The idea of starting a business in Singapore can be both exciting and scary experiences. The life of entrepreneurs is a roller-coaster and full of unpredictable ups and down. Do not let fear of failure ruin your dream of entrepreneurship. Be acquainted with the aspects related to company incorporation Singapore to triumph over the fears. Plus, you must brace yourself to see unforeseeable results, compliance turmoils, etc. because these are the parts of success.
Legal Aspects of Company Incorporation in Singapore:
It is common to have challenges in business, but, facing legal proceedings should not be a part of your company. When you venture out to incorporate a company in Singapore, make sure that you know all the important legal aspects vis a vis company incorporation in advance to keep the legal hassles away.
Let’s take a look the at legal aspects that a start-up owner must take into account:
Singapore Companies Act: All companies incorporated in Singapore are regulated by the Singapore Companies Act, Cap 50. Therefore, it is increasingly important for newbie entrepreneurs to know the fundamentals of the Companies Act when they intend to open a company in Singapore.
Select the“Legal Status” of the Company: When you are ready to bootstrap your business, the first thing you have to decide is the legal status of your viable business based on the legal complication, capital investment, future visibility, profitability and other aspects. In short, make the decision whether you want to have a sole proprietorship, partnership, LLP firm or private limited company. All the business structures are governed by different regulations. You may seek legal advice from a reliable firm like SBS Consulting to make this vital decision.
Singapore Company Registration with ACRA: The next step is to turn your dream of starting a business into reality, by registering your company with ACRA (Accounting & Corporate Regulatory Authority). ACRA is the company registrar. There are some minimum requirements which you must meet to get your company registered. Keep adhering to the steps and guidelines of ACRA in the course of Singapore company registration. Company name approval and company registration are the two simple steps that you must follow. The entire process takes hardly 1-3 days to complete. ACRA suggests foreign entrepreneurs to take the assistance of professional company incorporation services to avoid inconvenience.
Systematize the Legal Documents: The value of written legal documents in business cannot go unnoticed. As we know business is full of agreements between the various parties. You cannot entirely rely on handshakes and verbal promises. Make sure to put all the agreements into written documents. The written documents such as agreements, terms, and conditions, contracts, deeds, memorandum of agreement, serves as evidence if a legal issue or conflict arises between the concerned.
Intellectual Property Protection Act: Intellectual Property Protection Act or IP Protection Act, is important when you are creating values such as logo, design and company names, and images at the time of Singapore company registration. You must acquire protection for these ‘trade secrets’ of your business. The Intellectual Property Office of Singapore (IPOS) regulates the registration of trademarks, patents, and designs for businesses. Singapore’s IP Protect Act is globally acclaimed to be one of the best in the world.
Focusing on legal aspects of company incorporation Singapore is vital, especially for the new entrepreneurs. The need for legal advice from professional firms has become more imperative with the rising number of newbies in Singapore business.
SBS Consulting is one of the leading corporate services provider in Singapore. It specializes in Company Incorporation, Accounting, Preparation of director’s report, Taxation, GST, Payroll, XBRL, IT software development and maintenance, etc.