You want to become a business owner and enjoy all the perks that come with that title? Collaborate with professionals in order to fast track your company registration. It is faster, does not require you to have any special skills, and comes at an affordable price. That means you can see your company becoming legit in just a couple of hours! Consultants usually also provide non-graduate nominee services, so you can enjoy doing business without worrying too much about your skill set.
Benefits of Streamlined Company Registration
The payment options may be complex in the business, the charges are usually stated from the set up of the business consultant firm. A strong staff of industry experienced professionals has established a strong vision with over 30 years of experience in setting up startups and companies globally. They offer a range of solutions to fit the specific business needs and guarantee the business owner completes the entire setting up of their company. Upon registering the company with them, up to $3k worth of banking options are available in his choice residence or home. Benefits are only applicable for new company engagements when corporate shareholders are not operating in existing jurisdictions. This article aims to provide a detailed picture of the business consultants’ services in the field of consulting and how they can assist in managing and setting up business for lasting success.
A business formation services company should be well-versed in the local markets and would be knowledgeable about different jurisdictions. It would be easier for the company to build up good relationships with public officials and know the latest in news marketing opportunities. The business formation services company must ensure that the company owner feels confident about the safety and security of their business with their business consultants. The company should guarantee that the structure of the business of the company is strong and keeps the company safe in any business situation. The services should also ensure that the identity of the company owner is kept confidential.
Importance of Consultants in Company Registration
Consultants providing company registration services have brought great relief to new ventures, handling the complete cycle of setting-up procedures, which include directing a business through procedural and statutory exigencies. These companies best understand and are adequately equipped toward the rapid, frictionless formation of organizations. They offer business registrations and newco setups in Singapore, specializing in Limited Liability Companies. They help clients, foreign nationals, and non-residents begin a great Singapore venture. In the process, clients also benefit from legal administrative guidance, strategic business consulting, and venture capital information. Consultants provide fast company registration, allowing companies to focus on their core endeavors in the least time. They are strategically located and are readily accessible to appreciate a client’s requirement for a quick registration turnaround. Indeed, organization incorporation, given the advisor’s expertise, happens within a few hours.
Starting a new business enterprise requires attention to numerous significant considerations, not the least of which is regulatory compliance. Without properly navigating the associated legal and procedural requirements, a venture cannot get off to a successful start and risk being barred from conducting business. An interested entrepreneur must proactively ensure that all vital registrations and statutory compliances are addressed, while simultaneously focusing on other critical commercial success factors. It is to meet such exigencies that several consultants have come forward in recent years to help commercial aspirants realize their entrepreneurial dreams by facilitating fast-track, transparent company registration.
Understanding the Company Registration Process in Singapore
To initiate the company registration process in Singapore and incurring just a moderate fee, a business name check and reservation can be finalised within less than a few hours. To secure company name preference and a web presence, it’s common practice to leave this procedure to the professionals. Since financial information is necessary to incorporate the company, all new business owners are encouraged to buy shares and hold these as shareholders of the company to participate in its benefits. Remaining contracts required to complete the process include the director’s consent to act function and by-detail correspondence regarding the company’s registered office notice as well as the details of company directors and company secretary particulars. Requirements for company registration in Singapore do not place strict rules or restrictions upon the nationality of company officers. Since the Republic of Singapore advocates a policy of engagement with a truly cosmopolitan stance inviting, hospitality and accommodation of foreign businesses and foreign-born professionals enjoying business owners.
After deciding to register a company in Singapore, you will need to become familiar with the processes involved and reconsider the overall aim of expediting progress. When formulating a business plan, it’s wise to consider the percentage of time you will spend on the bureaucracy and the percentage of time you’ll need to spend on driving your new business forward. There’s absolutely no reason why business owners of newly registered companies need to become bogged down with the nitty-gritty small print of local bureaucracy. Instead, you can choose to partner with experts offering a meeting of minds and current up-to-date company registration process knowledge who can progress your company registration to its conclusion cost-effectively and with minimal discomfort.
Step 1: Choosing the Right Business Structure
Before registering your business, make sure you have approval from the Accounting and Corporate Regulatory Authority (ACRA). This approval is required if you wish to use a specific business name or if you plan to incorporate a business within regulated industries. Use ACRA’s online portal to check if the name(s) you have chosen for your business is available. Once you have your unique business name, you can proceed with company registration online. Upon clearance, a notification will be sent to your email.
- Sole Proprietorship: If you’re planning to run a small business, a sole proprietorship may be suitable. As the name suggests, only one person (the proprietor) can manage a sole proprietorship. This business structure doesn’t have any unique identity. Therefore, the sole proprietor’s name is used for the purpose of business registrations and transactions. The proprietor is entirely responsible for all debts and liabilities incurred by the business.
