Have a sound idea? How can you start a business in Singapore?
Starting a company in Singapore involves a few steps:
1. Choose a business structure: Decide on the type of business structure that best suits your needs, such as a sole proprietorship, partnership, or private limited company.
2. Register your company: Submit the necessary documents and information to the Accounting and Corporate Regulatory Authority (ACRA) to register your company.
3. Obtain the necessary licenses and permits: Depending on the nature of your business, you may need to obtain licenses and permits from various government agencies such as the Ministry of Manpower (MOM) or the Urban Redevelopment Authority (URA).
4. Open a corporate bank account: Once your company is registered, you will need to open a corporate bank account in order to manage your company's financial transactions.
5. Appoint a company secretary: Appoint a company secretary who is responsible for ensuring that your company complies with the legal requirements of the Companies Act.
6. Register for taxes: Register your company for taxes with the Inland Revenue Authority of Singapore (IRAS) and obtain a tax identification number.
7. Get a Business Space: Once all the above steps are completed, you can now find a business space that suits your needs and budget.
It is recommended to seek professional advice from an accountant or lawyer to ensure that your company is set up correctly and in compliance with all laws and regulations.