All That You Need To Know About Setting Up A Company In Singapore

company in Singapore

Why Singapore Is A Great Place To Do Business?

There are many reasons why Singapore is a great place to do business.

For one, the city-state has a very stable and pro-business government. In addition, Singapore is strategically located in Southeast Asia, making it a perfect base for companies looking to expand into this rapidly growing region.

The city-state also has world-class infrastructure and is home to a highly educated and skilled workforce. Moreover, Singapore has low taxes and a very business-friendly environment. All of these factors make Singapore an ideal place to do business.

For starters, the city-state has one of the lowest corporate tax rates in the world. This compares favorably to other major business hubs like London, New York, and Hong Kong. Additionally, Singapore offers a variety of incentives to encourage businesses to set up shop in the city-state, including grants, loans, and tax breaks.

Not only is Singapore an attractive place for businesses due to its low taxes, but it is also a convenient location for companies looking to tap into Southeast Asia’s burgeoning markets. Singapore’s central location and excellent infrastructure make it easy for businesses to connect with customers and suppliers in the region. English is also widely spoken in Singapore, which eliminates the need for businesses to hire translators or learn a new language.

Who Can Set Up A Business In Singapore?

To set up a business in Singapore, you must be a Singaporean citizen or a Permanent Resident of Singapore. You must also have a valid Singapore work permit. If you are not a Singaporean citizen or Permanent Resident, you must obtain a business license from the Ministry of Manpower.

Can A Foreigner Set Up A Business In Singapore?

A foreigner is also eligible to set up a business in Singapore if they meet the following criteria:

  • They must be at least 18 years old.
  • They must have a valid passport.
  • They must have a registered business address in Singapore.
  • They must have at least one local shareholder who owns at least 30% of the company.

What Are The Other Things To Do For Businesses In Singapore?

#1 Accounting

Accounting for small businesses is vital to the success of the business. Without accurate and up-to-date financial records, it would be difficult to make sound decisions about where to allocate resources and how to grow the business.

There are a few different methods of accounting, but generally accept accounting principles (GAAP) are used to maintain financial statements. This includes keeping track of revenue and expenses, recording transactions, and preparing financial reports.

Small businesses in Singapore face many challenges, from managing day-to-day operations to complying with government regulations. Hiring an accounting firm in Singapore can help reduce the burden on business owners and allow them to focus on growing their businesses.

An accounting firm can provide a range of services, from bookkeeping and financial reporting to tax compliance and advisory. This can free up time for business owners to focus on other aspects of their business. In addition, an experienced accountant can provide valuable insights and advice on how to improve profitability and cash flow.

Hiring an accounting firm is an important decision for small businesses in Singapore. Careful consideration should be given to the type of services required and the experience of the firm. Ultimately, choosing an accounting firm that is a good fit for your business can help you save time and money, and grow your business.

#2 Hiring A Company Secretary

Small businesses in Singapore need to hire a company secretary for a variety of reasons.

Firstly, a company secretary in Singapore helps to ensure that the business is compliant with all the necessary laws and regulations.

Secondly, a company secretary can help to streamline internal processes and procedures, making the business run more smoothly.

Thirdly, a company secretary can provide valuable advice and support on a range of issues, from strategic planning to day-to-day operations.

Ultimately, hiring a company secretary is an investment in the future of the business, and can help it to grow and thrive in the long term.

What are the roles & responsibilities of a company secretary in Singapore?

The roles and responsibilities of a company secretary in Singapore are many and varied, but can broadly be split into three main categories: compliance, administration, and support.

In terms of compliance, the company secretary is responsible for ensuring that the company complies with all applicable laws and regulations. This includes filing annual returns, maintaining statutory records, and ensuring that shareholders’ meetings are held in accordance with the Companies Act.

In terms of administration, the company secretary is responsible for managing the company’s affairs on a day-to-day basis, including keeping minutes of meetings, preparing agendas, and dealing with correspondence.

Finally, in terms of support, the company secretary provides advice and assistance to the board of directors on all matters relating to corporate governance.

#3 GST Filing

The Inland Revenue Authority of Singapore (IRAS) requires all businesses to file for Goods and Services Tax (GST) if their annual turnover exceeds S$1 million. GST is a consumption tax levied on the import of goods, as well as on the supply of goods and services in Singapore.

To be eligible for GST filing, businesses must first register for an IRAS GST registration. After registration, businesses will be issued a GST registration number, which must be displayed on all invoices issued. Businesses can register for GST online via the IRAS e-Services portal.

An accounting firm can help in GST filing services in Singapore by preparing and filing the necessary paperwork on behalf of their clients. This includes ensuring that all the required information is accurate and up-to-date, as well as keeping track of any changes or updates to the GST system. In addition, an accounting firm can also provide advice and guidance on GST matters, such as how to claim GST refunds or how to avoid penalties.

#4 Income Tax Filing

Small businesses in Singapore are required to file their income tax at the end of each financial year. This ensures that the government is able to collect the correct amount of taxes from businesses, and also allows businesses to claim any deductions or other benefits that they may be entitled to. Filing income tax can be a complex process, so it is important to seek professional help if you are unsure of how to do so.

Why should you hire a professional accountant for your income tax filing?

There are many good reasons to hire a professional accountant in Singapore for your income tax filing requirements. Perhaps the most obvious reason is that it can save you a lot of time and hassle. Trying to do your own taxes can be very complicated and time-consuming, and it’s all too easy to make mistakes that could cost you money. A professional accountant will make sure everything is done correctly and efficiently.

Another good reason to use a professional accountant is that they can often get you a better tax refund than you would by doing it yourself. This is because they know all the deductions and credits that you may be eligible for and can maximize your refund. They can also help you if you have any questions or problems with your taxes.

So if you’re looking for someone to help with your income tax filing requirements, be sure to hire a professional accountant in Singapore.