Key Steps For Singapore Company Setup
There are certain steps to setup a Singapore company
. This may take a little while to accomplish. However, once done, there are things to consider also. You will need to do a few things before you start business in Singapore.
Obtaining Licenses
Your business may require a license before you can get started. Yet, not all businesses will need to have licenses to operate. In fact, the majority of people that consider the setup of a Singapore company will not require a license. However there are a few exceptions. These fall into three different categories:
1. Some of these licenses will fall under the mandatory or compulsory title. This includes banks, childcare centers, and retail liquor establishments. It also takes in travel agencies, lending institutions, and privately run schools. Businesses that fall under the heading of wholesalers or importers/exporters, will require a special license.
2. Perhaps you plan on setting up a professional service like legal representation. You will need to apply for an occupational license. This includes professions like physicians and accountants. Also if you plan to trade in commodities as a business you will need to be licensed.
3. Certain activities will also require a license or permit. For example you may wish to build or make improvements to your business property. Perhaps you wish to erect large signs or billboards for advertising. All of these things will require a permit.
Bank account
Obtaining a bank account is a very important step to take after your Singapore company setup. It will make it easier to pay bills and receive payments from clients and customers if you have a Singapore bank account. It also helps with things like record keeping. You can have official records of transactions, for example.
Marketing Supplies and Materials
Do not forget about supplies for marketing your business. You will want to set up a business website as soon as possible. It is a good time to have sales items like brochures and business cards printed up, too.
GST Registration
There is a goods and services tax in Singapore. You may be required to register, if you are running a large business. If your total sales are more than one million dollars, you will be subject to goods and services tax. Also, if you expect annual sales of one million, you should register for the goods and services tax.
Work permits
It may be necessary to apply for work permits. If you are bringing staff or employees with you, it is your responsibility to obtain employment passes. Do not forget that spouses and children will need dependant passes also.
CPF
After your setup of a Singapore company, you will not be required to withhold income tax from employees pay. However, if your employees are local, you will be required to pay a percentage of their pay to the Central Provident Fund, or CPF. Permanent residents are also considered to be local. Each month you will need to make the contribution and you will have a grace period of fourteen days, to do so.
Summary
After the process of a company setup in Singapore, you need to take a few more steps, to do business. Check to see if you require a business permit or license. Open a bank account, obtain marketing supplies and check into GST registration. Get employee work permits and see about any CPF contributions, if this applies.
Key Steps For Singapore Company Setup
By: Carolyn Zheng
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