Singapore Company Incorporation and Registration: The 5 Steps
In Singapore, there is a standard company incorporation and registration process that future business leaders and owners should follow. Here, a company can guide you throughout the journey and assist with all the concerns you might have. You can also expect them to give guidance on what to do or the steps to take. In this article, let us dive deeper into the process:
#1: CREATE A NAME
A business name is what sets you apart. Take Apple, for example. They have a memorable logo that people recognise when they walk through a retailer or see web advertisements. Also, people associate the logo and name with their popular devices, such as the iPhone or a MacBook. There is no need to spend so much time thinking of one but prepare for it because that is the first step of the Singapore company incorporation and registration process.
#2: LOOK FOR A PARTNER
Your trusted audit services company in Singapore might assist you with registration needs or recommend a partner company that does these things for you. The second step is looking for a partner because they might have added features that help. For instance, they offer free tools that help you examine whether your preferred name is available to use or a remote submission of files because you are in another country.
#3: PREPARE AND SUBMIT ALL REQUIREMENTS
The third step, but not the final, is preparing and submitting all requirements for your company incorporation and registration request. Why? It is a requirement from the government to process your corporate tax needs in Singapore or the future payroll services you need for the company. In short, there is a need to establish your business before running and managing it! (Tip: Be careful during this step because all information should be accurate, and never forget crucial papers.)
#4: OPEN A CORPORATE BANK ACCOUNT
Whether you are opening to test the waters or already have the necessary finances and budget, open a corporate bank account for your company incorporation process. Doing this lets you start on a good note, which enables you to sort the finances earlier or plan everything else for your company.
#5: TAKE NOTE OF ANNUAL OBLIGATIONS
In Singapore, the company incorporation and registration process is not a one-time transaction. In fact, there is a need to renew licences or accomplish documents to keep everything in check. Business leaders should take note of their annual obligations and compliance duties to avoid issues with the government.
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