How Do I Register a Business in Singapore

Most entrepreneurs, when they opt for a Singapore business registration, start a private limited company. However, depending on your business needs, the risk involved, and the liability you are ready to commit to, you can also use other business structures.

Choose the Right Legal Structure

In addition to a private limited company, you can also form your business as a Sole Proprietorship or Limited Liability Partnership (LLP). You need to be careful here, as your choice can impact your liability and tax amount. It can also affect a business’ tax amount, branding, credibility, and fundraising ability.

Singapore government helps new businesses in their initial days. The government offers them various grants and tax incentive and help them take roots. The low corporate tax rate lowers their overhead costs. This support gives them a breathing space to find a foothold or a niche to cling to.

You can claim these benefits for your business only if it is a locally registered private limited company. You also need to maintain their management in Singapore.

How to Register a Private Limited Company

You need to apply to the Company Registrar of Singapore to register your company. A government agency named Accounting and Corporate Regulatory Authority (ACRA) acts in this capacity.

For your Singapore business registration, a company or a business firm like a sole proprietorship or an LLP, you need to apply to ACRA. If you are a foreigner, you can appoint a Singapore business registration services provider to take care of the task.

The process for Singapore company registration is streamlined and has only two procedures.

Get company name approved from ACRA
Apply to ACRA for your company registration
1# Get Company Name Approved from ACRA

You need to choose a unique, meaningful, and decent company name. It will improve the chance of getting it approved by the ACRA. If you have appointed an agent to form your business, send them a list of 3-7 company names.

Their experts will check the names for availability on the ACRA’s website. They will register the available company name by paying an official fee of S$15.

2# Apply for Singapore Company Registration

ACRA acts as the Company Registrar of Singapore. And you need to apply to ACRA to register your business. You must submit all incorporation and KYC documents along with your application. You also must pay an official fee of S$300 in processing fee.

ACRA may take 1-3 days to process your application. After the successful Singapore business registration, ACRA sends you an email. You can use it as an Incorporation Certificate in Singapore. It contains details of your newly registered company like; Unique Entity Number (UEN), business profile, Etc.

If ACRA forwards your application to a Ministry, it may delay the approval by up to 2 months.

Pre-Incorporation Requirements

Before you decide to initiate the Singapore business registration process, you must fulfill a few of the pre-incorporation criteria. They are as listed below:

Company Shareholders

You need at least one shareholder to start your private limited company. It can have up to 50 shareholders. A shareholder in a company can also be its director.

An individual, a company, or a trust can be a shareholder in a Singapore company. If you are the sole foreign shareholder, then Singapore allows you 100% shareholding in your company.

Local or Resident Director

You need to appoint at least one resident director who is ordinarily a resident of Singapore. You can appoint a Singaporean citizen, permanent resident, or an entrepreneur or employment pass holder.

You must also see that the appointee is over 18 years of age and is not bankrupt or has a criminal history.

Company Secretary

As per the Company Act, you must appoint at least one company secretary within six months of the formation of your company. You need to select a qualified and experienced individual who knows the Company’s Law and is ordinarily a resident of Singapore.

You can appoint a Singaporean or permanent resident or a holder of employment, entrepreneur, S, or a dependent pass. A sole director of a company cannot be its company secretary.

Minimum Initial Paid-Up Capital

You need S$1 in the minimum initial paid-up capital for your Singapore business registration. You can increase the company’s capital at any point in time after the formation of your company.

Local Registered Address

You must provide a registered physical address in Singapore for your company office. It has to be an address of a residential or commercial place. P.O. box address is not valid.

Simplify Your Singapore Business Registration

Many local business owners appoint a Singapore business registration services provider for the task. Many a time, they choose a registered filing agent.

These agents are authorized to interact with government agencies, submit documents, and pay the official charges. They have incorporation experts to advise you on your business formation and simplify it.

If you do not have a local director, your provider can arrange a nominee director. You can also pay these firms for a local registered address or a company secretary. They may also assist you in opening a corporate bank account for your new company.

Singapore is a great business hub to start your new business. It ranks in 2nd place for the ‘Ease of Doing Business.’ It is the reason why Singapore business registration is popular. It is a fast process, and you need only 1-3 days to form a new business in Singapore.