- Limited Liability Partnership (LLP): An LLP structure is for a single professional such as a dentist, doctor, accountant, or lawyer.
- Private Company Limited by Shares Onshore (Pte. Ltd.): This is the most common business structure you’ll find in Singapore. A single shareholder can start a limited company.
Your choice of business structure will have some legal and tax implications, so it’s an important one. Here’s a simple guide to your options:
Step 2: Registering with the Accounting and Corporate Regulatory Authority (ACRA)
Your corporate service provider can then arrange to have your Singapore company incorporated and the registration completed at the ACRA. Under normal circumstances, you can expect to receive a new ACRA company number on the next day after your incorporation application has been approved. However, it may take longer if you choose to incorporate a company rather than a branch office that requires licensing and government approval. Conversely, it may take even less time if you are applying during off-peak hours or your application is entirely free of errors. Upon immediate access to your new virtual office, you must display your UEN and business name on one of the building’s lowest floors, like so: ‘Proud Business Pte. Ltd. – UEN Company Name.’ You will need to display the UEN on any outgoing customer and/or business-to-business communications, pricing, credit agreements, purchase orders, and even written receipts for any payments that are made. More helpful advice is available at ACRA.
Now you can register the company. You should complete all necessary tasks and checks to ensure the business registration process goes smoothly and to avoid unnecessary delays. Acquire your required documents, including those related to compliance with Singapore’s statutory requirements, then submit necessary online applications along with any requisite fees through your corporate service provider using your CorpPass ID. As long as your application is fully compliant, approval can be granted by ACRA the very next working day. If for any reason they won’t accept your application, you will be informed promptly so you can make any necessary adjustments.
Next, you need to make a declaration of compliance under Sec 144 of the Companies’ Act. This can be done by the individual making the application via their ACRA registered filing agent, or it can be done as a standalone by the individual and ‘be saved’ under their user profile. If the latter action is taken, the standalone authorization must still be made by the applicant via their ACRA registered filing agent, again using their CorpPass for ID access.
The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of business entities, public accountants, and corporate service providers in Singapore. As such, it must approve any company name before it can be used. Before you submit a proposed name, you should read the guidelines at the ACRA website on naming requirements for Singapore business formations.
Step 3: Obtaining Necessary Licenses and Permits
After incorporating your company, what is the next way to ensure it’s on the fast track to business success? One key measure is to look for regulatory clearances if you are planning to carry out activities that are deemed to be controlled and regulated – this essentially means activities that are monitored by an approved authority. You can get the necessary regulatory clearances from the Singapore government authorities. Many activities related to specialized fields such as security services, food retail and services, travel agencies, moneylenders, child care centers are examples of the many activities that require a certain regulatory clearance or permission from the authorities.
When selecting the desired business activities you intend to conduct, you need to also verify if any licenses or permits are needed before you commence business. Not all businesses may be exempt from applying for business permits or licenses, so be mindful to check if you require any prior to commencing your business activities to avoid running foul of the law. It’s a good idea to check this during the company incorporation if possible. There are many business activities that are regulated by the government where a license or registration is required for a business to legally operate and function. Businesses that do not comply with license requirements may face either financial penalties or in severe cases where the failure to apply for a permit or license is deemed to be significant, imprisonment.
How Consultants Can Fast Track Your Company Registration
Many corporate consultants are either former accountants or just people with legal and financial backgrounds who are familiar with the route and can guide you quickly through the red tape jungle. Although they operate regionally, corporate consultants tend to concentrate mostly on Singaporean customers around their offices due to mandatory personal consultation. An exception is provided for Singaporeans and visitors with an Employment Pass or Dependent Pass (essentially expatriates). With the right e-filing account, a consultant can assist you in registering a business in Singapore from the other side of the River Thames! Even if they are not directly adjacent, consultants help you to handle the registration of the different business forms with ACRA more conveniently. You, as a stranger who does not live in Singapore (except Pembroke and her friends in Habourfront and Tiong Bahru), do not have the opportunity to register your company personally.
When you are ready to start your business in Singapore, you will start with ACRA, the Accounting and Corporate Regulatory Authority, a department of the Ministry of Finance. If things were easy, you would only have business structures to choose from and your company name would give you no problems! It’s tough doing things on your own, but generally it’s worth it. There aren’t too many beginner entrepreneurs who want to spend a lot of time at this stage, doing business in Singapore themselves. If only there was a way to make everything easier, faster, and free of chores? Well, there is. There are so-called corporate consultants who act as intermediaries on your way to your own company in Singapore. However, they are not standard consultants à la McKinsey & Co.
