As an aspiring entrepreneur, you have a great product idea and are ready to embark on the journey to set up a company in Singapore. However, the process of company incorporation in Singapore seems difficult and you do not know where to begin.
Not only are there different types of business registrations, but there are also different requirements that need to be fulfilled when you incorporate a company in Singapore.
Therefore, it will be much easier for you if you employ an established company incorporation service provider in Singapore to help you through the business registration process.
Your company will pass all legal requirements stated by the law, and the service provider will keep you updated and informed of all proceedings. In this article, we will be going through several reasons why choosing an appropriate third-party service provider to incorporate a company in Singapore is important.
Table of Contents
Foreigners need to use a Company Incorporation Service to register their business
For foreigners seeking to incorporate a company in Singapore, it is vital to mention that it is mandatory to engage a Singapore-based service provider to assist you in the procedure of company incorporation in Singapore. Non-singapore individuals or entities are not allowed to self-register a company under the law.
There are also many additional requirements that a foreign entrepreneur needs to fulfill when they wish to set up a company in Singapore. If you wish to operate your company from overseas, you will need to employ a Singapore director to fulfill minimum one resident director per company requirement. Alternatively, if you want to come to Singapore to stay and operate your company, you will need to register for a local employment pass for yourself and any other foreign employees.
A professional company incorporation service provider in Singapore will help you go through and complete all the necessary steps in the process of company incorporation in Singapore. They will be able to source the best local contacts for you to act as your resident director and secretary due to their extensive knowledge of the local job market.
As a foreigner, you may be unfamiliar with Singapore’s legal systems, and a company incorporation service provider can aid you in navigating and fulfilling all the legal obligations.
Extensive understanding of the process to Incorporate a Company in Singapore
When you set up a company in Singapore, you may not fully understand the entire process of business registration, and do not have time to do so. In this case, it would be highly beneficial for you to employ a company incorporation service provider. These service providers have business registration experts with years of experience under their belt, and will be able to provide you with the best advice and make the procedure of company incorporation in Singapore hassle free.
How a company incorporation service provider works is that first they will check the availability of your desired company name, and then provide you with all the essential company incorporation documents you need to fill up.
They are able to give you useful advice and answer any of your queries on the documents. Once you have completed them, they will submit everything to ACRA, the regulator of business entities in Singapore, on your behalf. This will make the entire process much more efficient, and if everything goes smoothly, you can register your company within a day!
Many service providers also offer follow-up services after you have completed the whole process of company incorporation in Singapore, which are key to getting your business started properly. These services include acquiring all the basic manpower you will need such as the company secretary, which will need to be hired within 6 months from company’s registration date, and opening a corporate bank account.
Therefore, as an entrepreneur hoping to set up a company in Singapore, a company incorporation service provider can make the experience smooth and straight-forward.
Avoiding any legal issues in the future
There are different types of legal paperwork that needs to be completed in order to incorporate a company in Singapore. Documents needed include a list of shareholders’ particulars, description of business activities, and a registered Singapore address, and you may easily miss some important documents if you are not careful.
This may lead to legal entanglements if you fail to produce them upon request, but a good company incorporation service can ensure that all your bases are covered and you have all necessary documents in your possession.
While some entrepreneurs may be tempted to just pick the cheapest company incorporation service provider, it may prove to be a costly mistake in the future. These services might not deal with vital issues and can cause you legal problems in the future that can be expensive to fix or change.
You need to select an incorporation service that has the necessary experience and has the best knowledge on all types of company formations. Make sure that you get a service that will advise you on articles of association, share capital, directors, among many other things. It is also important to get a service that has good customer service, to ensure that you get the most updated and accurate knowledge on the process to incorporate a company in Singapore.
Do not be quick to select the cheapest or first incorporation service you find on the internet. Some may be pricey, but their level of service may be well worth it. Their comprehensive coverage ensures that all your legal documents will be completed and ready once you finish the process of company incorporation in Singapore.
In Summary
Singapore is one of the best places in the world to do business, and remains the top destination for aspiring business owners. It is easy for both local and foreign entrepreneurs to set up a company in Singapore, but sometimes the entire process can be unfamiliar and daunting for those unaware of the legal requirements.
This is where company incorporation service providers step in to take the load off your hands. They are able to make the entire process to incorporate a company in Singapore hassle-free and efficient, and allow you to focus on your business rather than stress over paperwork.
