Know the Procedure and Requirements of Singapore Company Registration

Singapore is known for its amazing life style, infrastructure and world’s famous corporate bodies, which attract the global businessmen, entrepreneurs, and investors a lot. There are several benefits to do the business in Singapore. Among all profits, tax exemption for small or new businesses in Singapore is the key benefit that low up to specific turnover. The tax rate for existing businesses in Singapore is sealed up to 17% for businesses and GST tax up to 7% too. Apart from that, the corporate environment and its security factors are also good signs that bind attention of global traders to incorporate their new ventures in Singapore too. So, if you are interested in pursuing new company in Singapore too, you should first know about rules of Singapore Company Act wisely. This act permits an individual having more than 18 years of age for setting up a company in Singapore easily. Apart from that, there are many typical procedures and requirements of incorporating new business in Singapore that you need to know wisely.

Procedure and Requirements for Company Setup in Singapore

• First of all, you need to start by setting set a professional name of the company and get it approved by Accounting and Corporate Regularity Authority (ACRA) in Singapore too. 

• There should be one director and shareholder each in the company and they can vary in numbers too. 

• The company should have registered address proof and contact details too. 

• The numbers of shareholders in the company can be increased up to 50 only.  

• You need to submit details of the company’s bank account and its financial status that should be S $1. 

• Do not forget to appoint a company secretary, who should be resident of Singapore. 

So, above are some necessary things that you need to keep in mind when going for new company business registration in Singapore. If you can manage all above things to fulfill on your own then it’s good, otherwise, you can have services of the genuine company registration agencies in Singapore too. Here such agencies may play good role to get your company registered according to the Singapore Company Acts too. 

For Singapore new company registration, it would be better to hire any experienced business registration professional or legal advisor, who can navigate you with right procedure and requirements to get the job done in an authorized way. For this service, he will also charge you reasonably, but will do all possible efforts to get your new company registered in a legal way without any issues. So, you will ample of options to start up business in Singapore and grab the profits of corporate industry and make global customers easily. 

Need For Additional Support for Your Business

1. Company Secretary

There are many companies that are working in this market so that they can make better products or services and make profits out of it. Companies are spending so much of their savings on their research and development department so that they can make better products that would need better knowledge of the product. In the market, customers are very eager to wait for the new products or services to come so that they make their life better. Now many people in the market also want to make their company more efficient so that they can become one of the best companies in the industry. Companies are hiring company secretary services so that they can make their efficiency better in the market. We will first discuss here why there is a need for the company secretary in the company. We will also discuss how company secretary services would make a company more efficient in the market.

Why a company needs a company secretary?

The company secretary is appointed in a company for helping the directors of the company so that they can work their statutory duties within the laws. Now there is a new rule and regulation has come that now companies don’t need company secretary for the private limited companies as per the companies act 2006. If we look at the companies that are registered before April 2008 they have to still maintain the position of the company secretary but if they pass a special law about this they would also need no company secretary in their company. It is just a law but if we look at the market many companies are still hiring the company secretary so that they can make their efficiency better.

How the company secretary enhance the efficiency of the company?

There are many companies in Singapore are searching online for the cheap company secretary Singapore so that they can have a better company secretary in an affordable price range. there are following work that is done by the company secretary

• Connect shareholders – company secretary is the person who connects the shareholders to the company so that they have a medium in which both the parties would take out their requisition and it would get solved. This makes the work smooth between the shareholders and the company.

• Legalities – There are many contracts, investments, new plans that are done by the company's management or director where all the legalities should be done in a better way. The company secretary should have the knowledge of all the legalities so that the company would be in the profit after doing the work. 

• Accounts books – In the market companies exchange their commodity with a price and that price becomes the part of the financials of the company. The company secretary is responsible for maintaining all the books that have all the credits and debits of the company so that if the documents would be presented in front of the government with all the right work.

How the company secretary services is making the company more efficient?

There are following things that make company secretary services in more demand by the companies

• More experts – In the company secretary's services there are many experts that have the experience of handling the work of the companies success. It makes the work more efficient for their clients that would make better profits.

• Affordable prices – there might be many people who would think that the price of the company secretary services would be higher but for making more customers they provide their services in a lower price range.

