Singapore Company Setup - Step By Step Guide
By: asiabiz | Posted: 25th January 2011
There are certain steps to setup a Singapore company. It takes some time however to accomplish such things. By the time it is done, several things should be taken into consideration.
Your business may require a license before you can get started. However, a license is not needed for all businesses before they can operate. As a matter of fact, most of the people who wish to start a Singaporean company are not required to procure a license. However there are a few exceptions. These exceptions fall into three categories:
The licenses mentioned may fall under the mandatory or compulsory title. This includes banks, childcare centers, and retail liquor establishments. In addition to the above, several institutions are included like travel agencies, lending institutions, and schools that are private. A special permit is required for businesses that belong to wholesalers or importers/exporters.
Maybe you wish to put up a professional service like legal representation. So, it is vital for your to secure an occupational license. This includes professions like physicians and accountants. Furthermore, if for some reasons you wanted to exchange commodities as a business then it is a must for you to procure a license.
There are some activities that will need a license or permit.Like for instance, you may want to create or make renovations to your business property. Or you may want to build a salient signs or other advertising tools. Those activities mentioned do need to have a permit or a license.
After being able to start a Singaporean company one must acquire a bank account. Being able to have a bank account in Singapore will make payment of bills easier as well as receiving payments from clients.Record keeping will also be easier because of it. With that, it will be easier to make legitimate records of transactions.
Marketing your business should not be overlooked. Setting up a website should be one of your priorities. It is also important for a business to create advertising materials such as brochures and business cards.
The presence of a goods and services tax in Singapore is undeniable. You may be required to register, if you are running a large business. It is a requirement to pay goods and services tax if you accumulated income is more than to one million dollars. In addition, it is expedient for you to register for the goods and services tax if you have expected an annual sales of one million.
It may be necessary to apply for work permits. For it will be your role as an employer to seek employment passes to your staff. Be reminded as well that spouses and children also need dependent passes.
After your setup of a Singapore company, you will not be required to withhold income tax from employees pay. For local companies, it is expedient that they should to pay a fraction of their pay to the Central Provident Fund, or CPF. Be aware that permanent residents are counted as local residents. You should submit contribution every month with fourteen days as a grace period.
You only have a few steps left to be accomplished in order to actually operate the business. It is also wise to make inspection if you are obliged to procure a permit or license. Open a bank account, obtain marketing supplies and check into GST registration. Secure employee work permits and figure out about any CPF contributions, if they are applicable.
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Tags: exceptions, setting up a website, professional service, priorities, wholesalers, professions, matter of fact, lending institutions, physicians, travel agencies, legal representation, commodities, accountants, business property, advertising tools, importers, singapore company