If you are searching for How to start business Singapore then, you are in the right place. At Karitas Corporation, we provide solutions to How to start business Singapore, how to start a startup in Singapore, how to start a business in Singapore with no capital.

How to start business Singapore

Are you looking for starting a small business in Singapore? Here is a detailed guide on starting a business in Singapore for foreigners.

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How to start business Singapore

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Tips on How to start Business Singapore

How to Start Business in Singapore

Looking for How to start business Singapore? Yes! You are at the right place. Karitas is a business registration company in Singapore. We provide tips and ideas on how to start a business in Singapore.

How to Start Business in Singapore

Who doesn't want to start a business in Singapore and be their boss? Starting a profitable business is still a dream for many. The reality is going from an employee to an entrepreneur can be a little scary. However one of the ways to reduce fear and increase success is to rely on the wisdom and experience of others who have been successful in life.

Singapore continues to attract a large number of international entrepreneurs and investors to the country through its business-friendly policies, attractive tax services, and transparent, corruption-free rules. If you are wavering about selecting Singapore for your new startup venture, here we summarize the core factors you should consider on how to start business in Singapore:-

Design a Business Plan

You have to be ascertained of your business idea, examine your thoughts carefully, and make a final decision before starting a business. The first step for how to start a business in Singapore is picking a name for your firm, and get it registered with ACRA (the government-owned agency that looks after the registrations of new businesses in the country) Singapore. Keep in mind that no two companies in the country can bear the same name. Once you apply to the agency it would take several weeks to process.

Set up the Capital and Investments

This is the most important aspect of starting up any kind of business. The minimum paid-up capital to start a business is only $1 in Singapore. Create a rough idea about the kind of capital you may invest in the project and work out the budgets. Here we need to know majorly about two kinds of costs i.e capital cost and fixed cost.

Capital costs are the one-time amounts that you need to launch your small business, any cost to register your business. Whereas fixed costs are the expenses that you will need to pay whether or not you are earning. You also have to remember that all companies in Singapore must file annual returns with the Registrar of companies, ACRA.

Assemble your Team

Any startup cannot commence without recruiting a proficient team of people. You will be needing different groups of people for this

Shareholders

Both individuals and companies are eligible for becoming shareholders. А private Singaporean company has to be owned by only 50 of them whereas 1 to 20 shareholders for an exempt private company. Foreign citizens and businesses can hold shares, too.

Directors

You are required to have at least one local (who is a Singapore resident) director for your company. The local director appointed can be a citizen of Singapore, a permanent resident, an Employment Pass, or an EntrePass holder. The main motive behind this is that the government of Singapore wants to be able to contact someone on behalf of the company to ensure compliance with statutory requirements.

Company Secretary

Every company is required to have this officer – he is responsible for tracking changes in your company, preparing papers, and reports to the government. The law states that you have to appoint a secretary within 6 months after the incorporation. According to the Companies Act, a company secretary must be a resident of Singapore.

No requirement for a Physical Office Space

one of the good things about setting up a business in Singapore is that you don't need to have a physical office and can make use of a virtual address. Although one should have a local registered address.

Requirements to fulfill the annual compliance

In accordance with the Companies Act, companies are required to comply with the following requirements every year:

Annual Return Filing with Accounting and Corporate Regulatory Authority (ACRA)

Company Details (Name, Activities, Registered Office, Company Officers)

Shares (Shares Details, Share Capital, Amount of Paid Up Capital)

Financial Statements (To be filled in Financial Reporting Standards of Singapore, XBRL)

Annual General Meeting

Tax Return with Inland Revenue Authority of Singapore (IRAS)

Estimated Chargeable Income (ECI) within three months from First Financial Year End

Form C-S/ C (15 Dec for YA 2020, 30 Nov from YA 2021 onwards)

How to Start Business in Singapore

Design a Business Plan
Set up the Capital and Investments
Assemble your Team
- Shareholders
- Directors
- Company Secretary
No requirement for a Physical Office Space
Requirements to fulfill the annual compliance
- Annual Return Filing with Accounting and Corporate Regulatory Authority (ACRA)
- Company Details (Name, Activities, Registered Office, Company Officers)
- Shares (Shares Details, Share Capital, Amount of Paid Up Capital)
- Financial Statements (To be filled in Financial Reporting Standards of Singapore, XBRL)
- Annual General Meeting
- Tax Return with Inland Revenue Authority of Singapore (IRAS)
- Estimated Chargeable Income (ECI) within three months from First Financial Year End
- Form C-S/ C (15 Dec for YA 2020, 30 Nov from YA 2021 onwards)

Final Word

These were some key points on how to start a business in Singapore. However, if you started with the right approach and follow all the laws stated by the country, it will prove to be beneficial in the future. How to start a business in Singapore with no capital? How to start business Singapore? starting a business in Singapore for foreigners. Starting a small business in Singapore, how to start a small online business in Singapore? How to start business in Singapore for Indian?