2. Accounting Service Provider

To keep your company’s growth rate higher every year, you need to maintain a good record of your accounts and manage all financial requirements and works of the company systematically and legally. Thus, it is significant for all small to large level enterprises in the industry to manage all works of their accounting departments up to the market and accurately as well. For this goal, you need to hire experienced accounting personnel in the company too. To hire professional and experienced accounting staff in a company, you have to pay them good salary packages too. But, it is not easy for small level companies to hire expensive staff in the accounting or other departments. In this situation, there will be a good alternative of outsourcing the accounting work of a company to the third party accounting service provider or agency in the industry. Hence, it is necessary to search the best accounting firm first. 

One will find some highly renowned accounting and finance service agencies in Singapore too. There are many accounting service providers in Singapore, who have vast experience in managing all accounting works of corporate companies in Singapore. Also, the agencies will provide you with the best services for company audit, finance management, income tax calculation, new company incorporation in Singapore and filing, finance statement submission, bookkeeping, and many other accounting works of the corporate companies. You will get total solutions for all ranges of accounting and taxation works at the genuine accounting service firms in Singapore at highly affordable charges. 

Thus, it is essential for small companies to outsource their all accounting work to the best accounting firms in Singapore and get rid of any accounting and income tax filing issues easily. Before you hire any accounting service agency for outsourcing all accounting works, you need to check with some relevant points about accounting service firm such as:

5 Things to Check When Hiring Accounting Service Provider in Singapore

1. You are supposed to deal with fully authorized and ACRA approved accounting service firms in Singapore only. Make sure, the agency has a good reputation and service track record for serving highly effective, reliable, and accurate accounting services to the corporate companies as per their requirement. Moreover, the accounting service agency should have genuine proofs of its authenticity as well such as license or registration number, address proof, contact numbers, website, etc. Hence, it will assure you about the trustworthy nature of the accounting firm to rely on it. 

2. Make sure, the accounting service provider in Singapore offers the best accounting services, which are required by the corporate firm such as income tax filing, company auditing, financial planning, pay statement development, inventory management, billing and invoicing, bookkeeping, etc. These are some standard accounting services that are required by all level companies in Singapore for streamlining accounting works of their firms. 

3. There should be availability of industry’s finest accounting and financial experts at the accounting service firms in Singapore. Make sure, they hold massive experience in manipulating all sorts of accounting works of corporate firms and can serve them with quality accounting works with accuracy. Make sure, the accounting staff at the agency has good knowledge of Accounting and Corporate Regulatory Authority or ACRA rules in Singapore too. Hence, they will be able to calculate income tax and GST tax of companies in Singapore as per the genuine rules of ACRA easily. 

4. The accounting service agencies in Singapore should use relevant GST enabled accounting software and tools to manipulate all accounting tasks of client’s firm. Make sure accounting software is licensed and verified too. 

5. You should also confirm about charges of account outsourcing services at the genuine accounting service firms in Singapore too and choose the right agency, which charges reasonably for accounting services as per industry norms. 

Thus, you are advised to check with all above things before outsourcing accounting works to any accounting service providers in Singapore wisely.  

3. Ensure Proper Business Operation With Audit

Businesses need to operate properly to grow and make profits. To operate properly there must be a lot of systems in place in the company. Every function in the company must follow a certain system so that it is completed most efficiently. You must ensure that these systems are in place. Companies must also ensure that the systems are being followed to the letter. Another important thing to be taken care of is to ensure that nobody misuses the systems to cause a loss for the company for their personal benefit. The company should check this periodically to ensure that they don't end up losing money. This is best done by those agencies outside the company who are experts in such work. This is where audit companies come into play.

Why Is Audit Important For Your Company?

 

The main benefit that you get by getting an audit in Singapore done by a reputed agency is that you can be sure that the systems in place are working well. An audit agency can also tell you whether your systems are right for the company or whether you will need to change or improve them. When an outside agency conducts the audit, they can look at impartially and suggest changes that may be needed. When they perform the audit, you get an opportunity to improve your systems and efficiency. This will result in better use of your resources and improvement in profits. The audit is conducted on all aspects of the company like accounting practices, internal controls, business systems, governance, etc. The overall improvement is possible once the audit is completed. 

The other important benefit of auditing the company is to find out whether your money is being properly used and accounted for. This will help to find out if any fraud is happening in the company. Fraud by insiders may go unchecked for a long time without being detected. By the time it is detected it may be too late. You may even be subjecting the company for illegal financial activities without knowing. This can be detected only when checked by someone outside the company. A company auditor must be hired for these purposes even if the audit is not mandatory for your business. Regular audits of accounting practices will also make sure that it is being done as per the regulations.

