If you are planning to incorporate a company in Singapore, you might be wondering about the cost of incorporation. It may vary depending on which method you use to register the business. You may Do-It-Yourself or Hire a professional incorporation services provider.
There is a common myth that company incorporation Singapore must be an expensive and challenging feat. However, the reality could not be further from the truth. Despite the complex administration and statutory obligation, company incorporation has been accepted widely for its flexible, established and scalable features. As a matter of fact, running a company is neither an expensive nor a tedious task for the serious entrepreneurs.
Incorporate a Business in Singapore: Hire a Professional Service
The process of company incorporation Singapore has long been known for its simplicity, promptness, efficiency and red tape free qualities. If you strictly follow the regulations, incorporation of the company would not take much time. It is notable that Singapore jurisdiction is very stringent about its law and regulation. Having a good knowledge of Singapore Companies Act is necessarily needed to make your company registration process seamless. A novice person seldom tends to have a good understanding of company incorporation process. To avoid the legal intricacies arising out of non-compliance, make sure to hire a good and reliable company incorporation services provider.
The experts of the firm will prepare all the documents required for incorporation on your behalf and file the application form along with the necessary documents. Similarly, the incorporation fee will also be submitted by them. A good and trusted incorporation firm includes ACRA’ Singapore company incorporation fee in its competitive package. For instance, the incorporation package of SBS Consulting will cost you just SGD699. Surprisingly, it gives away corporate secretarial and registered address services for free for the first year.
All you need to do is provide the required information such as proposed company name, details of directors & shareholders, etc. And pay the required fee. The rest will be handled by the experts of the firm. It is a win-win for the businesses.
What do Company Incorporation Services Do?
Given the advantages of professional incorporation services, many small business owners are using their services to make their incorporation experience effortless. Firstly, the services will check the availability of your proposed company name and ensure the information you provide meets the statutory requirements of ACRA (Accounting & Corporate Regulatory Authority). It is the national regulator that governs the company incorporation process in Singapore. The professionals of the firm will also prepare your incorporation documents to be filed with ACRA. Failing to meet the obligations can delay the process.
Once the incorporation is done, you will receive the documents like electronic incorporation certificate and business profile. Many incorporation services also offer free bank account opening assistance, support during business license application (if required), GST registration and any other statutory requirements of ACRA.
The majority of business owner use professional services for convenience. They get comprehensive incorporation services under one roof. Some of the business owners do not feel like to invest a large chunk of time in doing research and legwork related to company incorporation. So, these service providers are best solutions for them.
What is the process of Singapore company incorporation?
Under Singapore jurisdiction, every company must get registered with ACRA. It involves two basic steps: 1) Company Name Reservation & 2) Company Registration.
• The company name must be approved by ACRA before filing the application form for registration.
• The approval of the proposed company name is subject to availability with ACRA.
• The proposed name must be meaningful, unique, decent and free of obscene or vulgar words.
• It must not infringe any copy write law or trademark of existing companies.
• Once approved, the name will be reserved for 60 days.
• Upon company name approval, the applicant is allowed to file the application form using online mode.
• The application form must be accompanied by a set of required documents (as per the instructions of ACRA).
• The process would not take much time as long as the documents are in order.
• Once the application submitted successfully, the authority will send the incorporation certificate via registered email.
Although the process sounds smooth and simple, it can be an arduous experience for a naïve person. Thus, it makes sense to invest a few dollars to make the process of incorporation consistent and easy. Make sure to refrain yourself from the worthless myths about incorporation expense. If you are planning to venture into company registration, be certain to appoint a trusted firm whose company incorporation cost is competitive and affordable.