also to fulfil the compliance requirements. They have a team of well-experienced secretaries.
As said before, every company must have a resident director in Singapore. If you can’t stay in the country while running your business, you can hire a nominee director from 3E Accounting.
Virtual Office Services
Virtual Office Services of 3E Accounting also include a registered address service. So, you won’t have to wait or delay your registration only because you don’t have a physical registered address.
As the company’s name suggests, it is primarily an accounting company. It has some of the best accountants in Singapore.
Be it your personal or corporate taxes, contacting 3E Accounting will ensure that you pay all the tax, and you pay the minimal tax.
Human Resource Services
Human Resource management is an integral part of your company’s well being. 3E Accounting will help you to keep your employees happy.
These days, most of the work is done on the cloud. Especially after the COVID-19 pandemic, the demand for cloud services is surging up in Singapore. 3E Accounting has cloud services as well.
Corporate Bank Account
After opening a company, you will need a company bank account. 3E Accounting will prepare you for the application and the registration for a bank account.
According to the regulatory requirements, you need to do an audit only once a year. However, it may be better for your financial management if you conduct audits regularly. Even if not, you can count on 3E Accounting to make sure that no information is left untouched during the audit.
Other Jurisdictions Setup
3E Accounting helps you set up a company in other jurisdictions, apart from Singapore. So, if you have a network with them, you can count on them if you want to open a branch in another country.
Many startups are made to pay fines or even close their operations for some time because they don’t fulfil the legal requirements. 3E Accounting helps you get your business licenses and also with other legal consultancy.
Other services from 3E Accounting include Associate Business, IT Design, Software Sale and Development and others. Here is more about their Singapore company incorporation services.