Are you looking to start a company, but you are having a hard time choosing where to set up? If yes, this article is for you. Granted, you have the freedom to set up your company in any location of your choice, but if you are serious about making profit and growth, then you should consider choosing a country with a robust economy. In 2016, Singapore was ranked as the best country in the world to do business. Also, Forbes ranked Singapore as the third wealthiest country in the world based on its GDP. These and many more are clear indicators that Singapore is a bustling economy for businesses.
This article by startupdecisions sheds light on some of the compelling reasons why business owners need to incorporate their companies in Singapore.
Why Incorporate and Launch Your Company in Singapore
Numerous organizations that track the business friendliness of countries have consistently ranked Singapore very highly for the ease with which a new business can be started in the country. These rankings have been awarded by well-regarded international organizations and they provide an independent verification of the country’s pro-business stance for the last several decades. Read more here.
Now you understand why Singapore is a fertile ground for businesses and that it has a robust economy, excellent infrastructure, productive and well-trained workforce, stable economic and political climates, and a well-developed capital market. After setting up your company in Singapore, you will be required to register it. But do you know how you are going to go about doing that?
The following article by singaporelegaladvice is a step by step guide to registering a company in Singapore.
How to Register a Company in Singapore
A company is a legal entity, separate and distinct from its shareholders and directors. In Singapore, there are 2 main types of companies – public and private companies. However, companies have many more compliance requirements as compared to sole-proprietors and partnerships. These include filing annual returns and holding annual general meetings, and a failure to do so would result in disciplinary action from the Accounting and Corporate Regulatory Authority (ACRA). Read more here.
With a clearer picture of what makes up a company, the types of companies, how to register a company and some things to take note of when registering a company in Singapore, a business owner will realize that there are many things to be done. You can learn more about this at https://prelude.sg/ and reach out to advisors that will be able to guide you. If you are considering setting up your first company or you don’t know much about the company’s registration process, you are likely going to assume that the incorporation of a company and the registration of a company are the same. But is there a difference between them?
The following article by Quora explains the difference between the incorporation of a company and registering a company.
What is the difference between the registration and the incorporation of a company?
The difference between incorporation and registration is that the former creates a separate legal entity. Forming a corporation entitles the business owner to protections against the public from suing the business owner for personal assets. Read more here.
You probably now know a thing or two about registration and incorporation as well as what sets them apart. So, before setting up your company in Singapore, it is wise that you do extensive research to learn as much as you can about registration and incorporation processes. Also, you have to find a good corporate services provider to help you with the registration process should you require assistance or guidance.
Starting up a business in Singapore is the dream of most entrepreneurs because the country boasts a stable economy, excellent infrastructure, and workforce. So, if you are looking for a country with a booming economy, you should consider doing so in Singapore. After you have done that, the next step you should take is to register or incorporate it. To do this, you are going to need the help of a reputable incorporation company.
Before you start the registration process, it is important that you first do some research to learn about the documents and steps required. Then, you will be able to make the most accurate and wise choice for your company.