Expert Knowledge and Experience
Several authorities in Singapore are responsible for controlling various aspects of the company registration process. Expert business consultants are proficient in the administrative requirements of these entities and have easy access to the documents and forms necessary for complete incorporation. Not only applying for incorporation, but registered business consultants are also able to officially file the required compliance documents required for annual meetings and other changes affecting the new company.
Fortunately for you, qualified professionals are available to guide you through the company registration process from your initial business idea to your fully operational operations. Registering companies since 2003, experienced business consultants have efficiently and effectively formed thousands of companies, uniquely positioning them to expertly assist you in similar form your new firm. Equipped with extensive knowledge and experience in Singapore’s business environment, savvy consultants customize comprehensive administrative support that saves you precious time, eliminates potential stresses, and optimizes the probability of your successful venture. They conduct initial consultations and provide you with good advice that make a big difference, enabling you to make firm business decisions. Should you experience difficulties connected with your operations, expert business consultants could also advise you in relation to strategies and tactics to improve their position.
You could read right through Singapore’s company registration rules and regulations and tirelessly comply with them to form your own incorporated business. However, this approach may consume much of your time and effort. You could miss a critical point, prepare the documentation incorrectly, and face big fines. Your application could be delayed or rejected, or non-compliance could cause you legal problems later.
Streamlined Documentation and Processes
Company registration is one of the most critical start-up phases. To set up a company in Singapore, a professional registered firm with the Singapore Company Board (ACRA) who abides by the rules must be engaged by a foreign entrepreneur. They control the standard of incorporation and can allow it to be as fast as around 24 hours. A qualified business does not proceed with a formal attempt at registration until the customer has been accredited by the anti-money laundering organization (ACRA) and by a single Singapore bank. These processes can be carried out internationally and rights provided. In reality, comfortable communication in many languages vastly enhances any potential foreign entrepreneur’s managerial credibility. Secrets can take up to an extra day for any entrepreneurs who currently need to start a company enterprise in Singapore.
Set up in a strategic southern location in Asia, the sophisticated city-state of Singapore is a highly conducive hub for many local and foreign entrepreneurs envisaging building a multimillion-dollar business in the East. In addition to its vibrant free economy, worldwide partnerships, and open visa policy for entrepreneurs, it has unparalleled traffic connectivity and a talent pool ready to be nudged into the right skills for gainful employment. Singapore is essentially a startup entrepreneur’s dream.
Liaison with Government Authorities
For example, for the GST registration application submission, your consultant will liaise with the IRAS (Inland Revenue Authority of Singapore), with all additional services and advice as required. Should you run into difficulties, your consultant should support you as required. The successful incorporation of your company is the major stepping stone to fast-tracking your business right from the start. Choosing a Singapore incorporation services consultant that you can depend on to be efficient, resourceful, and diligent to streamline as many of the necessary procedures as possible can only make your path to success and growth all the easier. This liaison with government authorities is yet another excellent example of the importance of professional help from experienced consultants in respect of your business startup.
When it comes to fast-tracking your startup success, it sure does pay dividends to have consultants available for all aspects of your business, saving you money, time, and effort and providing valuable peace of mind. Choose consultants that also offer advice and support with government authorities, as applicable to your particular business. If you register a private company in Singapore, it is mandatory to apply for GST registration once the company is successfully incorporated. The application for GST registration must be made within 30 days of the company being successfully incorporated to avoid a late registration penalty.
Timely and Efficient Execution
When you enlist the help of one of these organizations, you will have three fundamental tasks to complete. The first is to present identification to the service provider. A passport number or ID can be used to validate one’s personal identity. You will also need to supply an address, either home or office, to confirm a business address. Lastly, you must supply a copy of your signature. While each of these tasks necessitates a small amount of time, less than a work week, they are indeed crucial to the company registration process. By law, private individuals can no longer act as a director or beneficial director of a Singapore company. Although one of the company’s director roles may be filled by a corporation, the other must still be carried out by a person — an employment pass holder and a passport-holding foreigner.
Fast Company Incorporation of Singapore Company Registration Incurs Minimal Cost and Risk. Deep diving into domestic regulations and protocols can feel like a risk, a cost, and a waste of your valuable time. Company registration services are just that – services that help you get your company up and running quickly and easily. You receive this invaluable assistance: Some specialize in financial advising, some in immigration coordination, and others will offer HR outsourcing services or payroll and tax accounting for firms. In all cases, the goal is to make your company registration as efficient and easy as possible, so that you and your team can start conducting business as swiftly as possible.
Professionals can get your company up and running within weeks and make sure it is structured exactly right. Consultants will also save you time in other areas. For example, they will deliver services and answer questions that you would otherwise have to take the time to research and handle in-house. While it may seem that company registration should be straightforward, it is actually very easy to overlook important steps and file inaccurate or incomplete information, which can lead to costly delays, legal disputes, and government fines. Using a service provider to manage your registration can save you time, money, and future stress.
