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Since Singapore is among Asia's trade and economic hubs, it is no wonder that it receives quite the crowd of businesses wishing to create a niche for themselves in this regional market. It certainly helps too that Singapore has always received accolades from the world over for its business-friendly schemes, the latest of which is from the World Trade Organisation (WTO) Trade Policy Review in July 2012..
So regardless of whether you are a small entrepreneur or else a conglomerate planning to tap the Singapore market for their businesses, the following are some information you would find most critical. To give you a background on what to expect, remember the following terms you would most probably encounter when applying for business registration.
First term is ACRA, which is the acronym for the Accounting and Corporate Regulatory Authority, Singapore's register. In terms of Company Registration, Singapore sets varied rules for foreigners as well as for citizens or residents. ACRA is where you can find the updated list of requirements for both parties. It is also where you lodge registration applications, pay applicable charges, and apply for any changes to your business afterward.
Second term is BizFile, the online submission tool developed by ACRA for applicants to electronically submit their applications along with other relevant documents for registration and other business-related processes. BizFile therefore removes the need to personally submit these documents unless absolutely necessary.
Third, you have to acquaint yourself with the five main types of businesses you could open in Singapore: sole proprietorship, partnership, company, limited partnership, and limited liability partnership. Each of these has different requirements, duties, compositions, and rights under Singapore law.
Fourth, you can also hire professional service companies who would transact with ACRA on your behalf. In terms of Corporate Services Singapore offers business owners the liberty to hire service firms that can provide the technical competence that new companies need, from registration to auditing. Doing so would, for instance, let companies follow deadlines and requirements right on time. Having an experienced professional firm to back you up in your new business venture would allow you to concentrate on strengthening your brand, building your market, and improving your services without peril to your legal obligations.
So regardless of whether you are a small entrepreneur or else a conglomerate planning to tap the Singapore market for their businesses, the following are some information you would find most critical. To give you a background on what to expect, remember the following terms you would most probably encounter when applying for business registration.
First term is ACRA, which is the acronym for the Accounting and Corporate Regulatory Authority, Singapore's register. In terms of Company Registration, Singapore sets varied rules for foreigners as well as for citizens or residents. ACRA is where you can find the updated list of requirements for both parties. It is also where you lodge registration applications, pay applicable charges, and apply for any changes to your business afterward.
Second term is BizFile, the online submission tool developed by ACRA for applicants to electronically submit their applications along with other relevant documents for registration and other business-related processes. BizFile therefore removes the need to personally submit these documents unless absolutely necessary.
Third, you have to acquaint yourself with the five main types of businesses you could open in Singapore: sole proprietorship, partnership, company, limited partnership, and limited liability partnership. Each of these has different requirements, duties, compositions, and rights under Singapore law.
Fourth, you can also hire professional service companies who would transact with ACRA on your behalf. In terms of Corporate Services Singapore offers business owners the liberty to hire service firms that can provide the technical competence that new companies need, from registration to auditing. Doing so would, for instance, let companies follow deadlines and requirements right on time. Having an experienced professional firm to back you up in your new business venture would allow you to concentrate on strengthening your brand, building your market, and improving your services without peril to your legal obligations.
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