Singapore-Entrepreneurs

7 Considerations of Starting up a Business

Many companies cropping up in various parts of Singapore and the prime intention for each of them is to make profit. Starting up a business in Singapore is been seen as a license to get good profits. There are many business structures present in Singapore but the most popular is a limited company as it offers many advantages to the company owners. Some of the advantages of a limited company are limited liability, property rights and tax incentives. But there are some considerations that you should to be kept in mind while starting up a business in Singapore:

• According to the Singapore Companies Act there cannot be more than 50 shareholders for any private company. There should also be at least one resident director and a secretary for the company.
• The resident manager can either be a natural citizen of Singapore or an Employment Pass holder. There is no limit to the number of additional staff you can appoint. The staff has to at least 18 years old and should not be a convict or a bankrupt.
• It is a must for the company secretary to be a natural citizen of Singapore. The person should also have the required expertize and qualifications to go about the job efficiently.
• In case of the paid-up capital for jobs and hall pass should be less that S$1 and S$50,000 respectively. It should be noted though that the paid-up capital can be raised ant time after the process for starting up a business is completed.
• Name of the company should be approved by the Accounting Officer and Corporate Regulatory Authority (ACRA) before you use it. If the trade name is already being used by another company then your name will be rejected automatically.
• The foreign companies or individuals in Singapore can have holdings in the company up to 100% and still they will be liable to get some type of tax relief.
• While applying for starting up a business the companies should provide their registered office address though for some type of transactions you are allowed to use the home address too.

Starting up a business in Singapore is not that tough is it? You just need to keep these 7 points in mind.

Summary: Though starting up a business in Singapore is quite easy yet keeping some points in mind help in making the entire process very smooth.

Tags: Singapore business setup, Singapore business startup, Starting up a business