Most Awaited Motorcycles to Be Launched

You all are familiar with the word motorcycle. It does not really matter if you own a car or not, somewhere in the back of your mind, you have fantasized about riding a bike. You might have ridden bikes like the Kawasaki Versys 1000LT, Ducati Scrambler and Yamaha FJ-09 this year. But the innovation never comes to an end and new bikes are always ready to be launched around the end of the year. Below are the 10 motorcycles, which you would be able to ride, to move to the New Year “2016″.1. Kawasaki H2/H2RIt lies at the top of the list of bikes to be ridden. Its chain and gear driven blower rotates 10 times the speed of a crankshaft with a 200 plus mph machine. H2 is known for its straight line ability and speed, which are controlled by the best suspension and brakes of the heavy motorbike.2. Ducati 1299 Panigale SThis is the first production of Ducati, who has broken its own record of 200-horsepower. Its 1285 cc Superquadro V-twin engine produces 106.7 pound-feet force at 8,750 RPM and gives 205-horsepower at 10,500 RPM.3. Yamaha YZF-R1Yamaha has been known for making superb bikes. The latest bike, Yamaha YZF-R1 features big valves, cross plane crank, compact combustion chambers, titanium connecting rods, higher 13:1 compression and the most important and powerful 998cc 4-cylinder engine. To keep a trace on the weight it has introduced titanium exhausts, LED lights and magnesium wheels.4. Honda RC213V-SThis model was unveiled at the EICMA bike show in Milan. Its design is made to steal the attention from Yamaha YZF-R1, Ducati 1299 Panigale S and Kawasaki H2/H2R.5. Ducati Multistrada 1200SThe Desmodromic Variable timing works with the powerful 1199cc Testastretta V-twin engine to bring wonders to the ride. It features broad midrange power, an excellent top end, which is kept open, superb low-end torque, semi-active suspensions and enhanced electronics.6. BMW S1000XRThe new BMW S1000XR is made to rule the roads. It is introduced with huge windscreen, comfortable seats and latest electronics set with four-cylinders to provide powerful performance.7. Husqvarna 701 SupermotoHusky unveiled 701 Supermoto at the EICMA bike show in Milan. To make it delightful for the riders it features KTM based 690cc single cylinder engine, narrow chassis, WP suspension, grippy rubber and big brakes to control the Supermoto.8. KTM 1290 Super AdventureKTM 1290 Super Adventure motorbike is typically known for its superb 1301cc LC8 V-twin engine. For the much awaiting riders it has embraced the bike with LED cornering lights, semi-active WP suspension, 7.9-gallon fuel tank, heated grips and latest electronic suite with traction control, and lean-sensitive ABS.9. Suzuki GSX-S1000 ABSWhile making the bike, Suzuki focused on providing a powerful bike, as well as comfort and safety to the rider. It features servo actuated exhaust valve and aluminum frame with three mode traction control.10. Harley-Davidson LiveWireLiveWire was not a plan of Harley this year, but due to the impressive feedback of a few bikes which used this, they manufactured a bike with this feature. It is a bike with three-phase DC motor, lithium-ion battery, aluminum frame that can reach a speed of 95 mph easily.

Starting a New Business – Compelling Tips on Launching a New Business

Here are some tips for those people who would like to start their new business:

1. Check on your competitors. It is not enough that you know the needs and demands of your potential clients. It’s not also enough that you are confident that you can meet these needs. If you want to increase your chances of making a sale, you need to understand what your competitors are doing. You will need to outplay these people so you can keep your potential buyers from purchasing from them.

2. Hard work and determination. Putting up a small business can be really overwhelming and at times, downright frustrating. You will need to work hard and you will need a truck load of determination to succeed in this field.

3. Hire the best people. Keep in mind that your employees are the secrets to your business’ success. So, hire only the best. Go with those individuals who are driven, result-oriented, and easy to work with. Its better if the people you are hire have in-depth knowledge about your products and about the business that you would like to put up.

4. Be willing to invest for your advertising cost. Spending your precious dimes on your advertising campaign is probably your wisest investment in growing your business. Through this, you’ll be able to promote product awareness and you can easily reach out to those people who are most likely to buy from you. This can lead to enormous sales leads and increased revenue.

5. Offer 100% satisfaction. Having a great reputation in your chosen niche is the key to attract more customers. Make sure that your clients have nothing but good things to say about you and your products.