When deciding to set up your company in Singapore, it is important to think about the type of business structure that is best suited for your needs. A private limited company offers legal protection to its shareholders and provides an efficient tax structure. It is also a good choice for foreigners who want to register their businesses in Singapore. However, there are some added compliance requirements like having a local director, secretary and fulfilment of Central Provident Fund submissions that will need to be fulfilled.
One of the first things to consider when starting a company is how much capital you are going to need to invest. You will need to cover both capital costs – one-off payments, such as the cost of setting up your business – and fixed costs – ongoing expenses, such as rent for your premises and salary for employees. The total cost of establishing a business will vary, depending on the type and scale of your enterprise.
Aside from the initial paid-up capital, you will need to register your company with the Registrar of Companies, Singapore. You will also need to submit a business address, an approved company name and a corporate bank account. All these requirements can be daunting for foreign entrepreneurs, especially if they are unfamiliar with the country’s regulatory environment. That’s why it’s important to work with a trusted registered filing agent that can help you navigate the process smoothly and efficiently.starting a company in Singapore