Benefits of Committing to a Local Company Incorporation Singapore

Company incorporation Singapore
How to Register a Company in Singapore

You may have a number of misconceptions about your ability to succeed as an entrepreneur. However, such feelings are of no importance and concern. Every entrepreneur has to start some day, accomplish his company incorporation Singapore and then, go out in the market and try his best to make it a successful adventure. You won’t know how good you are unless you tried.

You can Count on the Support of Singapore Business Ecosystem

The best part of the Singapore company incorporation is the support that the business owners get from authorities. There are many schemes and grants to support Singapore businesses from all walks of life and employees working in them. Following are a few of the schemes and grants:

Consultant Fees Grants

  • Goods and Services Tax (GST) Assistance Scheme

  • Internationalization Road-mapping Program (IRP)

  • Local Enterprise Technical Assistance Scheme (LETAS)

  • Maritime Enterprise IT Development (MERIT)

  • Pro-Family Business Grant (PFB)

  • Risk Management Assistance Fund (RMAF)

  • SME Management Action for Results (SMART)

Intellectual Property Grants

  • Intellectual Property Management (IPM)

  • Patent Application Fund Plus (PAF Plus)

  • Product Development and Innovation Grants

  • Creative Business Fund

  • Digital Content Development Scheme (DCDS)

  • Digital Technology Development Scheme (DTDS)

  • Film in Singapore! Scheme (FSS)

  • Innovation for Environmental Sustainability (IES)

  • Inter-design Development Scheme (IDS)

  • The Enterprise Challenge (TEC)

  • Technology Innovation Program (TIP)

  • Tourism Development Assistance Scheme (TDAS)

  • Technology Innovation Program (TIP)

  • Water Efficiency Fund (WEF)

Technology Grants

  • Critical Infocomm Technology Resource Program (CITREP)

  • Infocomm Enterprise Program (iEP)

  • Operation & Technology Road-mapping (OTR)

  • Technology for Enterprise Capability Upgrading Initiative (T-UP)

  • Technology Pioneer (TechPioneer) Scheme

Industry Development Grants

  • Heartland Retail Program

  • Local Enterprise and Association Development Program (LEAD)

  • Local Industry Upgrading Program (LIUP)

Training Grants

  • ADVANTAGE! Scheme

  • Capability Development Scheme (CDS)

  • Construction Re-skilling for Employment (CORE)

  • CRAFT For Chefs (CRAFT)

  • Employability Skills System (ESS)

  • International Business Fellowship (IBF)

  • Joint Maritime Scholarship Scheme (JMSS)

  • Local Maritime Part-time Postgraduate Scholarship Program (LMPS)

  • Marine Re-skilling for Employment Program (MariNE)

  • Maritime Attachment Program (MAP)

  • Maritime Cluster Fund Course Fee Subsidy (MCF-CFS)

  • National Retail Scholarships Program

  • Overseas Trainer Attachment Program (OTAP)

  • Place and Train program

  • Process Industry Re-Skilling for Employment (PRocESS)

  • Registered Nurses Diploma in Nursing (Accelerated)

  • Retail Professional Traineeship Program (RPTP)

  • Skills Redevelopment Program (SRP)

  • TEACH – for Mandarin Preschool Teachers

  • Total Company Training Plan (TCTP)

  • Training Assistance Scheme (TAS)

  • WSQ Certificate in F&B Service

  • WSQ Certificate in Food Preparation

  • WSQ Culinary Scholarships

  • WSQ Food Hygiene

Venture Abroad Grants

  • International Partners Program (iPartners)

  • Malaysia-Singapore Third Country Business Development Fund (MSBF)

  • Market Development Scheme (MDS)

  • Promotion of Singapore Design Overseas Partnership Program (OPP)

Work-Life Strategies Grants

  • Work-Life Works! (WoW!) Fund

  • Workplace Health & Sports Promotion (WHSP)

Company Incorporation Singapore is Easy

For Singaporean citizens, permanent residents, and pass holders Singapore company registration is relatively an easy matter as compared to that for the foreigners coming to Singapore to try their business acumens.

Pre-registration Requirements of a Company Incorporation

  • Local entrepreneurs can become the shareholder of the company.

  • They can act in the capacity of a resident director which is a major requirement of the company registration Singapore.

  • As they are in the Singapore, they can try and find a suitable place to locate their business or they can take the benefit of Home Office scheme and use their residential address for the purpose.

  • The minimum initial paid-up capital is S$1, which is not a big trouble.

  • They can appoint an individual as the company secretary within the 6 months from the date of incorporation of their company or hire a corporate service provider to act as their nominee company secretary.

How to Register a Company in Singapore

The process for setting up a Singapore company is a 2 step procedure, and the local entrepreneurs need to follow minimal rules. However, an entrepreneur, foreigner or local, must be above the age of 18 years to open a company in Singapore. Moreover, the foreign entrepreneurs are advised to take help of Singapore incorporation services like SBS Consulting.

  • Choosing a Unique Company Name: Accounting and Corporate Regulatory Authority’s (ACRA’s), the company registrar of Singapore, rules says that the name must be unique, and should not be identical with an existing company name. After ACRA approves it, you can apply to the same agency to register your company.

  • Registering Your Company: Singapore incorporation services appoint a dedicated resource to see your application through the process. You need to supply this expert with all the necessary incorporation documents. The process takes only 1 – 3 days unless the application is needed to be reviewed by the higher authorities.

After the incorporation of a company in Singapore, the owner needs to go through the post-registration activities like obtaining Certificate of Company Incorporation and opening a corporate bank account in a local bank. They must, if applicable, acquire business licenses, get a payroll contribution submission number, and get the GST registration (voluntary or compulsory) for his or her company.

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