Starting a business is not an easy task as you must undergo a process starting from planning to execution. The entire process takes a large chunk of time, money and efforts. Nevertheless, the professional Singapore company incorporation services are helping the applicants in fulfilling the needs and requirements in every aspect.
When setting up a business, you have to start with creating a breakthrough business plan, defining the target audience, selecting the business location to selecting a good brand name for the business. Along with these, you must take caution to follow the regulations of local jurisdiction throughout the process of Singapore company formation.
It is worth noting that government of city-state is strict and rigid when it comes to abiding the laws and regulations. This is the reason why applicants may face difficulties in accomplishing the registration process. The foreign entrepreneurs are more likely to face the challenges in the course of registration. It makes sense to take the assistance of third-party Singapore company incorporation services by all entrepreneur enthusiasts (foreigner and domestic). As a matter of fact, these services providers can be of great help for the foreigners.
Singapore Company Registration: Two Steps Method
Singapore company registration is a simple and online process that takes very less time to complete assuming that application is in order. It is a two step process- 1) company name reservation and 2) company registration (filing application). There is set of requirements which must be fulfilled in order to complete the process of incorporation. It has been noticed that foreigners often face challenges to meet the statutory requirements due to their lack of knowledge of local jurisdiction.
Company Name Reservation:
One must select a company name and get it approved by the authority i.e. ACRA (Accounting & Corporate Regulatory Authority). The name must be selected while following the basic instructions of ACRA. Essentially, it must be meaningful, unique and devoid of any obscene word. The name must not infringe any copyright law, and it must not be similar to the name of any existing company. The incorporation specialists are conversant with the rules, and thus, they can pick the best name for your company.
Every year, thousands of businesses have been established in Singapore just because of the reputation the Republic holds in the global arena. It is obvious that companies may come across various teething problems when it comes to the process of company registration. It is worth mentioning that the approval of many applications gets stuck just because of an inappropriate made name application. Thus, the guidance of an expert is recommended even during the company name application.
The authority has laid down a set of requirements which must be fulfilled to set up the new entity legally. But, not all applicants can meet it without the help of any mentor. Appointment of the local director, company secretary, securing registered local address and preparation of documents such as business plans, Memorandum of Articles and Associations are the key challenges which must be met before filing the application.
Thanks to the professional incorporation services Singapore who help the applicants in every aspect of company registration. They assist the clients throughout the process starting from name selection to issuance of incorporation certificate. Luckily, there are some good and reputed firms offering post-incorporation assistance such as providing bank accounting opening assistance, GST registration help, assist in securing business licenses, etc.
Since the whole process of company incorporation is online, one may find trouble in login into the website or kiosk of the government authority. Here comes the importance of the local Singapore company incorporation services. They help you get login into the online system and complete the entire process in a jiffy. Most importantly, the experts of the firms are well versed with the Singapore Companies Act, Cap 50 (the said Act regulates the company registration process in the jurisdiction).