Why Hire Professional Incorporation Services for New Startups in Singapore?
Countries all over the world are changing and making statutory compliance stricter. As an aspiring foreign or local business owner, you may have to hire professional incorporation services firm or an Agent to register your startup.
Why Should You Hire Professional Incorporation Services?
In Singapore, many corporate secretarial firms offer incorporation services for new startups. These experts deeply understand the Singaporean incorporation laws and incorporation process.
Corporate Services
These firms generally deliver corporate services like bookkeeping, accounting, taxation, auditing, company secretary, virtual address, nominee director, etc. Hiring the right company incorporation in Singapore can be a game changer for your startup.
Advise
The experts working for incorporation services for new startups help you:
- Choose the right business structure
- Maximise tax benefits
- Limit your liability
- Own a scalable business
It makes sense to listen to these company incorporation services in Singapore.
Are You on a Shoestring Budget?
If you are on a shoestring budget, search for an agent that offers a bundle of essential incorporation services. These firms provide multiple services under their incorporation package at affordable or discounted rates. It can drastically reduce your initial expenses.
Pre-incorporation Criterion
You have to fulfil the pre-incorporation criterion to start a business in Singapore. You have to provide the following:
- At least 1 shareholder (maximum 50)
- At least 1 local or resident director
- At least 1 company secretary
- $1 in minimum initial paid-up capital
- Registered local office address
- Company name registered with ACRA
You Need a Company Secretary for Your New Startup
As you can see, you must hire at least one company secretary. And you have to do it within six months from its incorporation date.
First of all, company incorporation in Singapore is a complex task. You need to file the correct paperwork to do it successfully. Mind you; a company secretary is a critical position in any business. Here, these professionals provide the right advice.
Their company secretary plays a vital role in successfully registering your company by:
- Advising you on the necessary incorporation and KYC documentation
- Applying online and paying fees to ACRA for registering a new company for you
- Filing online and maintaining the proper paperwork for business resolutions passed by the shareholders and directors for various purposes
- Setting up the Register of Registrable Controllers (RORC) for you. They use it to upload to ACRA the details of the ultimate beneficiary in your company
- Uploading particulars of your shareholders, directors, company secretary, and auditors to ACRA
- Validating updating ACRA with the changes in the company, shareholders, directors, etc
- Maintaining your company’s statutory registers at your registered office address
- Signing necessary contracts for the office space, utilities
- Initiating preparation of correct year-end reports to maximise tax benefits
- Helping directors to operate within the confines of the Company Law and avoid penalties
If you opt for an in-house secretary, it will cost you dearly. You have to pay for the salary, benefits, etc. Or, like most companies, you can hire a professional incorporation services firm that also delivers company secretary services.
Whatever the case, your secretary is a crucial element that can get your company on its feet.
Local Office Address
You also need a local physical address for your company. Authorities use it for official communication with you. You need one, as it is also where you must keep your company’s statutory registers and documents for inspection by officials.
The Post Office Box address is not legal for this purpose. If you do not have a Singaporean address, ask your provider if they offer virtual office address services.
Benefits of Appointing a Company Incorporation Services in Singapore
Incorporation services providers ensure your business complies with Singaporean laws. Many of them also deliver other corporate services. Here is a list of benefits of hiring incorporation services for new startups.
Saves Time
Starting a Singapore business takes a lot of work. It is why business owners hire professional incorporation services firms. As per the law, foreigners cannot self-register a company in Singapore.
These firms have the experience and expertise. They make no mistakes in the paperwork or registration process.
Tax Compliance
Singapore’s government changes rules in response to the trends in the economy. You, as a multi-tasking owner, cannot always track them. And any mistake in your tax filing can cause you trouble.
Many incorporation services firms also provide accounting and taxation services. Their expert tax consultants claim tax benefits and exemptions to minimise your tax amount. Hiring them reduces your workload and the need to know the latest changes in the laws.
Affordable
Doing taxes for your business can save a few bucks. However, it is a challenging task. Unfortunately, it shifts your focus from business growth to being compliant. This is an interruption.
In addition, a small mistake can get you high penalties. It can also affect your image and credibility. Your agent saves you time, money, and effort. It also eliminates your stress and anxiety.
Outsourcing administrative work helps you focus on growing your business. It is what other owners do when they hire professional incorporation services. Call us at +65-6536 0036 or email us at info@sbsgroup.com.sg to learn about our company incorporation services.