Choosing the Right Company Registration Consultants in Singapore
First, the customer service must be outstanding throughout the entire registration process. It is one major duty of any consultant to offer efficient and consistent services to let a client learn and understand Singapore regulations involved in business registration. From the incorporation certificate to the compliance of initial legal obligations to opening a bank account for the company, a client should find out how fast any of these procedures will be taken care of and accomplished according to the promises of the consultant. This guarantees efficiency and speed in meeting any deadline when starting a business enterprise in Singapore.
Whether a business owner is residing and working in Singapore, a city often perceived as the streamlined company registration hub for foreign entrepreneurs, or is located in any foreign country anywhere else in the world, choosing a reliable service provider or consultant is the ultimate solution to registering a company fast. Engaging this kind of service may be simple, but finding the right consultant with a guaranteed history of the fastest results and respectable registration for any type of business can be frustrating for many people. For experienced company owners, accountability should come first when it comes to choosing the right service provider that makes registration simple, fast, and easy to understand. Here are other things to check for.
Researching and Shortlisting Potential Consultants
By now, you should be able to see who David and who Goliath are. It’s David who has a sling and some stones, and most likely, it is he who will slay Goliath. Given the options of a 180-pound monster and a conserved roadrunner, it only makes sense to let prudence lead to a decision. In the same vein, if you have the options of a fresh-faced consultant with some customers on the side and an experienced professional with strong references, it only makes sense to take the latter as your startup sherpa. Unless you were born with a silver spoon in your mouth, and have a spare silver spoon under your pillow, you should be concerned about the cost of service offered. Naturally, you prefer a consultant who offers world-class services at prices that a penny-pincher like you can afford.
If you are to enjoy the benefits of incorporating in Singapore through the services of a corporate consultant, one of the first things you will have to do is to research, and then shortlist, the companies that offer such service. This means asking for recommendations from friends, family, employees, or even other companies—including NPOs—that have successfully incorporated in the country. Besides recommendations from other comrades-in-arms, you can also put the services of the following search engines to good use: Bing, Yahoo!, and the almighty Google. Unlike recommendations, though, search engines do not discriminate, and you are likely to be bombarded with more results than you can handle. In such case, you will need to use your wits to weed out the inexperienced and unreliable consultants.
Evaluating Consultants’ Track Record and Reputation
Another important reason you should seriously consider consultants with a solid track record in business formation is the fact that Singapore law and regulations, as well as the requirements and policies of the Accounting and Corporate Regulatory Authority (ACRA), are regularly updated. It can be difficult to keep up to date with all these changes. Because registration of new Singapore companies is something they do on a daily basis, consultants are familiar with ACRA program requirements as well as application procedures and standards for document processing. Therefore, they can save you much time, effort, and money. On the contrary, if your consultant is not familiar with the most recent company policies, they can slow down the registration process and expose your business to risks as a result.
Shortlisting unreliable or inexperienced company registration consultants Singapore can lead to unnecessary extra costs, wasted time, as well as other problems during business operations set-up. To help avoid this, you could conduct a thorough consultation of consultants based on various specific aspects of their track record and reputation. Specifically, you could seek assistance from a business partner or a friend who is familiar with the local business culture, or read customer feedback online. If no feedback is available for a particular consultant, you could interview this consultant by phone or email to verify that they have sufficient experience in company starting, and request a portfolio of their clients’ success stories, accompanied by customer contacts who would be willing to validate their references.
Considering Service Offerings and Pricing
Several company registration price comparison tables were published online and the table is good for comparing monthly and yearly fees and services among different package types. The Singapore business setup services aim to simplify the incorporation process for various businesses, starting from both affordable yet comprehensive packages to time-bound packages for variations of businesses. Optimize this new breed of price and service interrupters’ current rates, and now you can rely on the latest released Singapore consultants’ service offering and incorporating Singapore company costs. This information is presented in a comprehensive format, and all fees shown here are non-negotiable. It’s recommended that you check out the Singapore company formation customer testimonials available, or if there’s a need to obtain additional information from consultants before finalizing your order.
To get you off to the right start, in this section we will consider the various service offerings provided by Singapore incorporation consultants, alongside their costs. By referring to these examples, you will be able to better identify the most suitable package, whilst minimizing surprises from the plethora of different company services market offerings. Remember, these services fall into three types: basic company registration services, expansion/growth company registration services, and premium registration and business process outsourcing package. The first type of service describes the straightforward services that a sole trader will need. The second is better suited for the more lengthy set-up requirements of expanding or more complex businesses. The final PEO/BPO package is for those businesses who have chosen their primary business to be effective outsourcing of the whole or part of their daily workload and seek all the benefits outlined.