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Blog - Unlocking Success: Establishing Your Business in Singapore

Unlocking Success: Establishing Your Business in Singapore

Establishing a Business in Singapore, a booming center of innovation and business, is a calculated risk that needs to be well thought out and carried out. The procedure necessitates experience, from negotiating regulatory standards to handling financial commitments.

Why Expand Your Business in Singapore?

Let's first explore the reasons Singapore is a great place for business expansion before getting into the details. Singapore's advantageous location, stable political system, and strong legal system make it a desirable place for businesses to grow. It acts as a doorway to Asia's thriving marketplaces.

The Start of the Journey: Establishing Your Business

1. Select an Organizational Structure :
Choose the kind of company entity you wish to create. Sole Proprietorship, Limited Liability Partnership (LLP), and Private Limited Company (Pte Ltd) are examples of common organizational forms.

2. Register Your Business :
It is necessary to register a Private Limited Company (Pte Ltd) with the Accounting and Corporate Regulatory Authority (ACRA). This can be completed online via the BizFile+ platform.

3. Company Name Reservation :
Look for and reserve a distinctive business name prior to registering. The name must abide by ACRA regulations.

4. Company Name Reservation :
Singaporean citizens, Permanent Residents, or holders of Employment Permits are required to appoint at least one local director to their company.

5. Business Secretary :
Within six months of the business's incorporation, designate a capable company secretary.

6. Minimum Paid-up Capital :
Although a nominal amount (such as SGD 1) is typically required, there is no minimum paid-up capital requirement.

7. Registered Address :
Give your business a local address for registration.

8. Tax Registration :
If your yearly turnover is anticipated to surpass SGD 1 million, register for Goods and Services Tax (GST). Moreover, get a corporation income tax identification number (TIN).

9. Create a Corporate Bank Account :
Decide on a nearby bank and create a corporate account there. Bank requirements could differ.

10. Employment Pass (if required) :
You might have to apply for a S Pass or Employment Pass if you or your workers are foreign nationals. The Ministry of Manpower is in charge of this (MOM).

Additionally, Remember To…

-     Permits and Licenses:
Certain licenses or permits can be required for your particular business operations. Consult the appropriate authorities.

-      Reporting and Conformance :
Observe continuing legal obligations, including submitting financial statements and yearly reports and holding annual general meetings.

Having Difficulties?


It can be difficult to start and maintain a business in Singapore, but JWC Accounts & HR offers a wide range of services that will make the process go more smoothly and guarantee the success of your enterprise. JWC Accounts & HR serves as a one-stop shop for solutions, providing a variety of vital services to suit all of your company's requirements.

JWC Accounts & HR Offers Complete Services:


1. Accounting Services :

  Compilation of Unaudited financial statements
  Bookkeeping (Monthly / Quarterly / Yearly)
  GST registration
  GST filing


2. Taxation Services :

  Corporate tax computation and filing
  Sole proprietor/Personal tax computation and filing



3. Corporate Services :

  Payables Management
  Receivables Management
  Inventory stocktaking and management



4. Human Resources Services :

  Payroll Management
  HR Consultancy Services
  Onboarding Process Outsourcing
  Apartment / School Sourcing
  Culture Awareness Training



5. Corporate Secretary :

  Registered office address
  Corporate secretary services
  Nominee director services
  Incorporation of company




6. COMPANY INCORPORATION :

  Name registration
  Incorporation of Singapore company
  Onboarding Process Outsourcing
  Drafting of constitution
  Issuing Share Certificate
  Conduct of first Board Meeting



JWC Accounts & HR: Why Choose Us?


JWC Accounts & HR provides a comprehensive range of services to guarantee the smooth setup and running of your business. JWC is your committed partner in Singapore's business environment, with a team of specialists in accounting, taxation, corporate services, human resources, and corporate secretarial concerns.

In summary, JWC Accounts & HR makes the process of establishing a company in Singapore easy to navigate. From the beginning to the end, their one-stop shop guarantees your company prospers in the fast-paced, cutthroat Singaporean market. To realise the maximum potential of your company venture in Singapore, get in touch with JWC Accounts & HR right now.


Get In Touch

60 Paya Lebar Road #07-54 Paya Lebar Square Singapore 409051

enquiry@jwc.com.sg

+65 9270 0934

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