While setting up a company in Singapore is already quite a simple process, it is possible for foreign businesses or entrepreneurs to make the procedure even simpler. They can do this by taking care of a few things that make sure there are no unforeseen hindrances or there are no delays due to not having all required information. There are several steps a foreign business owner can take to make things easy for entering the Singapore market, some of which are as follows:
1) Singapore requires all foreigners to first contact incorporation service providers based in Singapore itself and utilize their services for registering the company. Foreigners cannot simply self-register their Singapore Company. This is an important step and entrepreneurs must take into consideration several aspects while short listing the agency they want to work with. Obviously experience with handling foreign company formation is crucial but the other equally significant aspect is the number of services being provided by the agency. There are several mandatory compliance requirements for company setup in Singapore that include having at least one local director, having one local company secretary and also having a registered business address in Singapore itself. If the incorporation agency you work with can provide for all mandatory requirements, then the process becomes that much simpler. If they can provide accounting and taxation planning services as well, then it’s the icing on the cake for you.
2) Planning on documentation for company setup is another important factor that can either make things easy for you or create unnecessary delays in company formation. It is important you learn exactly what types of documents are required, arrange for the same and courier them to the incorporation services agency in Singapore as soon as possible. Your agency in Singapore will also send the application forms to your address for you to sign them as prescribed. Ensuring you arrange each and every document and provide all required information will enable the company registrar in Singapore to process your application faster and not have to get back to you asking for more information.
3) Since the first step of company setup is to get your proposed business name approved, it is beneficial if you research on the names already existing in the market. Company names that are already in use or are trademarked by other firms would be rejected and you would have to apply once again with a new name. By researching on available names prior to company incorporation, you will save time and ensure the name is not rejected by the concerned authorities.