If you are a business enthusiast looking out for exploring opportunities in Singaporean markets or a foreign company wishing to expand the business with the help of a subsidiary company in the country? Then, you should be well acquainted with all the vital information concerning incorporating a company in Singapore and subsequent steps post the incorporation of the company.
After registering your company there are certain formalities That one needs to complete. The Singapore registration process is easy and comprehensive. It does not involve lots of documentation and tedious procedures. Once you have completed the Singapore registration process one must follow certain procedures to commence the business activities.
Apply for Business Licenses:
A business license is a must to operate your business in Singapore. The Singapore government agency provides a business license to a company that allows one to successfully conduct their business operations in Singapore. However, Not all business types require a Singapore business license to operate their business, certain business types are not required to get the business license. Some of them include a retail shop, hotel restaurants, spa, trading companies, medical clinic, travel agency, etc. One can seek help from a professional company offering incorporation service in Singapore to know if it is mandatory to obtain a business license to function their business.
Opening a Bank Account:
One of the most important steps that one needs to successfully complete while incorporating a company in Singapore is opening a bank account in the country. A business organization must open a corporate account in one of the leading and accredited banks and financial institutions to make any transaction for Singapore Company.
Appoint a Company Secretary:
As per the Singapore Companies Act, it is compulsory for all Singapore companies to appoint a company secretary within the 6 months of its incorporation in Singapore. A company secretary plays a significant role in ensuring that all the documentation complies with Singapore regulations. They have the fiduciary responsibility to keep shareholders, directors and partners of the company acquaint with annual filing and scheduling AGMs too.
Registration for the Central Provident Fund (CPF):
If you are willing to appoint staff and employees in your Singapore Company then one must apply for registration for the Central Provident Fund (CPF). As per the Singapore laws it is required to contribute CPF if the monthly salary of an employee is more than $50 per month. CPF contributions apply to Singapore citizens and Singapore Permanent residents working on a contract basis, full-time, permanent or casual basis.
Registration for SDL:
As per the SDL (Skill Development Levy) employers are required to pay a monthly SDL for rendering professional services in the country. This is applicable for foreign employees, temporary employees as well as casual employees. However, domestic servants such as gardeners, chauffeurs, gardeners, etc are exempted from SDL. SDL is payable 0.25% of the monthly income of an employee. The minimum payable as per SDL act is $2 whereas the maximum SDL payable is $11.25 for employees earning more than $4500.
The above-mentioned points help one to understand further steps that one needs to take post the incorporation of the company. Hiring a professional having considerable knowledge of company incorporation service in Singapore can assist you to meticulously form and operate a business in Singapore.