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4 Pointers to keep in mind before setting up a company in Singapore

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It may be complicated to start a business from scratch in any other country. But in Singapore, it is as easy as a pie. However, you still need to have in-depth information about the same, and Bestar is there for you to do exactly the same. With our reliable services, we prepare you for the entire process so that you can easily sail through. Let us take note of some key pointers that one needs to keep in mind before you start your incorporation in Singapore-

     1. Determine your business needs:

Before you sow the seed of your business it is important to establish your business requirement as a part of step one. When you have a general idea about what your business is going to be like, we can build up on it to organize and set your business processes. In order to do that some important questions that need to addressed are listed down below-

  • How much in-hand capital are you ready to put into the business?
  • What will be the niche of your business?
  • What scalability timeline are you looking forward to?
  • How much revenue is your prediction for your organization?
  • What will be the number of partners or shareholders in your business?

     2. Name your company:

To climb up the legal ladder, it is important to select a unique name for your business. In terms of the incorporation process, the golden rule is to have shortlisted at least three names for your upcoming company. This will help in the case due to any reason any name gets rejected as per the ACRA regulations. ACRA is the main governing body in Singapore responsible for giving a green signal and approving the name of your company.

Any name can be rejected if it contains any obscene words or if infringes trademark rights or is actually similar to any ongoing business. In addition to that, one can even cross-check online to see the availability of the website domain for your business. This will suit your purpose as soon as you decide to take your business online.

     3. An official address for your company:

As per ACRA, it is mandatory to submit an official destination for your business. This will further help in terms of having a registered address to handle all your mailing and communication processes without any delay. The place of your office should also comply with certain guidelines as listed down below-

  • The business should be working for a minimum of at least five business hours on every business day.
  • This particular location in Singapore should be classified whether it is a commercial place, industrial area, or office purposes.
  • Your business address should be an actual location and not any P.O Box

With constantly changing times, even virtual office and coworking options are also accessible business addresses in Singapore. With Bestar, you are in unprecedented guidance in your journey as an entrepreneur.

     4. Have a Resident Director and Company Secretary:

A non-Singapore citizen establishing a business in Singapore needs to have at least a director for their company. This director should be a citizen of Singapore or have a Singapore Pass or Entrepreneur Pass or even Employment Pass holder. However, in this scenario, they would require a Letter of Consent (LOC) from the Ministry of Power. In addition to that, the director should not have any criminal records or history of bankruptcy along with being an eighteen years old adult.

Along with a director, your company will also require a secretary. Your secretary should check the criteria for being a Singapore citizen, Permanent Resident, or holding a Singapore Pass like Entrepreneur Pass. Along with being eighteen years old, your secretary should be appointed within a time span of six months after the incorporation company in Singapore.

 

Bestar is there to empower your business setup process. At Bestar we care for our valued customers which is why we have customized Company Incorporation Packages for you. These packages will take care of right from the foundation of your business. Give us a chance to set up your process and feel the difference. Contact us now. We await your presence!

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