The 4 Practical Steps of Incorporating a Company in Singapore

Incorporating a company in Singapore has never been as seamless as it is now, thanks to the digitized, four-step process easy-to-execute procedure. Even for foreigners, it’s become a piece of cake establishing a company under Singapore’s legal terms without even setting foot in the soil. Besides, there is much to savor for prospective entrepreneurs and business people who want to explore Singapore’s trade. That includes a perfect business environment and an expansive market stretching within the country’s borders. Whether you’re a local or foreigner, here are the four essential steps to incorporate your company in Singapore.

1. Meet the Official Incorporation Requirements

If you’re a foreigner wanting to incorporate a company in the country, expect no barriers. The process is usually seamless and straightforward and should take a little while. However, you may need to be physically present in the country. Luckily that won’t be necessary for you. For quick and efficient incorporation services, please visit https://www.incorp.asia/singapore/services/incorporation/ and get your company incorporated on your behalf. Remember that you’ll need to employ a local nominee director and corporate secretary to run a local office for you.

2. Register Your Company

The most straightforward way to do it is by employing an incorporation agency that will handle the entire process with ease. That can apply to both locals and foreigners since you’ll exchange essential registration details, and all work gets done for you. Your agency will process the relevant documents and send them back to you to sign them electronically before submitting them to the Singapore government agency. The process includes KYC procession for the directors and will prepare your company’s constitution, incorporation application, and consent to act as a director.

3. Open A Bank Account and Transact

Once your company’s documentation and submission of signatures are complete, you can open a bank account to run your invoices. Most incorporation agencies affiliate with banks within Singapore, so getting a suggestion would lift you the trouble. Your account must be ready within days after processing KYC online. However, if feasible, you can visit a brick-and-mortar bank to open one. However, in-person visits can be impractical for foreigners since they’ll have to travel into the country, which can be inconvenient. Keep in mind that banks operate differently, and specific rules won’t feel favorable for you.

4. Create an Accounting Program

You also need to set up your taxing accounts as per the country’s legal obligations. However, that shouldn’t be adversity since your incorporation agency can handle that for you. That can be pretty convenient if you’re out of the country or know little about bypassing this legal procedure. An incorporation agency will also guide you through the legal business procedures and advise you accordingly through their chartered accountants to help you pay your taxes without a problem.

Conclusion

Whether you’re a local or foreigner, incorporating a company in Singapore shouldn’t be an uphill task. The incorporation framework is easy to decipher and also follows through conclusively. However, if you feel that’s overwhelming, you can find a professional incorporation agency to help you through. In present-day Singapore, incorporating a company happens online, so it should take you a few hours before your company is up and running!