Audit Helps In Compliance And Credibility

Hiring a mid-tier audit firm in Singapore for regular audits will help to keep your company compliant with all the rules. You must make sure that your company is running as per the company laws and that you are maintaining all the records as needed by the government. The audit will help to ensure this. Conducting the audit and making sure that your company is fulfilling all the statutory obligations can give you peace of mind and allow you to concentrate on your business. Non-compliance with rules can result in heavy penalties. It will also mean a loss of reputation for the company.

An audit conducted by a mid-tier accounting firm can also verify that your company is running properly. This verification is useful to provide credibility to the company. You can prove to your shareholders that you are running the company in the way it should be done and that no malpractices are happening. It is also a good way to show your bank and other financiers that they can depend on the company and invest more money into it.

4. Outsourcing Accounting and Tax Services for Small Businesses

If you are struggling to manage accounting and taxation works of your small business in Singapore due to lack of knowledge of ACRA rules or having inexperienced staff in the accounting department, you should not wait much and let the whole accounting and taxation works of company to go for outsourcing wisely. With such influence, many small traders and foreign companies in Singapore do opt to accounting and tax outsourcing services offered by the leading accounting service agencies in the country. Here such companied do play vital role in streamlining while accounting, taxation, financial planning, and rest of the corporate needs of small to large level businesses in Singapore. Also, they provide flexibility to outsource accounting and tax related works of small businesses in Singapore, if they are not able to manage the things on their own. Thus, it will give many potential benefits to the small businesses in Singapore by outsourcing their accounting and taxation works to the third party accounting firms and get accurate results for accounting and taxation tasks easily. 

Here are some benefits that you will surely experience by outsourcing all accounting and tax tasks of your small business to the reputed accounting service firms in Singapore. 

1. Quick and Responsive Accounting Solutions

By outsourcing all accounting works of your small business to any reputed accounting service agencies in Singapore, you will be rest assured to get optimum, quick and fully responsive accounting solutions for all accounting works like annual audit of company, tax calculation, financial record checking, cost management, employee payroll, etc. To manage all these accounting works of your company, you need to get in touch with the best accounting and tax service providers in Singapore and outsource all the accounting works to them wisely. Thus, you will get complete solutions for the same accounting works at the reputed accounting solution firms in Singapore with accuracy.

2. Saving of Time and Money

The massive benefit of outsourcing tax and accounting works of your small business will also lead the chances to save precious time and money of your company too. It happens in the way that you do not need to hire expensive staff in accounting department anymore and pay them high salaries too. Also, you will get enough time to invest on learning new technologies and business tactics to boost your business approach easily. Both the things will become feasible, if you will do outsource the accounting works of the company to the trusted accounting service agencies in Singapore. 

3. Relevant Accounting Results with Accuracy

You will also get the relevant results of all sorts of accounting works with by adopting outsourcing accounting and tax services of ACRA approved accounting agencies in Singapore. Usually, there are many small businesses in Singapore, which are unable to manage their accounting and taxation works according to the Accounting and Corporate Regulatory Authority in Singapore (ACRA). So, if your company’s accounting staff is not aware of ACRA rules fully, you should not take chances and outsource the whole work to the accounting service firms in Singapore, which will provide you with accurate accounting and taxation services that will be followed by ACRA rules in Singapore for sure. 

4. Privacy and Confidentiality 

You will be rest assured to get complete privacy and confidentiality about your company’s accounting, finance and taxation reports, statements and bookkeeping data by outsourcing them to the genuine accounting service agencies in Singapore. Thus, you can rely on the authorized accounting firms for whole accounting works that will be kept secure from any misuse, stealing or hacking by culprits, as the accounting service firms will provide high-end security of all financial and accounting data and will provide online access to the client to check company’s data anytime and anywhere too.  

5. Affordable Charges for Account Outsourcing Services

At last, you will get all sorts of accounting and tax outsourcing services in Singapore at highly affordable charges from genuine accounting firms for sure. 

Thus, you will get the above some profits by outsourcing required accounting and tax related works of your small business to the best known accounting firms in Singapore and get rid of accounting issues of your business easily.